It was as if yesterday
that after viewing an impressive show flat then you signed the Option to
Purchase for your dream condominium, Principal
Garden. Couple of years later, you received news that your dream
condominium and unit will be receiving Temporary Occupation Permit (TOP) that
allows you to begin your renovation works and then move in. While choosing for
the furniture and planning for your housewarming party, you probably did not
thought of getting home insurance which is one of the most mistakes every house
owners would omit. Many thought that it has been covered by the management or
there’s no necessary into owning house insurance, they are probably thinking
what worst could possibly happen.
Before you start
moving in and staying in your new house, there are couples of stress test you
would like to conduct, just to see if there are any problems with the house. First
few months of moving in you will be inspecting and discovering defects and
flaws in your new home that might not be uncovered by a cursory inspection
of the house. Usual problems like water seepage from the windows during the
heavy downpour, sewage choke up during the usage peak period or maybe even
electrical points down when all appliances are being used all together. Other
incidents that will leave your dream home damaged which is flooding due to the
pipe bursting of overflowing from the water tank. Depending on the extent of flooding,
it will cost your financial more because your furniture or electrical
appliances are damaged and soaked. It is important to conduct this stress test
during the TOP period, you will get to understand how your house’s functions
are feasible and conveniences.
Renovation works
during the first few months of your condominium is important, it is the time
when the chances of accidental damages are the highest. Besides, it is not a
stretch to imagine the ever-present risk of burglary is higher when there are
strangers hanging and loitering around the houses. A combination of factors that
burglary happens add up that not all tenants will move in, security operations
may not be fully onboard and many strangers are moving around the compound for
renovation works that might lead to losses that include money, jewelry and
other valuables that is kept at home.
Insurance coverage for
the common areas, buildings, building’s façade and original fixtures by the
developer has been purchased by your condominium Management Corporation (MC).
The type of insurance bought by MC most likely would be fire insurance or other
kind of coverage which protect the buildings from riots damage, smoke damage, pipe
bursts and so on. Many do not know that the fire insurance coverage
only pays for reinstating damage that is inclusive of home’s structure and
original fixtures. On the contrary, the fire insurance does not cover your renovations,
furniture or contents of your home. In short, the fire insurances only covered
by the MC is for the structural damages, façade damages but not individual’s
furniture or renovations, it is highly recommended for the homeowner to get
home content insurance.
Home content policy,
it’s important to get one as well and it complements with the fire insurance
where it covers you just everything inside the unit. Picture this where you
spent $50,000 for your renovation and another 430,000 for your furniture, you
will be devastated with the losses that’s inside the house. Besides the fire
accidents or mishaps, there are other hidden costs that homeowners may not
realize, which includes the loss of money or valuables kept at home while
paying up for alternative accommodation during this interim period when
reinstatement or renovation are carry out. Home content insurance coverage
includes of personal liability for expenses or damaged properties that might
have accidentally caused.
Review all over again your policies especially
your first year of purchase and review annually to ensure any new high-dollar
purchases or cover your renovations. If the dollar value of items in your home
that changes drastically which you might want to see if the sums insured on
your current plan is adequate to cover all of your necessary furniture or
valuable items. Despite having spend so much on renovating your unit
beautifully and furniture and fittings that suits your taste, it will be wise
to protect them with suitable insurances.
