Cosmoderm

Thursday, September 20, 2018

The One Thing Mistake Homeowners Made


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.

3 comments:

ejulz said...

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Sue Yin Chee said...

hi, boleh dapatkan email anda untuk kolaborasi di blog? terima kasih.

razzwey razz said...

Hi, sorry lambat reply. Boleh emel saya: razi_awey7@yahoo.com