For one thing, remember that there are many excellent insurance companies in Singapore and then a few that should be avoided. However, two companies in particular that you can trust include the Federal Insurance Company, which is a part of the Chubb Group of insurance companies, and the Masterpiece Insurance Company. However, many other fine insurance companies in Singapore could provide the right type of policy and for a premium you can afford.
Two things you need to understand before we break down information on what you could buy from a Singapore insurance company has to do with “location of risk” and “sub-limits”. First, you need to read the policy closely in that some will state “within location”. That means any damage or loss would be limited to contents within the home, not anything sitting in the yard. However, finding a Singapore insurance company that provides contents outside is difficult.
Then for sub-limits, most insurance companies in Singapore only provide limited coverage for more expensive personal items to include artwork, jewelry, firearms, collectibles, and so on. If you have expensive items within your Singapore home, you would need to find a Singapore insurance company that could write a separate policy for the valuables.
Now, if you purchase home insurance from one of the top insurance companies in Singapore, most policies would cover only the building. Therefore, to protect your personal belongings on the inside, you would need to take out an additional policy. However, sometimes an insurance company will sell a policy that includes both the building and the contents but this would be something you need to know before agreeing to terms and price.
If you have someone come into your home to clean, another policy would be needed. This type of coverage is known as “domestic help insurance”, which is a type of worker’s compensation coverage. There are stipulations and details that you would need to understand but in summary, a policy such as this would protect you from loss of personal belongings but also lawsuit if the helper were injured while working.