Choosing and comparing a suitable home insurance takes time. Here are some tips that helps you buy the right home insurance:
1. The age of the insured unit must be less than 40 years old.
2. The insured unit must be for residential purposes only. Industrial and commercial buildings cannot be insured with home insurance.
3. The insured unit must not be a sublet, subdivided room or any illegal structure.
4. The insured unit and its roof must be composed of bricks, stones or concrete.
5. The insurance may not necessarily cover household contents that are placed on balconies, terraces, roof tops, corridors, backyards or open spaces.
6. The insured amount should be the full cost of the insured residential building reconstruction (including interior decoration, clean-up costs and professional fees) and not the mortgage amount.
7. The policy owner must have proof, such as a rental agreement, that either he’s the home owner or the tenant of the insured unit.
8. If the insured unit has an open kitchen, it must comply with relevant fire safety codes and regulations. Violations of any kind of fire safety regulation may invalidate the policy.
The information above is for reference only. For detailed coverage or exclusions, please refer to the insurance company’s policy terms and conditions.
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