Building your ideal home may require you to undertake renovation. In addition to hiring someone for the renovation work, the owners' corporations or management companies would require you to also buy an interior decoration insurance before commencement of the renovation. This insurance is especially important in cases of accidents, thefts and material damages occurring during the renovation. Usually the insured amount range from 10 million upwards to 20 million.
Most interior decoration insurance coverage include:
- Third party property damages or bodily injury
- Material damages
- Property damages
- Temporary residence allowance
- Warranty period guarantee
Other coverages may include:
- Vibration, Weakening or Removal of Support
- Scaffolding*
- Deposition of waste materials
*If unit requires scaffolding or exterior wall renovation, it is important to check if it is included in your insurance coverage.
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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