Protecting Your Home from Fire
One of the worst things that can possibly befall you as a property owner is a fire. Fire is so destructive and so devastating that not only could it potentially leave you without a home or income, but it could also injure and potentially even kill you, your family, or your tenants, so it’s important you do everything you can to protect yourself and your real estate from the threat of fire.
One of the best ways to do that is by having your electrical wiring and any gas appliances regularly inspected, and where necessary, prepared. You should also have working fire alarms installed in all of your properties at all times, so should a fire happen, it can be very quickly dealt with, which should hopefully minimize its impact overall.
Of course, insurance is another important thing to consider. Many standards home insurance policies are simply not good enough when it comes to fire damage, especially if you live in an apartment, with some policies like the HDB fore insurance, covering you only for the structural damage caused to your apartment, whereas other policies will cover you for everything from the contents of your property to renovating your home after fire damage has been done, which is why most HDB owners should think about taking out a full home insurance policy rather than relying on the HDB alone.
If this is an issue that may affect you, this infographic explains the differences between HDB fire insurance and other home insurance policies pretty well:
Infographic designed by: PropertyGuru Group