Property Insurance
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Property Insurance
- As a general guide, how do I estimate the sum insured?
- What are the risks insured against?
- What does fire insurance for residential buildings cover?
- My property will be covered in the event of a burglary
- If my home is damaged by a flood or fire, my losses will be reimbursed by the insurer
- I am not exposed to flood risks because I live in a high-rise apartment
- All home insurance coverage is the same
- I use the purchase price of my house to determine the insured value
- Having the HDB Fire Insurance or policy arranged by my bank is good enough
- Home insurance is expensive
- Mortgagee Interest Policy
What is a Mortgagee Interest Policy?
If you are a private home owner and your property is mortgaged to a bank, some banks may require you to take up a Mortgagee Interest Policy (MIP) to protect the bank’s financial interest for the amount of loan outstanding. A MIP is not compulsory