Key Coverage

There are the following components to a property insurance, which the homeowner may choose to take up ala-carte or cover all via a comprehensive plan. The benefit combination and provisions may vary from country to country according to their housing regulations.

Insuring the building

This reinstates the original structure of the apartment. Renovation works and contents are strictly not included. Premiums vary according to the size and type of apartment.

Other possible inclusions:

• Fees for hiring of related professionals such as architects, surveyors and consultants
• Removal of debris
• Alternative accommodation expenses
• Cleaning of home

Insuring the contents

The homeowner may be protected against a list of named perils or all risks.Other than compensation for loss of household goods and personal effects, the below may also be included:

• Accidental breakage of glass
• Replacement of locks and keys
• Spoilage of refrigerator contents
• Provision of emergency cash relief
• Replenishment of fire extinguishing appliances

While there is compensation under insurance for contents, it is usually capped at a certain amount and is not enough to cover the value of expensive items. A “valuable items” add-on policy can cover the insured in one of the three ways:

• Item is individually listed and insured at market value at the point of policy purchase
• Blanket coverage for those with several items, with a capped claim amount for per item
• Combination coverage for those who would like full coverage for items worth beyond capped amount, and blanket coverage for the rest of the valuables worth within