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Which type of home insurance is right for you?
We all know that protecting our homes – and everything inside them – is the main reason to purchase insurance. But did you know that there are staggeringly different types of home insurance for you to choose from? Some are designed specifically to protect against financial loss arising from water damage, landslips and subsidence – even though the likelihood of these events occurring are fairly remote, depending on where you live and what type of building you live in.
If this sounds confusing already, don’t be alarmed. The reality is that there are many things that can go wrong in your apartment or house – some of which you might not even have thought of before. For example, some plans might cover damage caused by typhoons or landslips, as you’d expect, but they might not cover against very specific situations, such as accidental damaged caused by a contractor while carrying out renovation work on your property.
What’s more, your premium will depend not only on which type of coverage you choose, but also on the age of your building and the type of premises you inhabit. So, to enjoy optimum protection for your household and your belongings, it’s important that you choose a plan that suits your specific needs.
To illustrate this point further, let’s look at two of MSIG’s home insurance plans. The first is Home Protector 2.0, which is a comprehensive plan designed to cover everything and everyone in your home. Depending on which level of coverage you choose, some of the plan highlights include coverage of accidental breakage of window glass during typhoons, household improvement cover (as mentioned above), and accidental mobile phone damage cover. The plan also provides protection for personal effects, such as cash and valuables when you are travelling.
As you can see, Home Protector 2.0 is an example of a catch-all home insurance plan, providing comprehensive protection with several levels of cover available based on your financial circumstances.
However, if we examine the second plan, Mortgage Fire, it soon becomes apparent that this plan addresses very specific needs of mortgagor as requested by bank. There are three main pillars of coverage: protection against building items damage caused by fire or lightening; protection against loss caused by explosions of boilers or domestic gas supplies; and the third is an option to extend cover to protect against other disasters, such as floods, explosions, riots and strikes, malicious acts, aircraft damage and vehicle impact.
For many people, a plan like Mortgage Fire could be adequate for their needs. But others will require protection that goes further, which is where Home Protector 2.0 might be appealing.
To find out more about the full range of home insurance plans, please feel free to contact us 
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Read more: Renovation tips for the new homeowner
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