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household/apartment and 3rd party insurance

Discuss the different insurance options from car to health insurance.
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x9200
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household/apartment and 3rd party insurance

Postby x9200 » Mon, 30 Aug 2010 9:32 am

We are looking for an insurance covering all sorts of different nasty things that may happen to the rented property, its content and the neighbours property. We are the tenants. The very basic things needed would be the insurance covering damages:
- to our neighbours property: i.e. tap gets broken, the apartment below (and our too) gets flooded;
- to the interiors of the place we are staying in: i.e. accidental scratches/damages to the floors, broken partition glass in the shower etc.

This is a "must have". Some other usual things like the insurance against damage to the household content is also ok.

Any recommendation?

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Postby Girl_Next_Door » Tue, 31 Aug 2010 1:47 pm

Honestly, I don't think any insurance company in Singapore have the type of insurance that you are looking for. The closest is home content and that will not cover the interiors of the place we are staying in: i.e. accidental scratches/damages to the floors, broken partition glass in the shower etc.

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Postby x9200 » Tue, 31 Aug 2010 2:26 pm

A bit strange to me - an accident is an accident and if I can insure a car I am driving but not owning why not an apartment? Especially that I can insure it against force majeure type of mishaps or even broken fittings of some sorts.

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Postby Girl_Next_Door » Tue, 31 Aug 2010 3:38 pm

I know where you are coming from, but unfortunately, Singapore market is not as mature as the European or Australian market. The general insurance is a lot less developed than the life insurance sector. There is very little incentives for general insurance companies to be innovative as well.

In addition, many Singaporeans might also intentionally "damage" their floors/windows, to get a "free" renovation on their place. The actuarial department probably already figured that the claim rates is going to be too high to justify this business.

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Postby beppi » Tue, 31 Aug 2010 4:14 pm

Girl_Next_Door wrote:Singapore market is not as mature as the European or Australian market.


There is nothing immature in a decision not to take part in a business field that sells "peace of mind" in exchange for money. After all, making profits, rather than helping you, is the declared main purpose of all insurance companies' existence!

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Postby x9200 » Tue, 31 Aug 2010 6:13 pm

Every single insurance, except when legally enforced, is for a peace of mind. Somehow the insurance companies are making a good profit anyway.

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Postby beppi » Tue, 31 Aug 2010 6:32 pm

x9200 wrote:Every single insurance, except when legally enforced, is for a peace of mind. Somehow the insurance companies are making a good profit anyway.

Exactly my reasoning!
If these companies make a profit (and use some money for administration etc.), it means their customers get on average less back than they paid in.
Much like lottery or gambling - except that you get some of your money back in the event of something bad happening to you, not in the event of something good.
I take part in neither of the two.

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Postby cbavasi » Wed, 01 Sep 2010 8:09 am

If you are the tenant your lease should cover you for accidents in the neighbors apartment or incidentals over a certain amount (plumbing, electricity...etc). The landlord is the one who should be insured.

If you want to have "renters insurance" - check out the company Kwiksure - (www.kwiksure.com) - they've been recommended on this site a bunch of times from people. We use them for health insurance (they are a broker who get you quotes from reputable companies) - but I've also looked into renters insurance in the past for household contents.


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