54 fires involving PMDS and power-assisted bicycles reported in first half of 2019 was the headline reported by Channel New Asia (CNA) on the 26th of July 2019 …
Above are the statistics for 2018 extracted from the SCDF website which shows total Fire Calls have increased year on year, of which 2,411 (62.1%) are fire calls for Residential Premises in Singapore.
If you have an outstanding mortgage loan with HDB or any financial institution, you are required to buy fire insurance. However, the cover is very basic as the insured value is limited to either the outstanding loan amount or the cost of reinstating the building structure. This basic cover benefits financial institutions by protecting their loans to home owners but does not cover the belongings and contents of the homeowner. Therefore, a separate policy is needed for the building, as do your renovations and contents (e.g., furniture, household appliances and personal effects).
Did you know that AIG has home insurance policies that cover your hard earned home and belongings in the case of such accidents?
Besides taking up proper insurance coverage for your home and contents, prevention and early warnings can help tremendously:
- Have easily accessible fire extinguishers placed around your home.
- Install a Home Fire Alarm Device.