PGI Property Insurance 2

Question 1

What is the 'renovation insurance' or 'home renovation protection plan' in Singapore?

Accepted Answer

Insurance covering renovation work against damage, third-party liability during renovation, and protecting the homeowner's newly installed fixtures

Answer

Renovation insurance covers new renovations against damage from perils like fire, water leakage, and accidental damage. It also provides liability coverage during the renovation period.

Question 2

Does home insurance cover water damage from a burst pipe in Singapore?

Accepted Answer

Typically covered under accidental damage or water damage peril in most comprehensive home insurance policies

Answer

Water damage from burst pipes, overflowing tanks, or leaking appliances is typically covered under home contents insurance. However, gradual water damage from poor maintenance may be excluded.

Question 3

What is the landlord's insurance available in Singapore?

Accepted Answer

Insurance for property owners who rent out their property, covering building structure, rental income loss, tenant-related risks, and landlord liability

Answer

Landlord insurance protects rental property owners against risks including building damage, loss of rental income (if the property becomes uninhabitable), tenant defaulting on rent, and liability claims.

Question 4

What is a 'portable all-risks' policy commonly added to Singapore home insurance?

Accepted Answer

Coverage for valuable personal items (laptops, cameras, jewellery) that are carried outside the home against accidental loss or damage anywhere

Answer

Portable all-risks coverage extends protection beyond the home for specified valuable items. It covers accidental damage, loss, or theft of items like laptops, cameras, and jewellery wherever you take them.

Question 5

How does the claims process work for home insurance in Singapore?

Accepted Answer

Notify the insurer as soon as possible, document the damage with photos, complete a claim form, provide supporting documents (receipts, police report if theft), and await assessment

Answer

The claims process involves prompt notification to the insurer, documentation of damage (photos, videos), police report (for theft), completion of claim forms, and provision of purchase receipts or proof of ownership.

PGI Insurance Practice Test

PGI Insurance Practice Test

PGI Property Insurance 2