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Thread: Home Insurance

  1. #1
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    Jan 2007
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    Default Home Insurance

    Any experts on home insurance here? Wondering whether anyone can give me impartial advise on the pros and cons of buying home insurance. Agents are just too biased.

  2. #2
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    Jan 2007
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    I hate insurance, hehe. Don't like the fact that the industry plays on one's fears but some fears are justified I suppose. My take - if your income is crucial to your family, then insurance can be useful. No need to buy otherwise la

  3. #3
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    Jan 2007
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    Err don't get the link between income and home insurance le. Ah Boy, you thinking of life insurance isit?

  4. #4
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    Jan 2007
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    i dunno..but personally i bought home insurance. so in case anything happens to me, the house will be an asset instead of liability for my wife.

    If u toking abt home insurance such as home accidents and such, then i bought nothing.
    Condolescence to the diver who met with the mishap..the diver community will always remember the lesson taught to us.

  5. #5
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    Jan 2007
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    Hmm, I was thinking about life and term insurance but it does apply to mortgage insurance as well. For example, if something bad happens to the person paying the mortgage and the other members of the household will be left without a home as they do not earn much and does not have savings to purchase another cheaper property, mortgage insurance would be useful. Otherwise, use the money to invest instead and you'll be able to pay off your home loan twice as fast.

  6. #6
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    Sep 2007
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    Quote Originally Posted by McMuffin View Post
    Any experts on home insurance here? Wondering whether anyone can give me impartial advise on the pros and cons of buying home insurance. Agents are just too biased.
    Hai,

    I am Ruktiamo.

    A home insurance policy is very important in protecting you from natural and man- made disasters like earthquake,fire,theft,flood,hurricane etc. A home insurance will cover the whole structure and contents of your house.Your home is a place where your peace lies.It is a most valuable possession for you and your family.You will have built happy memories of your happy occasions in your heart of hearts about your loved ones,material aspects,building structure and your precious belongings.

    However, a single natural or man-made calamity can ruin your security of your home and totally spoil your peace of mind. Although,it is impossible to cover the the love and sweet memories,it is possible to ensure the safety of precious belongings by getting a home insurance.

    Most of the insurers say that there has been a phenomenal increase in people taking advantage of home insurance this year. People usually do not pay much importance to home insurance as they pay importance for life insurance and health insurance.Most of the people do not know that the premium is lower for the value insured.

  7. #7
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    Feb 2008
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    393

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    Something terrible happen.

    My apartment got bunglar - the thieves took with him 2 lap tops and a camera.

    I immediately contacted the police who came and get a written statement.

    Good thing I bought Insurance for my home and was covered for the missing items. I am submitting my claim although I do not have any idea how much i can claim but am glad that I bought the Home Insurance. At least the loss is not as painful.

  8. #8
    Join Date
    Apr 2008
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    69

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    Quote Originally Posted by rukitamo View Post
    Hai,

    I am Ruktiamo.

    A home insurance policy is very important in protecting you from natural and man- made disasters like earthquake,fire,theft,flood,hurricane etc. A home insurance will cover the whole structure and contents of your house.Your home is a place where your peace lies.It is a most valuable possession for you and your family.You will have built happy memories of your happy occasions in your heart of hearts about your loved ones,material aspects,building structure and your precious belongings.

    However, a single natural or man-made calamity can ruin your security of your home and totally spoil your peace of mind. Although,it is impossible to cover the the love and sweet memories,it is possible to ensure the safety of precious belongings by getting a home insurance.

    Most of the insurers say that there has been a phenomenal increase in people taking advantage of home insurance this year. People usually do not pay much importance to home insurance as they pay importance for life insurance and health insurance.Most of the people do not know that the premium is lower for the value insured.



    An associate I just got to know share with me her life story.

    She used to be living pretty well off till her husband past away without any warning from a sudden illness. That took her husband life in just 2 months.

    She and her decease husband do not believe in buying insurance. They believe in long term planning through means of savings and investments.

    Never did they know that things do not always go the way they plan.

    She thinks it is important to have insurance especially, home insurance (mortgage insurance), maybe not so much of life insurance. She used to be a housewife till the death of her husband, living in a big 2700 sqft condominium. Her husband death brought to her $1.8m of debts. If her husband had bought insurance for the apartment they stayed in , at least she would not have to worry about the place she is staying - not that the pain of losing the husband will lessen, but at least she will have one less worry.

    Well, just something to share for those wondering if they should consider taking up a home insurance (mortgage insurance).


  9. #9
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    Jan 2008
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    Quote Originally Posted by Ah Boy View Post
    Hmm, I was thinking about life and term insurance but it does apply to mortgage insurance as well. For example, if something bad happens to the person paying the mortgage and the other members of the household will be left without a home as they do not earn much and does not have savings to purchase another cheaper property, mortgage insurance would be useful. Otherwise, use the money to invest instead and you'll be able to pay off your home loan twice as fast.
    i kind of agree with ah boy on this. if family members are not just replying on one sole bread winner to pay off the house then i feel that home insurance is not important. i rather invest.

    i'm not sure how much does a home insurance cost maybe it's really insignificant, if so not really no harm buying one just for a peace of mind. currently my house is fully paid for and we do not have kids at home that we worried might have fire break out etc and the location we stay in is unlikely to be break in. in my case, i don't really need a home insurance.

    for those who are thinking to get an insurance, i need proper planning is very important. sort out the wants and needs. get those that you really need first. for eg. i got my first saving insurance at age 18 with this when i reached 41 years old i got a sum of $. then in my mid 20s, i got mu life insurance. in my early 30s, i started to get a women's insurance. i get my insurance at different phrases of my life to suit my needs.

  10. #10
    Join Date
    Feb 2008
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    393

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    Quote Originally Posted by happylalapo View Post
    Something terrible happen.

    My apartment got bunglar - the thieves took with him 2 lap tops and a camera.

    I immediately contacted the police who came and get a written statement.

    Good thing I bought Insurance for my home and was covered for the missing items. I am submitting my claim although I do not have any idea how much i can claim but am glad that I bought the Home Insurance. At least the loss is not as painful.
    I got my insurance claim - it is $3580. I am happy with this as I only paid for 2 years the insurance and each year is about $240. The greatest joy is I got new computer and new digital camera.

    Very pleased i bought insurance coverage - i think all should buy home insurance give you good protection at least from my experience.

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