Singapore property: 3 type of insurance you need to know about

For most Singaporeans, owning a home is arguably the most important purchase in their lives. The process to own a home is not cheap and has with lots of hidden costs. Statistics show that majority of homeowners spend more time researching on how to renovate or furnish their homes and less time in securing what they already have. Insurance your property is equally important, more so when you home have sentimental attachments.

Make no mistake about risk. We have seen homes engulfed in fire, theft, water pipes bursting and sometimes repossession by creditors. If you are wise, then you must be one of those who will not but their homes in line. Here are 3 types of insurance you can use to protect your home.

Fire insurance

Fire insurance is a primary kind of protection of homes in Singapore. Do not let the name confuse you. Fire insurance cover other perils besides the fire itself. They include gas pipe explosion, smoke damage, malicious damage, water pipes bursts, lightning, rots and other malicious damages.
Sound interesting, right? However, it’s important to note that fire insurance only cover the cost of damage to your home structure including rebuilding your home and replacing original fixtures. Original fixtures include original walls, doors, windows, ceiling, flooring, etc.
In simple words, fire insurance covers structural damage arising from the above hazards but does not include items inside your house, e.g., furniture, personal belongs and renovations. If you own an HDB flat, the house will by default be enrolled in the HDB fire Insurance Scheme unless you choose not to.

Home content insurance

Home content insurance complement fire insurance, covering items inside your house, renovations in case of a hazard. Renovations include enhanced flooring, air-conditions, built-in wardrobes, etc.
House content include clothing, electronics, jewelry, appliances, furniture, etc. Note that if you have expensive stuff like art pieces, costly wines, Rolexes you will need to cover them in a separate endorsement.

Home content insurance provides additional benefits to help recover from peril in your home. This insurance is not mandatory but is worth considering. The premiums you pay for-home content insurance is not calculated by the size of your house but on the sum insured. The sum insured is equal to the comparable cost of home content, fixtures, fitting and renovation.

Mortgage insurance

For most Singaporeans, their home mortgage is their single largest liability. Not able to service the mortgage have drastic consequences as your credit holds the title deed and has the mandate to sell off your property and recover the money you owe them. Mortgage insurance comes in if something happens and you can no longer afford to repay your home loan. HDB dwellers who use CPF funds must be insured under the CPF Home Protection Scheme. If not using CPF to service your HDB, you can opt to be covered under HPS.

Have you covered your home with the above insurance? If not, it time to take action and enjoy the peace of mind years to come. …

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3 Questions you must ask before you can decide which Real Estate Professional to Hire:

When you are thinking about selling your home or buying a house, you might consider hiring a professional in the real estate market.  You will want someone that is knowledgeable in their field of practice and also the best at what they do.

Check the online real estate websites for the areas that you are interested in buying a home or where the home you want to sell is situated.  On the website, there should be a review page where you can look at what clients say about the company’s service and personnel.  Make a shortlist of the persons you think to interview, and then also ask family and friends if they have someone that they can recommend.

3 Questions that should ask a Real Estate Professional:

  1. What kind of education do you have and what type of experience can you claim?

Experience is not always counted in the years that you have been in business but also in what type of properties you can handle, how many of the homes had been bought or sold where you were accountable, and how many in the past year.  You can find out about other skills or expertise they might have by asking what type of houses they mostly work with, brand new or older.  The same goes for selling and buying a house.

Educational requirements must be met by all professionals and is ongoing.  You learn throughout to combat all the changes in a very changeable market.  Additional skills can be beneficial to help in buying or selling a property.

  1. Do you have other clients you work with at the moment? How many other clients?

It should not really be a concern and there is no wrong or right answer to this question.  It will only give you a good idea of how much time there might be available for your requirements.  Too many clients can be good referral but also minimise the time available for each client.

  1. What type of Services is all included?

It is important to know what you can expect and you need to discuss this beforehand.  When selling a house, will an open house event be held?  Will there be photos taken by a professional?  What type of advertising is going to be used?  You must discuss your particular needs and your expectations with your representative to find out if they will be able to provide the services.

There are many more questions and answers you can prepare to ask, but, the most important will always be if you and this person can understand each other, work out any problems there might be, and negotiate a plan that will work for both parties.…

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Things to consider when you choose a Real Estate Agency that will fit your Requirements and work as a team together with yourself

Selling or buying, and even renting property is a big decision and can involve a lot of money.  Deciding on which area you want to do the buying or renting can be difficult, and selling your home requires just as many decisions.  You can save yourself a lot of trouble and worries if you can find a Real Estate Agency that will work together with you as a team.

Things to consider when you are deciding on which Real Estate Agency you want to employ:

Find a Real Estate Agency that will take you on a tour to explore the neighbourhoods you are interested in to buy your new house. You should do a drive-through in the morning, in the afternoon and at night.  Weekends can be different than weekdays, so your tour should include both, as well.  You will be able to experience the neighbourhood on all levels when you do this.

Always keep in mind that a Realtor cannot help you make a decision or discuss the rightness or wrongness of an area with you.  They are not allowed to give any indication of the quality of the schools, the economy, the municipal wellness, etc.  What they can do is give you relevant information about crime statistics and school ratings.

Check references and credentials of the Realtor that you want to hire.  Find how many listings the realtor has at that moment, and how long it takes to sell a house.

A good Realtor will be forthcoming with the information that they are allowed to share with their clients.  That will also include the negatives, for instance, the house will need a paint job or the railway tracks are near and can cause a noise problem.

Always do your research well to find your teammate Realtor that will help you to make the right decisions on where to buy your home.

Choose a Real Estate Realtor that is known for their professionalism, but also for their personal touch.  Also look out for those that have a good reputation in getting their deals done, without overpricing.…

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7 Skills that will make you an Excellent Real Estate Broker:

A Real Estate Broker operates a real estate office.  They also oversee real estate transactions.  Other duties will include the selling and rent out of properties and the arranging of mortgage loans for their clients.

5 Important skills that a Real Estate Broker should have:

  1. Speak well; you should be well spoken to be able to convey information correctly and effectively.
  2. Listening attentively; your full attention should be on what a person is saying to you. You should take the time to understand what is being said and what is being meant.  The two might not be the same.  Asks questions if need be, but do not interrupt the conversation when not appropriate.
  3. Be able to Negotiate; trying to reconcile differences and bringing together parties that are in conflict.
  4. Be good at Persuasion; to be able to persuade someone to change their behaviour or their minds when it’s set on a wrong idea.
  5. Perceptiveness; being socially aware of the reactions of others, and why they might be reacting as they do, can be very helpful when you need to understand how to best negotiate a situation.
  6. Managing Personnel Resources; you should be able to motivate others, to direct people as they do their work, to develop persons to perform their best, and you should also be able to identify the best person for a certain job.
  7. Complex Problem solving; you must be able to identify a complex problem, review all the related facts and information, and then evaluate and develop options that can be implemented towards solving the problem.

A few more skills that will be well learned, are, the coordination of actions, time management of yourself and others, quality control on products, processes, and services and to evaluate the quality of all performances.

A Real Estate Broker should be service orientated and always look out for the ways that you can help people.

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