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Q1. What should a homeowner/ tenant/ landlord take note of before buying home insurance? 

A homeowner/tenant/landlord should decide if they wish to purchase an


  • “All Risks” or

  • “Insured Peril” cover.


“All Risks” home insurance covers accidental loss or damage that is not specifically excluded in the policy. Examples of excluded risks include wear and tear, damage caused by insects, termites, etc.


“Insured Peril” home insurance covers damages caused by any of the Insured Perils, such as fire, lightning, theft, explosions etc. Homeowner/tenant/landlord should also take note if their home insurance is a “First Loss” or “Average” policy.


“First Loss” policy provides protection up to the maximum sum insured without penalization for underinsurance. Full declaration of the value of the buildings and contents are not required and payout will be paid up to the sum insured.


For “Average” policy, there must be full declaration of the total value of the buildings and contents; otherwise, you will not receive the full benefit.

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