Whether you have recently arrived or been living in Singapore for a few years, you know that our island state is renowned as one of the safest places in the world to live.  With this safety and security, many expats relax the idea of buying contents and valuables insurance.
 
Recent conversations with clients started like this: “while we were on home leave for the summer, our city condo was burgled, $23,000 of jewelry was missing from my wife’s box upon our return.”  And another, “a recent fire in my condo complex reminded me I hadn’t yet bought contents insurance.”
 
Though Singapore is safe, remember the government’s slogan “low crime doesn’t mean no crime.”  The expat lifestyle also means frequent travel to countries that may not be so safe.  Petty crime and theft are prevalent in Thailand, Malaysia and Indonesia, our closest neighbours. 
 
While there are many home insurance policies available, you need to be sure the coverage you’re buying is appropriate for you.  The most common concern and claim: Diamond ring lost in the sand.  Losses like this often bare a shocking response: “it’s not covered!”  These types of losses are all too common, but the policies that provide coverage for such claims are not. 
 
Rolex Disappears from Man’s Wrist
After swimming at Sentosa, Mr Smith noticed his Rolex missing from his wrist. Typically, unexplained losses are not covered, as most policies only cover loss by theft. Mr Smith had received good insurance advice and his insurer issued a cheque for the full value of his watch.
 
Camera Lost on Tokyo Train
Mr Smith left his Canon on a packed Tokyo subway. Later, he was shocked to learn the camera was not covered by his travel insurance, as these policies do not reimburse you for valuable items lost or damaged abroad. Fortunately, Mr Smith’s home insurance policy covered his articles worldwide and he received a cheque for the exact value of his camera.
 
Pearl Earring Goes Missing from Pair
What use is one earring without the other? Unfortunately, many insurers do not recognize the loss of part of a pair. Because Mrs Smith chose the right coverage, her insurer offered to either source a new earring or surrender the remaining earring and receive full payment for the value of the pair.
 
Red Wine Spills on Oriental Rug
A dinner party guest dropped red wine on Mrs Smith’s oriental rug. A loss such as this is usually not covered by standard policies and if it is, the policy may impose depreciation on the rug and apply a deductible on the claim. Mrs Smith’s coverage had no such limitations. When the stain could not be removed, she was paid 100% of the insured value.
 
A policy that covers not only for the big risks: fire, flood and theft but also for unexplained loss and damage will protect your investments, so disasters like these do not end in disappointment.