Most Singapore citizens are influenced by one or two insurance policies. Insurance is taken out to cover expenses in the case of unexpected costs, for reasons such as medical problems, residency issues or road accidents. Some insurance policies are compulsory, but many optional. An example of a compulsory insurance type is motor insurance for motorcycle riders, on the other hand, you are not obligated to have travel insurance or residence content insurance. Due to the monetary benefits of having insurance, many people opt for the non-compulsory insurance policies.
There are many different kind of insurance. To give you a better understanding of the insurance policies that are available to you, the following paragraphs provide an overview of the different possibilities.
Insurance for your residence
Home Insurance is purchased to cover the costs of potential damage to your property. This can be damage by fire or natural disasters, but also damage from burglaries. Some examples of insurance for your residence are residence content insurance, glass insurance and home insurance. Additionally, if you are living in a houseboat, it is possible to take out a special houseboat insurance.
Insurance for you as a person
Some personal insurance policies that you can take out in your name are life insurance, legal expences insurance, funeral insurance, student insurance, the liability insurance, health insurance, all-in-1 insurance and dental insurance. Each form of insurance serves a unique purpose.
Insurance for animals
Besides insurance for yourself, you can also take out insurance for your pets. The most popular insurance for animals is dog insurance and cat insurance. Does your dog need an expensive medicine or does your cat need surgery, costs such as these are often partly covered by insurance.
Insurance for vehicles
When you are on the road with a specific vehicle there is always a chance that you will have to deal with damage. This can be by your own mistake but also by the mistake of someone else or by a situation that you can do nothing about like a bad road. By paying for vehicle insurance, your insurance company will then cover msot of the damage to your vehicle or the vehicle of the other party. Some examples of insurance that can be taken out for vehicles are: car insurance, damage insurance, boat insurance, motorcycle insurance, indemnity insurance, camper insurance, caravan insurance, bicycle insurance, motor insurance, oldtimer insurance and yacht insurance.
Insurance for holidays and leisure
You might not want to think about it, but during your holiday or free time you may also encounter costly situations. By taking out insurance for your holiday or leisure time you can prevent having to pay high costs. Some examples of which are travel insurance, cancellation insurance, winter sport insurance and water sport insurance.