INSURANCE & UTILITIES

FIRE INSURANCE
Fire insurance in Singapore covers a whole range of perils related to the building and is compulsory as long as you have an outstanding mortgage:

Note it does not cover your home contents (such as renovation, flooring, furnishings, decor, home appliances, collectibles, personal belongings, and crime such as burglary), that is specifically for home insurance (See below). 

For HDBs with a HDB Loan, you are automatically signed on to HDB's insurer FWD's fire insurance policy (at an insignificant cost of $0.30-$1.50 per year).

For any property with a Bank Loan, your bank will usually purchase it on your behalf with their insurer under a fire insurance policy called the Mortgagee Interest Policy (MIP). 

HOME INSURANCE
Majority of home owners do not purchase home insurance but if you want to insure your home contents, there are a large number of insurers to choose from each with their pros and cons.

UTILITIES
Utilities comprise of electricity, water, and not-often-nowadays gas. Since water is exclusively supplied by SP (Singapore Power), you must open an SP Account (or via the SP App). Only afterwards can you switch your electricity purchase to another vendor.

For HDB Build-To-Order (BTO) flats, turn-on appointments are not needed as electrical and water supply is turned on prior to your move.

For HDB resale flats and all other residential properties, the account holder or a representative must be present during the turn-on appointment so the SP staff can conduct a safety inspection. Read more details here.

Consider switching your electricity vendor to a 3rd party such as Senoko. Most are hassle free and you can make substantial savings every month (est. $10–25 per month).

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