Sep 24, 2014

    Home-content insurance for peace of mind

    SALES director Kelvin Lim takes great pride in his home.

    His two-storey, three-bedroom apartment in Country Park Condominium in Bedok Road, where he lives alone, is decorated tastefully with muted tones and sleek lines. The possessions he has amassed over the years are clearly well-kept.

    Among his most prized? A sound system by high-end Danish brand Bang & Olufsen and a designer "Mars" armchair by Timothy Oulton - the same model which was reportedly featured in the hit 2010 Hollywood movie Black Swan.

    The sound system cost about $18,000, while the armchair cost over $3,000.

    "As my possessions grow, there's also a growing need to protect them from various risks," said Mr Lim, who is in his 40s and has owned his current home for 3½ years.

    That is why he has always bought insurance for home content.

    Home-content insurance covers damage to, or loss of, an individual's personal possessions while they are located within his home.

    Mr Lim explains: "Home-building insurance is compulsory, while home-content insurance is not. I find it is better to be safe than sorry, so I have been buying it all along."

    Just this month, Mr Lim, who works for a multinational company in the manufacturing industry, switched from his long-time insurance provider to HL Assurance, a member of the Hong Leong Group.

    He had heard about the company through word of mouth and realised he could get more bang for his buck with it.

    He pays a premium of $21 a month for coverage, similar to what he was charged by his previous insurance provider. However, the sum insured is almost double that in his last plan.

    Also, under HL Assurance's current promotion, customers who buy on a yearly basis need to pay the premium for just nine months.

    He said: "I can now also pay monthly via credit card without having to worry about a thing, whereas with the last company, I had to pay the annual sum all at once.

    "The scope of its coverage is also wider."

    HL Assurance's home-content insurance covers "all risks", meaning it covers fire, theft, accidental loss and even third-party liability.

    Said Mr Lim: "For instance, if someone falls and is injured in your home, then wants you to pay for his medical bills, you can claim back from the company. The coverage is really very comprehensive."

    Besides the coverage offered by the policy, he is impressed by the "thorough and patient" salesmanship and customer service he receives from HL Assurance's staff.

    He bought his home-content plan over the phone.

    "When I called the hotline, they were very prompt and I got all the answers and information I needed straightaway.

    "I was also given my policy confirmation immediately on the phone, which is something my last provider could not do."

    Mr Lim was so impressed that he bought a motor-insurance policy for his Volvo XC60 with the company this month.

    The premium for it is about $800 cheaper than his previous policy.

    He said: "Given my experience, I would absolutely recommend HL Assurance to friends and family.

    "Having home-content insurance really gives you peace of mind."