As I wrote almost 8 years ago in this post, we spent about $40,000 for the renovation of our 5-room BTO flat and an additional $25,000 for furniture and appliances.
View of our living room and the brick wall which we spent a bomb on.
But there’s no regrets even after 8 years.
At that point in time, I did not think too much about protecting the value of this investment. In fact, I had erroneously thought that HDB’s mandatory Fire Insurance Scheme would cover for any potential mishaps.
Yes, I am talking about the Fire Insurance that the HDB officer will ask you to purchase when you collect your keys.
However, the HDB fire insurance only covers the cost of reinstating damaged internal structures, fixtures, as well as areas built and provided by HDB. It does not include home contents such as furniture, renovations and personal belongings, even if the fire did not originate from your home....