You may not realize it but in the hustle and bustle of daily life, a lot relies on things falling into place as we expect them to be. We schedule our day taking for granted that the activities we plan to do will indeed happen the way we want them to.

However, we all know that this may not always be the case. There are instances when events go beyond our control or certain unexpected circumstances crop up. Usually, these impact our lives in a detrimental manner not only physically and emotionally but most importantly, financially.

This is where general insurance comes in. It is designed to help us deal with life’s uncertainties and to protect the things of value that we have. Primarily, it extends financial coverage to compensate for damage or loss that you may suffer due to adverse situations. For an amount or premium that you pay an insurance company, it will give you a certain amount in return to somehow make up for the loss or damage that you suffered.

Your life may be going fine right now and you couldn’t think of any situation where you would need general insurance Singapore authorities urge you to have. However, that is exactly what general insurance is designed for—to cover for unforeseen occurrences that may affect your life in a negative manner. Here are just some of the reasons why you need general insurance coverage.

Road Mishaps

No matter how careful you may be behind the wheel, accidents on the road can happen at any time. These may lead to significant damage to your car and other vehicles, as well as injury not only to yourself and the passengers in your vehicle but to others as well. Car accidents may also cause damage to surrounding private and public property.

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Motor insurance is vital in covering the costs of repair of your vehicle, medical treatment for injuries, as well as reparation to those involved. The premium you would have to pay for coverage is usually dependent on the type of vehicle that you own, the purpose for its use, and who would be using it. Other factors are also taken into consideration such as the vehicle’s value as determined by its condition and age. 

House Fires

Fire is one of the most common and feared accidents that can occur in the home. Property insurance will give you peace of mind that you will be able to financially recover from this dreaded occurrence. A certain type of insurance can compensate you for the value of your possessions or the contents of your HDB flat, condominium unit, or house in case they get damaged or completely destroyed in a fire.

If you live in a flat or a residential complex, insurance may cover for damage to the building and other structures. If your property is mortgaged, the bank would usually require that you take out a mortgagee interest policy (MIP). In case you are unable to meet your obligations on your loan following a fire in your property, the bank can seek compensation from the MIP. Property insurance may not only cover for fire but other adverse incidents such as lightning, flooding and earthquakes, explosions or burst pipes, damage from impact of vehicles, and many other occurrences.

Travel Upsets

Going on an overseas trip whether for work or leisure travel necessitates a lot of planning and preparation. As such, a lot of things could also go wrong. Travel insurance is especially useful to cover for unforeseen occurrences, such as changes in flight, lost or damaged baggage, or any other inconvenience with regard to your travel plans. You can also be covered for any accident or injury that you might incur along the way, as well as medical emergencies that may put your life in danger.

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The cost of travel insurance coverage usually depends on the length and destination of the trip. If you are travelling in a group, you can obtain coverage for the entire party. If you travel frequently, you might want to consider more cost-efficient long-term coverage rather than securing a policy for every single trip.

Get Covered for Peace of Mind

Securing general insurance may be an added chore, and paying for premiums may feel like a financial strain, but the costs of recovering from an adverse incident far outweighs any of these seeming inconveniences. More often than not, you will regret that you did not get general insurance coverage after experiencing a terrible setback regarding your property and possessions.

Consider general insurance as part and parcel of living a more secure and stress-free daily life. You and your loved ones will feel more confident knowing that you have a financial resource to depend on in unexpected cases of loss or accidents. It is also the responsible thing to do to ensure the welfare of the community and greater society you live in.