2 money tips for home renovation

SINGAPORE – If you plan to undertake a major home renovation, you could consider getting insured to protect yourself against accidents or possible defaults by the contractors.

While the primary purpose of such “renovation insurance” is to cover damage such as work which causes an electrical fire that affects your home as well as your neighbour’s, some policies have a “performance bond” component that will pay 10 per cent of your contract value if the contractor cannot complete the work.

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