2 money tips for home renovation to protect against accidents or defaults by contractors

You need to be astute in home improvement planning as it is likely to cost about the same as other big investments you make.
You need to be astute in home improvement planning as it is likely to cost about the same as other big investments you make.PHOTO: ST FILE

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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