home insurance singapore

home insurance singapore

Protection against accidental death, disability and specified injuries. With a desire to deliver best-in-class solutions to customers, and bringing a strong brand that stands for quality, trust and resilience one step closer to Singapore, a composite insurance entity, Allianz Insurance Singapore Pte. Apart from the standard packages, there are customized ones as well. This compensation may impact how and where offers appear on this site (including, for example, the order in which they appear). Disclaimer: At MoneySmart, we aim to provide accurate, objective and up-to-date information. for a 3-room HDB flat, which is 58% less than the market average for 3-room flats. This coverage typically has a daily benefit limit and covers you up to a certain number of days. To insure such items, you have to pay an additional fee of at least S$15 per item. In this event, you will have to make up the difference on your own. Despite its average value ratio (S$1,105 per sum insured vs. market average of S$1,060) MSIG's robust benefits make it a great choice for homeowners who want to make sure their insurance companies have them covered at all times. Simply Home ® Enhanced is a home and contents insurance plan designed to provide a simple solution to protecting you, your family, and your home. ValuePenguin is not in control of, or in any way affiliated with, the content displayed on this website. To help you compare and find the best home insurance plan, our expert home insurance analysts reviewed home insurance policies from 19 insurers to find out which plans stood out among the competition based on their value for money and unique benefits. Besides having the HDB Fire Insurance, it is possible to own a … AXA's SmartHome is ideal for people who want both value and peace of mind. Not only do landed property owners require premium coverage on renovation and contents, they also need to insure the property's building structure. Here is the current list of Home Insurances with reviews that Singaporeans can compare before buying the Home Insurance of your choice: Etiqa Tiq Home Insurance Sompo HomeBliss NTUC Enhanced Home Insurance MSIG Home Insurance India International Insurance Home Insurance Hong Leong Home Protect360 You may also personalise your coverage with our add-ons to suit your needs. Home insurance protects your home and valuables against unexpected dangers such as fire, floods, and theft. On the other hand, home contents insurance covers damages to renovations, your home contents (such as furniture and personal belongings) and more. Best Home Insurance Plan Companies in Singapore. Personal and Business Insurance. In our opinion, MSIG's Enhanced HomePlus private property plan is one of the best fully-fledged policies in the home insurance market. In Singapore, as long as you are servicing a housing loan from HDB, it is compulsory to buy and renew the HDB Fire Insurance for your home. Finally, Income allows customers to grow or shrink their coverage amount under its flexible coverage scheme, so you can always adjust your plan as your coverage needs change. A typical compulsory Fire Insurance doesn't cover the contents of your home. Contents coverage range is for 3, 4, and 5-room HDB flats and similarly sized condos (contents coverage of S$30k, S$60k, S$90k). Protect your home with 3-year Enhanced Home Insurance^ plan with minimum spend of $150. HL Assurance is a leading online insurance company providing a wide range of insurance products - Travel, Car, Critical Illness, Home, Maid & Personal Accident. Prices are highly competitive, with a S$45,000 contents coverage plan costing 40% below the industry average for similar coverage. AXA Singapore is one of the world's leading insurance companies. Allied World Home Protector SM 360 and Allied World Home Protector SM Basic plans cover more than just your Home and Contents. Navigate Home Insurance. Comment on our Facebook post and tell us why you chose to protect your home with Income. war is typically an excluded risk). Home Insurance Singapore Looking for a cheaper policy? Fire insurance is a mandatory policy for HDB home-owners who have an HDB mortgage loan. Home Insurance, Personal Accident Insurance, … As the name suggests, content coverage insures against loss or damage to household items belonging to you, your family or your domestic helpers which you are responsible for. Great Eastern's HomeGr8 Essential insurance offers great coverage for private property owners who want to maximize valuables and artwork coverage. This includes alternative accommodation, home assistance, theft or damage to temporarily displaced items and optional covers for your pets and personal accidents. While natural disasters aren’t typical in Singapore, at-home incidents (fires, burst pipes, falling trees, theft, minor accidents) are more common than we think – and often it may not even be of our own doing. The current HDB appointed fire insurer is FWD. We've hand-picked four policies in this high-end space in order to meet the demand of private property owners and wealthy homeowners. If your insurer finds out you under-insured, your claim payout will be reduced by the percentage amount you under-insured. Coverage if damages are caused to others’ houses. We also recommend this plan for landlords of private homes, although the price goes up by about 60%. Between the two options, you should base your decision on which company offers better benefits for things like jewellery, locks, keys & security systems that are more important to you. Below, you'll find our top picks for HDB, condo and landed homeowners based on price and coverage. This coverage insures physical money, valuables and personal belongings against theft and forceful entry. In our opinion, MSIG's Enhanced HomePlus private property plan is one of the best fully-fledged policies in the home insurance market. Buy the coverage you need! Get comprehensive insurance coverage for your home. FWD is one of the top online insurance companies in Singapore. For instance, its Lite plan, which provides enough coverage for a 4-room HDB flat, is 43% cheaper than average. Not only that, but it also offers S$5,000 of emergency cash services that can be deposited into your e-wallet in as soon as one business day to help you out in the event of a fire. We recommend Etiqa's Tiq Home Insurance for renters who are looking for a high value plan that provides peace of mind, no frills coverage. Best Home Insurance Plans In Singapore. Finally, Income allows customers to grow or shrink their coverage amount under its flexible coverage scheme, so you can always adjust your plan as your coverage needs change. With its minimum S$500,000 home building/renovation coverage, AXA boasts a high value ratio of over S$3,406 of coverage per dollar premium (vs. the market average of S$1,059) while also having generous contents coverage including high sub-limits on valuables such as laptops and cash. Though it's not the cheapest for larger flats, it's still competitively priced—premiums for 4-and 5-room flats are 50% below average. I approached a couple of insurers to look for a one-year plan for a 4-room HDB apartment. AXA's SmartHome is the best-value option for most landed homeowners. The sum insured for fire insurance is fixed and ranges between S$29,000 for a 1-room flat to S$106,200 for an Executive/Multi-generational flat. Not only will you get one of the lowest premiums on the market, but you'll also end up with quite comprehensive and unique coverage. Home Insurance. Despite its average value ratio (S$1,105 per sum insured vs. market average of S$1,060) MSIG's robust benefits make it a great choice for homeowners who want to make sure their insurance companies have them covered at all times. Don't underinsure when it comes to home insurance! ValueChampion is not to be construed as in any way engaging or being involved in the distribution or sale of any financial product or assuming any risk or undertaking any liability in respect of any financial product. 1) Police report / investigation results & incident report for Theft 2) Assessment report from repairer on the cause and extent of the damaged property for building claims 3) Invoices / purchase receipts of lost or damaged property 4) Photographs of damage for content claims 5) Letters, writ of summons from third party for liability claims. Given that it will take some time to process your claim, you would want to submit your claims form as soon as possible. Additionally, this site may be compensated through third party advertisers. However, the results of our comparison tools which are not marked as sponsored are always based on objective analysis first. Below, we outlined our top home insurance picks for landed property owners. AXA Insurance. Lastly, Aviva's Home Plus plan has around 40% below average renovation coverage, giving this top-tier option slightly lackluster value. towards insuring your home content and renovations. However, if you are looking for protection for your valuable possessions like art, its low S$1,000 sub-limit may not be enough. Cover for personal liability against third parties In order to derive value, we utilised a ratio of renovation and contents coverage and divided it by the premium. If your home is uninhabitable due to a major incident, this coverage helps you ease the financial burden of a temporary accommodation. Home Insurance; Do you rent or own a property? There is no pet or personal document coverage until you upgrade to the Home Plus plan and you can only purchase lock, key replacement, bicycle and ID theft coverage as additional add-ons. Compare and apply for the best home insurance policies from Singapore’s top insurers with MoneySmart.sg. For instance, if a visitor trips over a carpet while walking in your home, you might be held responsible for the accident as an owner. If you care less about these incidentals and more about covering expensive furnitures and renovation works, Aviva could be a great choice. AXA's SmartHome is the best renters insurance plan whether you are looking to insure S$45,000 or S$250,000 worth of coverage. Benefits include everything from lock and key replacement to domestic pet coverage to loss or damage of contents belonging to your foreign domestic worker. LIA’s CI Definitions Changed: What You Need To Know About Plans You Bought (Or Intend To Buy) However, Aviva does have one flaw: unlike other value options listed here, Aviva's home insurance policies don't automatically cover things like lock replacement and freezer food. A named peril insurance policy covers only what is specifically noted in the policy (e.g. AXA also provides some rarely-found features like professional consulting fee coverage in case your property gets damaged. To get to our decision, we looked not only at price but the value a consumer will receive from purchasing their plan. Working Adult Guide: Health Insurance In Singapore, And Why You Should Consider Buying Them . Etiqa's Tiq Home Insurance for condo owners provides a mix of affordability for modest homeowners and high coverage for condo owners looking for maximum coverage. If you want benefits that extend beyond that, you'll have to pay more either by purchasing their more expensive plans or purchasing their separate add-ons. If your policy's coverage is significantly lower than what is actually covered, insurance companies can penalize you in form of reduced reimbursement when you file a claim. Income offers competitive premiums for its Plan 1 and Plan 2 options (S$55,000 and S$75,000 in contents coverage respectively) while providing benefits that are either not always seen or offered only as an additional purchase. What your HDB Fire Insurance does not cover are home contents such as furniture, renovations, personal belongings, prized collections and valuables. Due to its generous coverage, AXA’s SmartHome plan delivers superb value per dollar premium, especially when juxtaposed with its competitors who offer 10-50% less coverage for similar prices. This is what most people know as Fire Insurance, and it is usually compulsory if you take a home loan to purchase a property in Singapore. Consumers should inquire with the relevant financial institution if they have any questions, including eligibility to buy financial products. Both home insurance plans provide protection for you and your family as well, whether you are a homeowner or as a tenant. Additionally, while AXA's premiums tend to change significantly depending on its promotions, Tiq's promotion is consistent and can be potentially cheaper in the long run. Your home is your personal sanctuary. Visit our website to learn more. Designed to meet your needs for contents insurance, building insurance or both. Where possible, it will be Basic, Standard, or Insured Peril policies only. Furthermore, we found the pricing for the Essential plan to be highly competitive, with premiums costing up to 50% below their peer average. This is due to its combination of low price and high coverage for both renovation and content. And there is no penalty for underinsuring and … Unlike life insurance, home insurance protects assets that have a paper value, and insurance companies expect your coverage to match the value of your properties. While the chances of house fire may be low, damages are often significant. Home assistance Your FWD Home Insurance will be there for you when you need some assistance. In either case, Income’s price remains competitive when compared against its peers. According to the Singapore Civil Defence Force, there were 1,168 fire incidents occurred in residential premises in 2019 and unattended cooking fires formed the largest component of fires in residential buildings. Some content may be compensated through third-party advertisers. Our home insurance starts at S$53 a year and helps to insure the things that you love at home. There is also a S$2,000 sub-limit for laptops and a S$1,000 sub-limit for bicycles. Up to S$100,000 Household Contents coverage Starting from S$160.50 a year, our Home Plus plan provides you the highest coverage. However, its lowest building and renovation coverage starts at S$500,000; so while it is a good option for those who want to do major renovations, it may not benefit those who have smaller apartments and require less coverage. We offer a wide range of insurance solutions from car, travel, maid and life with an instant online quote. Check out our blog for more personal finance tips and insights. This is coverage for rebuilding the building structure as well as any fixture and fittings which comprise part of the building. Some of the offers that appear on this website are from companies which ValueChampion receives compensation. However, compared to plans such as AXA and OCBC, Tiq's item valuables sublimit is very low and may not be enough to insure artwork, antiques and heirlooms. Etiqa provides a discount when you sign up for a 5-year period. While its 1-year plans are already costs 35% below average, its 5 year plan will save you an additional 15%. Price after GST and 15% discount, {"endpoint":"\/newsletter\/subscribe","style":"blue","title":"Keep up with our news and analysis. AXA also outshines its competitors by featuring some rare perks sure to entice those with very valuable belongings, like artwork coverage (up to S$10,000) and S$7,000 of coverage for any one article. Safeguard your home with myHome Protect – an affordable home contents insurance plan underwritten by Chubb Insurance Singapore Limited. Free Personal Liability Cover However, its lowest building and renovation coverage starts at S$500,000; so while it is a good option for those who want to do major renovations, it may not benefit those who have smaller apartments and require less coverage. Most of us would already have the compulsory fire insurance which provides coverage for the building, thus it might make sense to look out for a customized home insurance plan which allows you to skew your coverage (and premiums!) Protect yourself and what belongs to you. No prolonged wait for claims or unnecessary panic. Compare and apply for the best home insurance policies from Singapore’s top insurers with MoneySmart.sg. This HDB Fire Insurance covers the cost of repair work in the event of a fire. Furthermore, while the the individual item sub-limit is S$2,000, they may be able to cover items worth more provided you have the necessary receipts and proof of purchase. It is a generally affordable option with its premiums ranging between 15-30% below average. © 2009-2020 MoneySmart. Allied World Home Protector SM. Home insurance (or home contents insurance) is not mandatory and can act as a supplement to your mandatory HDB fire insurance policy or can offer full protection for your condo or landed property. With health and safety fears brought about by the COVID-19 pandemic, it has led to a shift in lifestyle habits and working environment. Insurance companies in Singapore provide home insurance products that cover against damages caused by … There is also a plethora of peace of mind coverage that can entice brand new homeowners, including the highest emergency home assistance benefit on the market, credit card theft and fraud protection and S$5,000 of emergency cash coverage. All financial products and services are presented without warranty. We recommend Income for homeowners of HDB flats as well as private properties. There is also a S$2,000 sub-limit for laptops and a S$1,000 sub-limit for bicycles. Furniture-Shopping For Your New House? We’ll cover four assistance services (such as electrical, plumbing, locksmithing and air-conditioning) of $100 for each assistance service in a policy year. For a limited time only, enjoy a FULL rebate on your HDB Fire Insurance when you purchase it with Tiq Home Insurance in a single purchase. This policy is protected under the Policy Owners' Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Aviva's home insurance products easily represent one of the best value options for HDB owner-residents. AXA Singapore's comprehensive Home Insurance solutions protect your home and valuables against any accident or risk. However, policies offered by popular insurers such as AXA or MSIG generally have similar Home Insurance Claims procedures. Bear in mind there is always a benefit limit to each category (e.g. You can expect to pay just S$39 People are spending more time at home and online and working from home is now regarded the new normal and likely to remain a part of every employee’s work week, even after the COVID-19 pandemic passes. We also looked at notable benefits that made insurers stand out from their competition, whether it was high medical coverage or generous valuables benefits. A point to note - the current HDB mandatory Fire Insurance is provided by Etiqa insurance and it doesn't cover renovations. Income provides one of the best home insurance policies for price-sensitive small flat owner in Singapore. Flexible Cover Need a simple home coverage or one that covers your special possessions or extra valuables? QBE Singapore is part of the QBE Insurance Group, one of the world's top 20 general insurance and reinsurance companies. For 3 and 5-year plans, Tiq also offers S$800 of emergency home assistance coverage for locksmith, plumbing, electrical and pest control services—the highest on the market. While most insurers have similar general exclusions, you should always read your policy wording to make sure you know what is and isn't covered by your policy. Additionally, though Tiq's premiums can be as low as 25% below average, those who want to maximise coverage should be prepared to pay up to 150% above the average for private property plans. Income provides one of the best home insurance policies for price-sensitive small flat owner in Singapore. Grab vouchers can be used on GrabFood or rides! For the sake of consistency, I’ve also included personal accident coverage for all plans. An all-risk policy has a much wider coverage but is usually more costly than an insured peril policy. Additionally, though Tiq's premiums can be as low as 25% below average, those who want to maximise coverage should be prepared to pay up to 150% above the average for private property plans. Critical Illness Insurance: Gives you a lump sum pay out to help with expenses when you are diagnosed with a major illness. Offering combined coverage of S$125,000-270,000, MSIG charges reasonable premiums of S$119-S$223 given the ambitious benefits it offers. AXA's SmartHome is ideal for people who want both value and peace of mind. Compared to NTUC and MSIG, Great Eastern offers generous contents coverage for your household items with above average valuables sub-limit of 35%. What is Home Insurance? Citi - S$300 Cash via PayNow & chance to win Apple/Samsung Smartwatch, SCB - Jabra Elite Active 75t or S$200 Cash via PayNow, HSBC - Samsonite Prestige 69cm Spinner Exp or S$150 Cashback, Best Personal Accident Insurance Policies, See All Personal Accident Insurance Articles. AXA's SmartHome offers one of the best-quality home content coverage for private homeowners and is ideal for people who may have a lot of valuables in their homes or are expecting to undertake major renovations. So which is the best home insurance plan to get? MSIG's coverage include locks, keys & security system (S$1,000-1,500 vs. market average of S$550), death/injury (S$75,000 vs. market average of S$32,000), and hospitalization allowance (S$4,500-6,750 vs. market average of S$1,560). Great Eastern's HomeGr8 Essential insurance offers great coverage for private property owners who want to maximize valuables and artwork coverage. Any information relating to financial products are for reference and general information only, and do not have regard to specific needs of any individuals. Flexible yet comprehensive home insurance in just a few clicks Up to S$ 5,000 Emergency Cash Allowance Get immediate cash allowance within 24 hours in the event that your home is uninhabitable. There’s no place safer than home but don’t take chances. Your home is your most important asset. With effect from 1 August 2020, insurance products offered by Allianz Global Corporate & Specialty SE Singapore as distributed by Standard Chartered Bank (Singapore) Limited will be offered and underwritten by a new company, Allianz Insurance Singapore Pte. Aviva HDB Fire Insurance vs Home Insurance. Even its Plan 3, which costs slightly more than the industry average for private dwellings, offers more than twice the industry amount of coverage for contents and 23% more renovation coverage. Not to be confused with HDB Fire Insurance, there are actually a lot of coverage and benefits you can look out for to make the most out of your premiums. Here are some Home Insurance tips that can help you select a great policy and give you peace of mind when purchasing your dream home in Singapore! Not only that, it offers the highest sub-limit on valuable items like jewellery (33% of sum insured vs. market average of 9%), freezer food and lock replacements. Anastassia is a Senior Research Analyst at ValueChampion Singapore, evaluating insurance products for consumers based on quantitative and qualitative financial analysis. Laundry expenses, home cleaning expenses, fire extinguishing expenses etc Furthermore, AXA covers bikes, food in freezer, legal documents—items that are usually covered for an extra fee—further highlighting the extent of coverage you get from this option. She holds degrees in Economics and International Business Management and her prior working experience includes work in the capital markets sector. The site does not review or include all companies or all available products. Most insurers will require you to make the claim within 30 days of the occurrence. HomeGR8 Essential covers you for loss or damage to your Building, Renovation and Home Contents due to Fire or Insured Perils. Personal liability coverage is especially important for renters, as you might be responsible as a tenant if, for example, you break a vase that belongs to your landlord. Provides innovative insurance solutions for both personal and business needs. It also delivers great value of S$1,500 of coverage per dollar premium paid, 33% higher than market average. Fun facts about your home contents insurance. Not only that, this plan offers an ample third-party liability protection of S$500,000, so you will have a peace of mind if you become legally liable for the damage to the building, fixtures, and items that belong to your landlord. Source: SCDF You might be tempted to think that because Singapore is relatively robbery-free and sheltered from natural disasters like earthquakes and typhoons, you can save by scrimping on home insurance. Lastly, you will also be protected with high sub-limits for individual valuable items of up to S$7,000, so if you have expensive clothing, art or jewelry, you will be well protected. This will … However, the results of our comparison tools which are not marked as sponsored are based on objective analysis. HDB homeowners are concerned with protecting their belongings as well as the interior renovations to the building. These benefits can greatly add to your peace of mind, making Tiq Home Insurance both a reliable and budget-friendly option for no-frills homeowners. You can expect to pay just S$39 for a 3-room HDB flat, which is 58% less than the market average for 3-room flats. For HDB flats, Income offers the most affordable plans for landlords, charging about 48% less than what others do on average. In our opinion, the following products represent some the best deals out there for an average owner-resident in a Singaporean HDB property. For small landed buildings that are 200sqm and smaller, we think Income's Enhanced and MSIG's Enhanced HomePlus Standard plan represent great choices that can save you about 20-25% of premium compared to their competitor, AXA. This helped us understand which plan offered the most coverage per dollar of premium. However, although Aviva is suitable for those homeowners who need high building and renovation coverage, it has one distinctive shortcoming: reduced miscellaneous benefits. Not only that, it offers the highest sub-limit on valuable items like jewellery (33% of sum insured vs. market average of 9%), freezer food and lock replacements. Here’s how you can protect your home with Enhanced Home Insurance. Her analyses surrounding insurance, healthcare, international affairs and personal finance has been featured on AsiaOne, Business Insider, DW, Vice, Her World, Asia Insurance Review, the Australian Institute of International Affairs and more. Get up to $50 Grab vouchers from AIG when you purchase through MoneySmart! Home Contents cover insures any moveable items (e.g. All financial products and services are presented without warranty. Though it's not the cheapest for larger flats, it's still competitively priced—premiums for 4-and 5-room flats are 50% below average. furniture, personal belongings and electrical appliances) in your home belonging to you and your family, or for which you are responsible, against any loss or damage. Income provides one of the best home insurance policies for price-sensitive small flat owner in Singapore. Aviva's cheapest option, the Lite plan, offers only contents, renovation, liability and alternative accommodation coverage. For instance, if you under-insured a property by 50%, your payout will be 50% of your submitted claim. Many home owners spent a fortune on their beloved HDB apartments, condominium or landed properties but did not take pro-active step to protecting their homes from unforeseen circumstances. If you opt for the minimum building and contents coverage, you will around 15% below the industry average but still receive almost 4x more building and renovations coverage than average. You can expect to pay just S$39 for a 3-room HDB flat, which is 58% less than the market average for 3-room flats. There are many home contents insurers on the market so you should compare wisely and choose the plan provides the best value for your money. However, its low prices do come at a certain cost. Here Are 3 Money-Saving Tips, 4 Home Insurance Mistakes That Will Cost You, * MSIG HomePlus Standard with building top-up option, Deliberate or malicious acts committed by household members, Failure to safekeep property (negligence), Damage cause by normal wear and tear, deterioration vermin or insects, War, terrorism, radioactivity or sonic bangs. Select the full replacement value of all your home contents. fire), whereas an all-risk policy covers everything except what is specifically excluded in the policy (e.g. William Eve Updated Feb 20, 2020. Our Home Insurance plan is highly customizable, so you are free to pick and choose the elements that are most important to you. And optional covers for your house building, renovation, liability and alternative accommodation coverage home belongings. Evaluating insurance products easily represent one of the building structure as well Lite. 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