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. Home Content sum insured. 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. 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. Most insurers will require you to make the claim within 30 days of the occurrence. You can expect to pay just S$39 In the market for smaller building coverage, both Income and MSIG offer affordable rates (about S$4 per S$10,000 sum insured vs. market average of S$5.37). 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. 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. So which is the best home insurance plan to get? Safeguard your home with myHome Protect – an affordable home contents insurance plan underwritten by Chubb Insurance Singapore Limited. We've hand-picked four policies in this high-end space in order to meet the demand of private property owners and wealthy homeowners. 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. The one downside is that family personal accident protection is an optional add-on and not included in the base coverage. If you care less about these incidentals and more about covering expensive furnitures and renovation works, Aviva could be a great choice. Any information relating to financial products are for reference and general information only, and do not have regard to specific needs of any individuals. 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. MSIG's coverage include locks, keys & security system (S$1,000-S$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). Home Insurance or house insurance coverage is frequently overlooked by home owners. For instance, if you under-insured a property by 50%, your payout will be 50% of your submitted claim. HomeGR8 Essential covers you for loss or damage to your Building, Renovation and Home Contents due to Fire or Insured Perils. 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. This helped us understand which plan offered the most coverage per dollar of premium. 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. It also delivers great value of S$1,500 of coverage per dollar premium paid, 33% higher than market average. All financial products and services are presented without warranty. 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. Personal and Business Insurance. However, although Aviva is suitable for those homeowners who need high building and renovation coverage, it has one distinctive shortcoming: reduced miscellaneous benefits. It lets you choose the amount of contents and renovation coverage, which means you'll only pay for the coverage you need. It is a generally affordable option with its premiums ranging between 15-30% below average. Its value is similar to MSIG's (S$1,066-1,267 sum insured per cost for Income vs. S$1,050-1,160 for MSIG) but Income offers higher sub-limits on items such as cash and temporarily moved contents. Besides having the HDB Fire Insurance, it is possible to own a … Below, we've summarised some of the main exclusions found in most home insurance policies. Aviva's cheapest option, the Lite plan, offers only contents, renovation, liability and alternative accommodation coverage. Protection for your house building, its contents and renovations against fire, burst pipes, theft and more. Allied World Home Protector SM. Income provides one of the best home insurance policies for price-sensitive small flat owner in Singapore. And there is no penalty for underinsuring and … Visit our website to learn more. However, the results of our comparison tools which are not marked as sponsored are based on objective analysis. Home insurance not only covers the building, but also the contents within your home – your household contents, valuables and renovated items – against insured perils such as fire, burst water pipes and break-ins. 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). For every 100 points that the runners scored, it will go towards protecting a tree to restore or conserve tropical forests. Income's Standard Private home insurance plans can be of high value to consumers looking for all-encompassing coverage and miscellaneous benefits. For HDB flats, Income offers the most affordable plans for landlords, charging about 48% less than what others do on average. 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!) All financial products and services are presented without warranty. However, its low prices do come at a certain cost. 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. Provides innovative insurance solutions for both personal and business needs. 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. Here’s how you can protect your home with Enhanced Home Insurance. Etiqa's Tiq Home Insurance offers competitive premiums coupled with essential benefits for HDB owners. The Key features of MSIG home insurance are . Prices are highly competitive, with a S$45,000 contents coverage plan costing 40% below the industry average for similar coverage. 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. LIA’s CI Definitions Changed: What You Need To Know About Plans You Bought (Or Intend To Buy) Given that it will take some time to process your claim, you would want to submit your claims form as soon as possible. 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. Get up to $50 Grab vouchers from AIG when you purchase through MoneySmart! 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. Although it provides slightly lower coverage per dollar of cost than other best options we feature here (but still 27% higher than market average), AXA SmartHome plan bundles renovation items and home contents coverage, providing additional flexibility in how you can utilise your claims. A comprehensive home insurance should cover both the house structure and home contents, in other words, it is a combination of a fire insurance and a home contents insurance. In either case, Income’s price remains competitive when compared against its peers. AXA's SmartHome is ideal for people who want both value and peace of mind. While its 1-year plans are already costs 35% below average, its 5 year plan will save you an additional 15%. Home Insurance. Great Eastern's HomeGr8 Essential insurance offers great coverage for private property owners who want to maximize valuables and artwork coverage. 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. Insurance companies in Singapore provide home insurance products that cover against damages caused by … We'll help you make informed decisions on everything from choosing a job to saving on your family activities. This coverage typically has a daily benefit limit and covers you up to a certain number of days. AXA's SmartHome is the best-value option for most landed homeowners. Aviva's home insurance plans are the cheapest options for average homeowners living in 4 or 5-room HDB flats. Aviva HDB Fire Insurance vs Home Insurance. Although it provides slightly lower coverage per dollar of cost than other best options we feature here (but still 27% higher than market average), AXA SmartHome plan bundles the coverage of renovation items and home content together, providing additional flexibility in how you can utilise your claims. Guides. Laundry expenses, home cleaning expenses, fire extinguishing expenses etc Not only do landed property owners require premium coverage on renovation and contents, they also need to insure the property's building structure. 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. Home Contents cover insures any moveable items (e.g. Some of the offers that appear on this website are from companies which ValueChampion receives compensation. For instance, its Lite plan, which provides enough coverage for a 4-room HDB flat, is 67% cheaper than average 4-room HDB plans. Allied World Home Protector SM 360 and Allied World Home Protector SM Basic plans cover more than just your Home and Contents. Our Home Insurance plan is highly customizable, so you are free to pick and choose the elements that are most important to you. We offer a wide range of insurance solutions from car, travel, maid and life with an instant online quote. We also recommend this plan for landlords of private homes, although the price goes up by about 60%. There is also a S$2,000 sub-limit for laptops and a S$1,000 sub-limit for bicycles. 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. Here are some things that you should take note of when making an insurance claim. Free Personal Liability Cover All rights reserved. This can increase the cost significantly as each of the optional add-ons cost between S$15-25. Home Insurance, Personal Accident Insurance, … HL Assurance is a leading online insurance company providing a wide range of insurance products - Travel, Car, Critical Illness, Home, Maid & Personal Accident. Flexible yet comprehensive home insurance in just a few clicks Up to S$ 5,000 Emergency Cash Allowance Get immediate cash allowance within 24 hours in the event that your home is uninhabitable. Our home insurance starts at S$53 a year and helps to insure the things that you love at home. It will cover damage done to the building, structures, fixtures and fittings provided by the HDB arising from fire, smoke, explosion, aircraft, earthquake, malicious intent, riots & strikes, vehicle impact damage, sprinkler leakage, landslides and water damage. 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. 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. Some content may be compensated through third-party advertisers. 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. Apart from covering the building structure and contents, home insurance also provides coverage for situations in which you might be legally held responsible for. However, its low prices do come at a certain cost. A residential unit at Block 224, Ang Mo Kio Ave 1, ravaged by fire. 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. Consumers should inquire with the relevant financial institution if they have any questions, including eligibility to buy financial products. We recommend Enhanced Public Housing Contents Insurance (EPHCI) EPHCI, a home insurance plan created to complement your existing basic fire Insurance, up to S$100,000 complimentary building coverage in addition to your existing basic fire insurance and up to S$150,000 coverage for your household contents. 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. QBE Singapore is part of the QBE Insurance Group, one of the world's top 20 general insurance and reinsurance companies. Critical Illness Insurance: Gives you a lump sum pay out to help with expenses when you are diagnosed with a major illness. Comment on our Facebook post and tell us why you chose to protect your home with Income. This compensation may impact how and where offers appear on this site (including, for example, the order in which they appear). For instance, home contents insurance will also provide medical coverage if someone gets injured in your home and also has sub-limits for mover's damages, pets, and artwork. FWD's home insurance offers great value and lowest prices for the average private-property and condo owner. In our opinion, MSIG's Enhanced HomePlus private property plan is one of the best fully-fledged policies in the home insurance market. towards insuring your home content and renovations. The process for specific types of claims may differ between insurers. There is also a S$2,000 sub-limit for laptops and a S$1,000 sub-limit for bicycles. However, if you are looking for protection for your valuable possessions like art, its low S$1,000 sub-limit may not be enough. What your HDB Fire Insurance does not cover are home contents such as furniture, renovations, personal belongings, prized collections and valuables. Aviva's home insurance products easily represent one of the best value options for HDB owner-residents. 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. © 2009-2020 MoneySmart. It is not an obligation of, deposit in or guaranteed by HBSP. FWD's home insurance offers one of the highest value plans on the market. 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. HDB homeowners are concerned with protecting their belongings as well as the interior renovations to the building. Home Insurance; Do you rent or own a property? This coverage insures physical money, valuables and personal belongings against theft and forceful entry. 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. 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.