However, the results of our comparison tools which are not marked as sponsored are always based on objective analysis first. Use of this site constitutes acceptance of our, Get the best home insurance policies for your needs using MoneySmarts easy to use a comparison calculator, Valid until 31 Jan 2021 - See more details below, Valid until 11 Dec 2020 - See more details below, Valid until 31 Dec 2020 - See more details below, Building, Fixtures and Fittings (and Renovation), Personal effects, loss of money and valuables. The details you see on our site may be different from others. Apart from covering the building structure and contents, home insurance also provides coverage for situations in which you might be legally held responsible for. William Eve Updated Feb 20, 2020. This coverage typically has a daily benefit limit and covers you up to a certain number of days. Income provides one of the best home insurance policies for price-sensitive small flat owner in Singapore. What Really Drove Singaporean Real Estate Prices Down During COVID-19? Up to S$100,000 Household Contents coverage Starting from S$160.50 a year, our Home Plus plan provides you the highest coverage. A point to note - the current HDB mandatory Fire Insurance is provided by Etiqa insurance and it doesn't cover renovations. The site does not review or include all companies or all available products. Aviva's home insurance plans are the cheapest options for average homeowners living in 4 or 5-room HDB flats. On the other hand, home contents insurance covers damages to renovations, your home contents (such as furniture and personal belongings) and more. 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). Income's Standard Private home insurance plans can be of high value to consumers looking for all-encompassing coverage and miscellaneous benefits. 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. Designed to meet your needs for contents insurance, building insurance or both. Home insurance protects your home and valuables against unexpected dangers such as fire, floods, and theft. Grab vouchers can be used on GrabFood or rides! © 2009-2020 MoneySmart. In order to derive value, we utilised a ratio of renovation and contents coverage and divided it by the premium. In our opinion, the following products represent some the best deals out there for an average owner-resident in a Singaporean HDB property. Compared to NTUC and MSIG, Great Eastern offers generous contents coverage for your household items with above average valuables sub-limit of 35%. 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. Protect yourself and what belongs to you. I approached a couple of insurers to look for a one-year plan for a 4-room HDB apartment. Select the full replacement value of all your home contents. 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. Any information relating to financial products are for reference and general information only, and do not have regard to specific needs of any individuals. 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. The process for specific types of claims may differ between insurers. 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. QBE Singapore is part of the QBE Insurance Group, one of the world's top 20 general insurance and reinsurance companies. Below, you'll find our top picks for HDB, condo and landed homeowners based on price and coverage. 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. 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. This is coverage for rebuilding the building structure as well as any fixture and fittings which comprise part of the building. Insurance companies in Singapore provide home insurance products that cover against damages caused by … Working Adult Guide: Health Insurance In Singapore, And Why You Should Consider Buying Them . 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. ","version":"sidebar"}, Effective Interest vs Annual Interest Rate, Best Insurance Companies for COVID-19 Coverage, How to Pick the Best Critical Illness Insurance, Best P2P Crowdfunding Investment Platforms, Average Interest Rate for Savings Accounts, Average Interest Rate of SGD Fixed Deposits, How to Get the Best Loan for Your Small Business, Business Loans for Startups & SMEs: How to Apply, Read our full review of Income home insurance, How Much Risk Do Homes in Singapore Actually Face, How to Successfully File an Insurance Claim, 5 Things To Do When You Can't Pay Your Home Loan, 3 Affordable and Simple Tools To Reduce Your Utility Bills, Bespoke Furniture: How to Save On Your Desired Aesthetic. However, its low prices do come at a certain cost. To insure such items, you have to pay an additional fee of at least S$15 per item. For 3 and 5-year plans, Tiq also offers S$800 of emergency home assistance coverage for locksmith, plumbing, electrical and pest control services—the highest on the market. Aviva's home insurance products easily represent one of the best value options for HDB owner-residents. Flexible yet comprehensive home insurance in just a few clicks Up to S$ 5,000 Emergency Cash Allowance Get immediate cash allowance within 24 hours in the event that your home is uninhabitable. Coverage if damages are caused to others’ houses. 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. 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. FWD's home insurance offers great value and lowest prices for the average private-property and condo owner. Offering combined coverage of S$125,000-270,000, MSIG charges reasonable premiums of S$119-S$223 given the ambitious benefits it offers. Protection against accidental death, disability and specified injuries. All rights reserved. Buy the coverage you need! Etiqa's Tiq Home Insurance offers competitive premiums coupled with essential benefits for HDB owners. If your insurer finds out you under-insured, your claim payout will be reduced by the percentage amount you under-insured. There is also a S$2,000 sub-limit for laptops and a S$1,000 sub-limit for bicycles. Navigate Home Insurance. We think there can be a couple of optimal options out there depending on the cost of reinstating your landed property. 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. We'll help you make informed decisions on everything from choosing a job to saving on your family activities. 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!) 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. AXA's SmartHome is ideal for people who want both value and peace of mind. AXA Singapore is one of the world's leading insurance companies. This HDB Fire Insurance covers the cost of repair work in the event of a fire. for a 3-room HDB flat, which is 58% less than the market average for 3-room flats. 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. 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. It is a generally affordable option with its premiums ranging between 15-30% below average. towards insuring your home content and renovations. 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! 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. 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. Under-insuring can mean significant financial loss. While Tiq's value is not as high as AXA's due to slightly higher premiums and lower coverage, Tiq offers unique benefits such as appliance coverage, emergency home assistance and S$5,000 of emergency cash in the event of a fire. 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. Protect your home with 3-year Enhanced Home Insurance^ plan with minimum spend of $150. Here’s how you can protect your home with Enhanced Home Insurance. 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. 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. 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. 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. 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. Lastly, Aviva's Home Plus plan has around 40% below average renovation coverage, giving this top-tier option slightly lackluster value. AXA's SmartHome is ideal for people who want both value and peace of mind. For instance, its Lite plan, which provides enough coverage for a 4-room HDB flat, is 67% cheaper than average 4-room HDB plans. Aviva HDB Fire Insurance vs Home Insurance. Disclaimer: At MoneySmart, we aim to provide accurate, objective and up-to-date information. All financial products and services are presented without warranty. Even though house break-ins are on the decline, one can never be too sure. 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. Not only do landed property owners require premium coverage on renovation and contents, they also need to insure the property's building structure. Our home insurance starts at S$53 a year and helps to insure the things that you love at home. With health and safety fears brought about by the COVID-19 pandemic, it has led to a shift in lifestyle habits and working environment. Disclaimer: At MoneySmart.sg, we strive to keep our information accurate and up to date. 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. This will … 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. HDB homeowners are concerned with protecting their belongings as well as the interior renovations to the building. Not only that, it provides ample coverage on costs of rebuilding home and lost rental income, safeguarding the assets of HDB and private property landlords. 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