Is it mandatory to get home insurance in Singapore?” If this question keeps bothering you for a time now, here’s a straightforward answer—NO. Unlike fire insurance, home insurance is only optional. However, insuring your living space or property is always a brilliant idea.
Just think about the many natural calamities and forcible entries or exits that may turn your home into a mess. Unforeseen events like these may cause minor to severe damages to your abode and its contents. The thing is, such damages aren’t only bad to look at, but they can also burn a hole in your pockets.
If you own a home insurance policy, you wouldn’t worry about encountering these things because your insurance will cover your home contents and the building structure itself against the following:
- Theft
- explosion
- fire/lightning
- falling objects
- windstorm/hail
- volcanic eruption
- riot/civil commotion
- vandalism/malicious mischief
Don’t wait for a sign to buy home insurance. Get it now to protect your finances or assets in case your private residence faces a destructive event.
Here are the five best home insurance in Singapore that will promise you a safer home:
1. Aviva Home Insurance
Aviva offers three home insurance plans that are great value for money: Home Lite, Home Standard, and Home Plus. While each plan has different coverages and coverage limits, all three can policies can cover against loss or damage to your home contents and any home improvements.
Whatever plan you choose, you will get personal legal liability and alternative accommodation covers. Personal liability protects your family if a guest is accidentally injured at your home. This cover will also pay the legal fees when the injured party files a lawsuit against you.
The alternative accommodation cover, on the other hand, comes in handy when your house becomes inhabitable. It will cover the cost of your temporary accommodation while your home is under repair.
2. AXA SmartHome Plan
AXA is one of the most popular home insurance providers in Singapore. In fact, its SmartHome Plan is among the highest-rated home contents insurance in the country.
So what makes this homeowners insurance promising? First, AXA’s SmartHome insurance offers up to S$3,000,000 coverage on the internal building structures and standard fixtures and fittings and up to S$500,000 coverage for your valuables, including furniture, jewellery, artwork, and more.
You may also receive a $15,000 coverage when your home becomes unsafe due to the insured perils. And the best part? You can protect yourself and your family against third-party liability as long as the accident or damage happened within the territorial limits (anywhere in Singapore and worldwide, excluding the USA, Canada and its territories or possessions.
3. Allianz Home Protect & Easy Home
Allianz Home Protect is another home insurance option that can safeguard your home should an unexpected event occurs. Like the first two insurance plans, this one also offers home content protection, emergency cash allowance, and personal liability cover.
And if you don’t want to pay monthly or yearly insurance premiums and just need emergency home assistance, the Allianz Easy Home is a great option. This plan provides 24/7 emergency home assistance services ranging from plumbing to electrical works, locksmith support and pest control.
However, the Easy Home plan doesn’t have the coverage offered in Home Protect. You can only opt for it if your priority is to avoid sudden home emergency repairs and charges.
4. Sompo HomeBliss Luxury Plan
Whatever residential property you own, getting Sompo HomeBliss may benefit you in many ways. This home insurance in Singapore is suitable for HDBs, private apartments, condominiums, and landed properties.
The Sompo HomeBliss Luxury plan, in particular, provides up to $200,000 coverage for building, renovations, fixtures and fittings and up to $60,000 coverage for home contents. It also includes up to $750,000 worldwide family personal liability cover.
And guess what? Sompo’s Luxury plan also has a 24-hour emergency home assistance service and a pet dog cover.
5. FWD Home Insurance
Like AXA’s SmartHome plan, FWD’s home insurance is also among the home insurance plans in Singapore with a high rating. So what makes it widely recommended? There are lots of reasons, and its option to personalise is one.
FWD’s home insurance allows policyholders to personalise their coverage for as low as S$31. Policy owners may also pay their premiums via PayNow or Grabpay. This convenient payment method ensures that their premiums are paid on time to enjoy the insurance coverage.
The maximum benefit varies per event. S$20,000 to S$100,000 for home contents cover, up to S$15,000 or S$35,000 alternative accommodation costs depending on the sum insured, and more.
Summing It Up
Getting your home insured gives you and your family an extra layer of protection against many uncertainties. So if you got yourself life insurance and your car auto insurance, why not get your abode home insurance?
If you’re up for the idea, look back at this list and check which plan best suits your needs and budget.
