Owning your very own house and making it a home with your loved ones is a task everyone loves to undertake. However, it becomes a nightmare when you have to consider the various damages, liabilities or losses that you would have to shoulder in the face of an unfortunate event. Home Insurance offers adequate coverage in such situations and gives you peace of mind. In case you are ill or disabled, a home insurance plan offers the provision of paying any outstanding loans or dues as well.
About AIA Singapore
AIA Singapore Private Limited (AIA Singapore) was established in 1931. The company’s motto is “Doing the Right Things, in the Right Way, with the Right People”. AIA Singapore is one of the leading insurance providers in Singapore, with a strong presence in locations such as Alexandra, Robinson Road, Tanjong Pagar, Tampines and Changi to enhance convenience and accessibility to its customers. It offers a plethora of products and services which cater to the different requirements of their customers.
AIA Home Insurance
AIA offers Home Insurance Plans which provide comprehensive coverage to protect your finances and your home in case of any loss, damage or liability. It also makes a provision of paying any outstanding loans in your stead, if you are incapable of doing so because you are ill or incapacitated. AIA offers two main home insurance plans, namely, AIA CoverMax and AIA Elite HomeCare.
AIA Home Insurance Plans, Singapore
This plan is focused solely on condominium and private apartment owners and it provides coverage for new home protection needs. The highlight of this plan is that it offers a low premium but provides a wide coverage with unique privileges.
Features and Benefits
- Inflation Protector Benefit: This policy ensures that you won't be affected by all the problems related to inflating property, labour and material prices. With this policy, your coverage is increased by 5% automatically, on an annual basis when you successfully renew a policy. This is applicable for up to 5 consecutive policy renewals.
- No Claim Bonus Benefit: Premium is reduced by 5% per year if there aren’t any claims made the previous year. You can make these savings on premium for up to 3 consecutive years.
- Maintenance Fee Protection Benefit: In the event of your death due to accidents or illnesses, all the immediate financial needs of your family will be met. A benefit of S$3,000 is given to the family of the deceased in order to meet their monthly maintenance fee or conservancy charges.
- New Purchase Protection Benefit: AIA CoverMax policy secures your new purchases in the event of theft. A coverage of up to S$500 is provided for the items purchased, within 14 days from the date of purchase.
- Emergency Hardship Expenses Benefit: The policy offers the provision of providing up to $3,000 to assist you if your home is rendered inadequate for occupancy. This is to cover any daily requirements or personal necessities that were destroyed.
- Extended Coverage: The policy covers your immediate family members residing in the same home and their personal valuables. Personal liability coverage is also offered.
- Worldwide Coverage: This policy is applicable worldwide with accidental death benefits, medical reimbursement etc. for you and your family.
AIA Elite HomeCare
This plan offers coverage for protection of valuable assets in your home. AIA Elite HomeCare covers more than just your home with extended coverage for:
- Laptops and cell phones that are within the building or your vehicle.
- In case of theft, fire, lightning or robbery within the building you get double accidental death benefit.
- Additional S$300 payment for loss or damage to your contents and/or personal valuables within the building, 10 days prior to a festive season.
- The cost of replacing legal documents such as passport, NRIC, and driving licence is reimbursed.
- Emergency entry by legal authorities such as the police, civil defence or ambulance services causing damage or loss to building, is covered by the policy.
Features and Benefits
- Protection offered for interior structures, decorations and fixtures
- Additional personal liability coverage of S$500,000 is provided
- Full theft coverage – unlike other plans, you do not need to provide proof of forcible or violent entry
- First loss policy protects you from being penalised if you are underinsured.
- Extended coverage is offered for family members residing in the same house.
- AIA Elite HomeCare offers worldwide coverage for your valuable assets even outside Singapore.
- A coverage of up to S$250 is offered for loss of valuable personal effects like jewellery, wallet, cash/cashcard, cameras, etc. while you travel.
- Medical reimbursement is provided in case of accidents/accidental death for you and your family.
Compare AIA Home Insurance With Other Insurance Companies Offering Home Insurance in Singapore
- AVIVA Home Insurance
- HSBC Home Insurance
- Tenet Home Insurance
- AXA Home Insurance
- AIG Home Insurance
- MSIG Home Insurance
- NTUC Enhanced Home Insurance
FAQ’s - AIA Home Insurance
- What all countries are excluded when considering worldwide protection under this home insurance scheme?
Albania, Libya, Cambodia, Laos, North Korea, Cuba and Iran are excluded.
- Whom does the AIA Home Insurance Plan cover?
This benefit covers the insured and spouse who are below 65 years old or any legal child who is at least 1 year old, under 24 years, full-time student and unmarried.
- Does AIA Elite HomeCare offer additional coverage for damages to property during festival season?
AIA Elite HomeCare offers an additional S$300 in the event of loss or damage to your personal valuables within the building due to events related to any festive season.
- In the event of my death will my family be provided further protection under the AIA Elite HomeCare plan?
If you die or become permanently disabled, your family will continue to receive the protection offered under AIA Elite HomeCare for five more years without having to pay any premium.
- What is Maintenance Fee Protection Benefit?
AIA CoverMax home insurance plan offers the Maintenance Fee Protection Benefit, wherein S$3,000 is given to the family of the deceased in order to meet their monthly maintenance fee and other basic charges.