Owning or constructing a home in Singapore is definitely not an easy task – it involves loads of monetary resources which can undoubtedly take years of saving up and investing. As a matter of fact, Singapore is one of the costliest real estate markets in Southeast Asia and the costs involved in buying a home, as well as constructing a home, are massive.
Say you’re a Singaporean citizen or a Permanent Resident intending to purchase a home or construct your own home. You are already aware about the amount of money you’d have to shell out in order to see your dream home become a reality. Now after you’ve built or purchased your home, your next step would be to safeguard your home in whatever way possible – if something were to happen, you need something that’d back-up such a huge investment, don’t you?
That’s where home insurance comes to the fore. Home insurance is one of the most popular insurance instruments that lets you safeguard, to a large extent. The monetary resources you’ve invested in building/purchasing your home. AS such, your home insurance policy will help you finance the damage caused to your home as a result of natural disasters, calamities, or any other event.
There are many insurance providers in Singapore that offer home insurance as a prominent insurance product. Most of these insurance providers are banks; but there are other financial organizations that offer home insurance as a product as well. Various aspects covered under the insurance policies include fire, lighting, bursting of pipes at home, strikes, riots, damage caused due to natural calamities, theft, etc.
Let us go ahead and look at the best home insurance products in Singapore. We look at products offered by top financial institutions and look at which of these home insurance products are ideal to help safeguard your home.
List of Best Home Insurance Providers in Singapore
Here is a list of the 5 best home insurance providers in Singapore. Let’s look at what each of these insurance providers has to offer in helping you purchase the best home insurance plan that will protect your home on several fronts:
- DBS HomeShield
- OCBC HomeProtect
- AVIVA Home Insurance
- Liberty Home Insurance
- HSBC Home Insurance
DBS HomeShild Home Insurance Plan
The DBS HomeShield Plan is one of the most popular home insurance plans in Singapore and comes with several advantages that are worth mentioning. Let’s take a look at the most salient features and benefits of the DBS HomeShield Home Insurance Plan:
- The DBS HomeShield Home Insurance Plan offers a coverage of up to S$320,000. This covers damage that occurs to your home and costs involved in renovating your home post damage.
- You will enjoy a refund of up to 25% of your premium if you do not make a claim during the period your home insurance policy is active.
- There are three types of plans to choose from – Classic, Premium and Ultimate. The coverage is highest under the Ultimate Plan.
- You will also be reimbursed to a the tune of up to S$32,000 in case you need to make arrangements for alternative accommodations while your home is getting renovated.
- The insurance policy also provides you with a personal liability cover of up to S$1,000,000. This provision covers your entire household and the extent of the coverage is worldwide.
AVIVA Home Insurance
AVIVA is amongst the top general insurance providers in Singapore. Its home insurance product offers comprehensive coverage and also comes in different options to help you choose the most ideal option that works best for you. Let’s take a look at the most prominent features and benefits of AVIVA Home Insurance:
- AVIVA offers three different home insurance option: Home LIte, Home Plus and Home. Each of these products are structured differently to offer varied benefits.
- Each of these plans offers an emergency assistance. So if you have an emergency in your home, you can contact the emergency assistance number.
- The claim process is simple and easy. The entire claim process can be completed online by visiting the official AVIVA Singapore website.
- The sum insured is different in the case of different plans. While the sum insured is up to S$75,000 In the case of damages or renovations) in the case of each of these three plans. The items covered under each of these plans, however, can vary.
- In terms of the extent of coverage (which includes personal liability), the Home Plus plan has the highest insurance cover. This plan also covers the accidental death of a pet, loss of important documents and also the loss of your credit cards.
OCBC Home Insurance
OCBC is one of the biggest banks in Singapore and offers a wide range of banking and financial products ranging from credit cards and loans to insurance products and investment options. Under its home insurance offering, OCBC’s home insurance product, popularly called HomeProtect, is loaded with comprehensive features and benefits to help protect your home during unforeseen circumstances. Let’s take a closer look at the most salient features of OCBC’s home insurance product and the various benefits it being to the table:
- The coverage under the plan depends on the type of damage or reconstruction involved. For contents of the home, the coverage under the plan is S$100,000 while a maximum of S$50,000 is provided for renovation and reconstruction of your home due to natural calamities or other events that have caused grave damage to your property.
- The plan also provides the policyholder with allowance in case of damage of the property. The allowance of up to S$10,000 will be provided for alternative accommodation.
- A personal liability cover of up to S$500,000 is also provided for inhabitants of the home – the policyholder and his/her family members. This coverage is applicable worldwide.
- Unlike home insurance plans offered by several other insurance providers, the OCBC Home Insurance plan attracts lower premiums.
Liberty Home Insurance
Liberty is another popular insurance provider that offers Singaporean citizens and Permanent Residents the option of purchasing a home insurance. The home insurance product offered by Liberty is known as HomeCare. Let’s take a look at the most notable benefits offered by the plan and the features that make the product quite an enterprising insurance product:
- HomeCare comes in three options – Plan A, Plan B and Plan C. The coverage and benefits are different for each of these plans. You can choose a plan that suits you best based on the coverage and other features that are unique to each plan.
- The sum insured is highest under Plan C and lowest under Plan A. Under Plan C, the maximum sum insured is S$200,000 while the sum insured under Plan A is S$50,000. The sum insured under Plan B is S$100,000.
- There is an additional Top-Up Plan that is available along with Plan C. This is designed to offer additional benefits under already existing benefits under Plan C.
- The Personal Liability cover is S$1,000,000 under the Top-Up Plan. In the case of the other three plans, the Maximum Personal Liability cover is S$500,000.
- The coverage is comprehensive under each of the plans with the only the sum insured being a varying factor in each of the cases.
- You get a No Claim Bonus of up to 15% on your premiums if you do not make a claim in the period during which the policy is active.
HSBC Home Insurance
The popularity of HSBC in Singapore is no surprise – the bank offers a clutch of banking and financial products. Among the various products it offers, home insurance is one. It is amongst several other insurance products that the bank offers to citizens and Permanent Residents. Let’s take a look at the most prominent features of HSBC’s home insurance offering. We look at some notable features and benefits offered under the plan:
- HSBC’s home insurance product is known as HomeSurance Classic and provides you with a comprehensive policy cover that covers all aspects of damage protection and renovation.
- The policy also covers contents inside your home – so you basically have literally nothing to worry about.
- You are eligible for a Personal Liability cover of up to S$1,000,000 under HomeSurance Classic.
- You will receive a coverage of up to S$20,000 for renovation and damage to contents insude your home and property.
Compare & Review Best Home Insurance Coverage in Singapore
|Insurer||Personal Liability Cover||Cover for Contents in the Home||Home Renovation Cover||Other Benefits if Any|
|DBS Home Insurance||S$1,000,000||Up to S$130,000||Up to S$190,000||S$32,000 for alternative accommodation|
|AVIVA Home Insurance||S$250,000||S$35,000||S$75,000||NA|
|OCBC Home Insurance||S$500,000||S$100,000||S$50,000||S$10,000 for alternative accommodation|
|Liberty Home Insurance||S$500,000||Up to S$200,000||Up to S$50,000||Allowance for alternative accommodation (depends on plan chosen)|
|HSBC Home Insurance||S$1,000,000||S$20,000||S$20,000||Allowance for alternative accommodation of up to S$10,000|
How to choose the ideal home insurance plan to safeguard your home?
The insurance market is quite competitive in Singapore – precisely why most products that are offered might seem attractive beyond measure. But if you wish to choose the right insurance product, home insurance in particular, here are some tips that you can follow. These tips will help you narrow down on the most ideal option by eliminating options that seem attractive and beneficial but aren’t quite so. Let’s find out:
- Look at the premiums across different home insurance policies. Most insurance policies come with different plan options – this is the current trend in Singapore. So, if you wish to choose the ideal plan that doesn’t really cost you too much, look at premiums under each plan.
- Plans that offer the maximum sum insured are often the ones that have a higher premium – this goes without saying. If you are willing to pay a higher premium, you might want to choose a plan that has a higher sum insured.
- Note that the coverage under most plans are the same. That is, if an insurer’s product has three plan options, the coverage is more or less the same, with the only major difference being in the sum insured.
- If you wish to have a higher cover for renovation, choose an insurer that offers a higher sum insured for renovation. Some insurers offer a higher sum insured for renovation whilst others offer a higher sum insured for contents of your home. Choose accordingly.