Towards the beginning of this year, nine areas in Eastern Singapore were severely affected by flash floods caused by heavy rainfall. If your home is at Jalan Nipah, Tanjong Katong Road, Paya Lebar Square or some place in Singapore which is prone to flash floods, you’re recommended to go for a home insurance policy that provides adequate coverage against such natural calamities.
Just because you have a basic fire insurance cover doesn’t mean that the contents of your home are protected from flood. You’ll need a separate home content insurance plan that provides coverage for damage to your belongings from natural calamities, including flood.
Even if your current plan doesn’t protect you from flash floods, chances are that they might offer a policy extension or a special package that includes flood protection. Things covered are the contents of your house and personal effects including pedigree pets.
Most home content covers will provide a basic plan (insured perils plan) and a comprehensive plan. Extraneous perils like flash floods are usually covered under both plans. While you may be able to make a claim against a damage to your home or home contents arising out of natural disasters, thefts or other unfortunate events, you can raise a claim under a comprehensive/all-risk plan even for avoidable accidents.
Your insurer may offer the following claim covers in the event of a claim arising from flash flood:
The sum insured offered may vary from insurer to insurer. It may also vary depending on the type of cover you have selected – insured perils cover or comprehensive cover. While some insurers will have a mandatory excess in their clause (e.g. DBS myHome Protect carries a minimum excess of S$100 on insured perils cover), others may not. Benefits that some plans will offer under the basic cover, others may only offer under additional covers.
You may be able to claim up to S$500,000 for damage to home renovation and fittings. It is reasonable to expect insurers to provide an amount between S$10,000 to S$35,000 in alternative accommodation cover. Personal effect cover may go up to S$30,000.
Maybank Singapore offers up to S$450,000 for renovating a home affected by flood under its MaxiHome Contents Plus Insurance Suite. It provides up to S$15,000 for damage to personal effects.
AIG Singapore offers up to S$100,000 as household content cover and S$10,000 as alternative accommodation cover.
Getting a home insurance cover against flood is a smart choice. Go for a plan upgrade or a different insurer if your current plan doesn’t provide it.