A home is probably the biggest investment that you have and is the most cherished asset that you have ever bought. Most of us have put our lifetime savings into buying a home but we seldom realize the importance of protecting our house. Hence, it becomes very important to be fully prepared to face any unfortunate event like theft, accidental breakage or any damage to the property. With HSBC Home Insurance, HomeSurance Classic, you can secure your beloved home from any mishap.
About HSBC Singapore
One of the world’s major banking and financial services corporation, HSBC serves over 51 million happy customers in over 73 countries. In Singapore, The Hong Kong and Shanghai Banking Corporation Limited, opened its first branch in 1877. HSBC in Singapore offers a wide range of services like retail banking, private banking, investment services, capital markets services and insurance. A pioneer in financial services, HSBC is connecting customers to new opportunities, enabling businesses and economies to thrive.
HSBC Home Insurance – HomeSurance Classic
HSBC home insurance offers a comprehensive coverage against all major risks, protecting your property and also your finances. With three levels of coverage and a choice of premiums, HSBC Home Insurance is the best way to protect your cherished home.
Features and Benefits of HSBC Home Insurance
The following features that accompany HSBC – HomeSurance Home Insurance scheme makes it one of the most sought-after insurance scheme in Singapore.
- Comprehensive Cover against “All Risks”
A wide range of risks against property like theft, malicious acts, thunderbolt, lightning, riot, collision and impact of falling tree branches or colliding vehicles, are covered.
- Personal Liability Cover
HSBC Home Insurance indemnifies your liability your liability to pay compensation for damage to property and any bodily injury up to S$1,000,000. Examples include accidents like falling flower pots from your property, accidental breakage of neighbour’s property and slippery floors.
- Easy Application Process
Avoid the inconvenience of itemising your possessions during applications. From silverware to jewellery and coin collections, the insurable items will be settled on a “new for old” basis.
- Coverage Limit
All valuables in the house are offered a coverage of up to 35% of the main coverage limit. Each valuable item is also subject to a maximum claim of S$7,500 or 3.5% of sum insured, whichever is lower. For non-valuables, the maximum claim amount is 15% of the sum insured.
Coverage offered by HSBC HomeSurance Home Insurance
Here’s a list of all the covers that are offered by HSBC Home Insurance.
- Up to 15% of the sum insured or S$20,000, whichever is higher, is offered as refurbishment and interior decoration coverage.
- To protect the contents when you are moving house, HomeSurance offers 15% of the sum insured as household removal coverage.
- Temporary furniture depositories coverage offered is up to 15% of the sum insured or up to S$20,000, whichever is higher.
- HSBC home insurance also covers your pricey locks and keys, when a break-in happens, by offering replacement amount of up to S$1,000.
- If your home faces a damage due to some accident and the money and credit cards inside the house are also destroyed or damaged, HomeSurance will cover up to S$1,000 and S$1,500 respectively.
- For replacement of personal documents that is damaged along with the house, HSBC HomeSurance classic will cover up to S$1,500.
- In case your property is damaged, 7.5% of sum insured or up to S$10,000 whichever is higher, will be provided as rent coverage for alternative accommodation.
- HSBC home insurance also offers a frozen food coverage of up to S$500.
- Up to S$250 is offered as cover for external TV and radio antenna.
- To pay for the damage to any additions or changes made to your property, a home alteration coverage of up to S$10,000 is offered.
- Up to S$10,000 is offered in case of damage to doors or windows.
- HSBC also offers a personal liabilities coverage of S$1,000,000 for policyholders and their immediate family members against third party accidents. As accident protection coverage, S$10,000 per person is provided.
- For removal of debris in case of a natural disaster or accidents of such nature, up to S$3,500 is offered.
Eligibility for HSBC Home Insurance
- The applicant must be aged at least 21 years to apply for HomeSurance Classic.
- The property to be insured must be located in Singapore even if the applicant is not a Singapore citizen or permanent resident of Singapore.
Compare HSBC Home Insurance With Other Insurance Companies Offering Home Insurance in Singapore
- AIA Home Insurance
- AVIVA Home Insurance
- Tenet Home Insurance
- AIG Home Insurance
- AXA Home Insurance
- MSIG Home Insurance
- NTUC Enhanced Home Insurance
FAQs - HSBC Home Insurance
- I have not insured the full value of the contents in my household. Will I be penalized during a claim?
No. But you will be reimbursed only up to the limit under the plan that you have opted for.
- I have a fire and mortgage insurance policy. Do I still need a home contents insurance?
Even though most residential properties are covered with fire and mortgage insurance, it is important to note that these insurance does not cover the home possessions. If you want to cover the content of the home also, then you must opt for a fire and mortgage insurance policy.
- What are the risks that are excluded from HSBC HomeSurance?
The following are the major exclusions. For a more detailed list of exclusions, please refer to the policy document.
- Theft or burglary if the home is leased out or unoccupied.
- Loss or damage due to radioactive contamination
- Unexplained disappearance or loss of insured articles
- What is the minimum annual premium for HomeSurance Classic – HSBC Home Insurance?
The minimum annual premium is S$286.12 annually which amounts to S$24.88 on a monthly basis.
- I accidentally damaged my neighbour’s property while renovating the house. Will the HSBC home insurance policy pay for the costs incurred?
Yes. Under the personal liability coverage offered by the policy, you will be indemnified in respect of your liabilities.