• Maybank Home Insurance

    Term home insurance has almost become synonymous with home ownership as the prices of residential properties continue to rise. One of the major banks that provide home insurance in Singapore is Maybank. With wide-ranging plans that cover your home and its valuables, Maybank home insurance claims to ensure you and your loved ones receive the required support in your hour of need.

    Maybank is one of the leading banks in the world. It was established in Malaysia in the year 1960 and in the same year, the bank started business in Singapore with a full bank license. At present, the bank has 22 branches in the Island nation and over 35 ATMs (Automated Teller Machines). It is also a part of the atm5 network, the shared ATM service in the country. This network allows the bank to provide services in more than 130 locations of Singapore. Maybank provides a wide range of products and services to its customers such as deposits, cards, loans, insurance among others.

    About Maybank Home Insurance

    Maybank’s Home Insurance plans cover the different types of damages caused to one’s house and the valuables in it. The home insurance plans provided by the bank are comprehensive in nature and protects a person financially during such an event.

    Maybank provides two types of home insurance schemes to its customers -

    • EverHomeCare Enhanced
    • MaxiHome Contents Plus Insurance

    Key Features and Benefits of Maybank Home Insurance

    Some of the major features of Maybank Home Insurance plans are the relatively high coverage they provide for damage to modifications made to the home and loss of personal possessions including money.

    • Any damage to contents of your home, fixtures and fittings, and modifications receive coverage of up to S$500,000
    • Personal possessions receive coverage of up to S$30,000
    • In the event of theft, any money lost receive coverage of up to S$500
    • Coverage for personal liability

    Insurance plans offered by Maybank

    Maybank offers two home insurance plans to cater to the varying needs of homeowners. You may select the plan that is suitable for you after careful consideration of your circumstances.

    EverHomeCare Enhanced

    This is a comprehensive home insurance plan underwritten by Chubb Insurance Singapore Limited that covers the contents of your home. Under this plan, damage to valuable personal possessions, large, movable items like furniture, fixtures and fittings, and any renovations made to the house receive coverage. The perils covered include fire, flood and theft.

    EverHomeCare Enhanced insurance is offered in three categories, namely , Plan A, Plan B, and Plan C. Each of them offers varying degrees of coverage in proportion to the premiums paid.

    MaxiHome Contents Plus Insurance

    This home insurance plan from Maybank, underwritten by Etiqa Insurance Private Limited, provides coverage for all valuables in your house. In the unfortunate event of a natural disaster or theft, benefits can be claimed for loss or damages to expensive personal possessions like jewellery, electrical and electronic items, apparels and furniture.

    MaxiHome Contents Plus Insurance comes in three categories - Standard, Deluxe, and Suite. The coverage and premiums vary between these three categories.

    Given below are some of the key features covered under the two plans:

    Features EverHomeCare Enhanced MaxiHome Contents Plus Insurance
    Fire cover Yes Yes
    Theft cover Yes Yes
    Pet cover No Yes
    Renovation cover Yes Yes
    Personal liability Yes Yes

    Premiums

    Although there are several factors that come into play when insurance companies decide on premiums, as a general rule, the most important aspects include the area of the house, its age, and the costs that would be incurred if it were to be reconstructed.

    • EverHomeCare Enhanced

    The yearly premiums as per this plan for a single insured, inclusive of the 7% GST are given below:

    Premium Plan A Plan B Plan C
    Premium for the main insured S$96 S$160 S$240

    Do note that these figures are not final and could increase depending on the policy.

    • MaxiHome Contents Plus Insurance

    The annual and five-year premiums inclusive of the 7% GST as per this plan are given below:

    Premium Standard Deluxe Suite
    Yearly premium S$97 S$162 S$242
    Premium for 5 years S$436.50 S$729 S$1,089

    Maybank Home Insurance Eligibility

    All homeowners and tenants are eligible to apply for the EverHomeCare Enhanced plan. For the MaxiHome Contents Plus Insurance, all home content owners are eligible.

    Maybank Home Insurance Contact

    • EverHomeCare Enhanced

    To apply for this plan, contact Chubb at 6505 5580, Monday to Friday between 9:30 a.m. and 6:00 p.m.

    • MaxiHome Contents Plus Insurance

    Apply to this plan by contacting Etiqa Insurance at 6887 8777, Monday to Friday between 8:45 a.m. and 5:30 p.m.

    FAQ

    Q: Is there any provision to cover food items under these plans?

    A: EverHomeCare Enhanced plan provides coverage of up to S$500 for frozen foods that are spoilt. Under the MaxiHome Contents Plus Insurance, S$250 is claimable towards drinks and food spoilt because of any malfunction to refrigerator or freezer.

    Q: If my dog dies how much benefits can I claim?

    A: Accidental death or loss of pedigree pets get coverage of up to S$500 under the MaxiHome Contents Plus Insurance.

    Q: The locks in my home were damaged during a break-in. Can I claim benefits to replace them?

    A: As per the EverHomeCare Enhanced plan, up to S$300 can be claimed towards the replacement of locks and keys. With the MaxiHome Contents Plus Insurance, up to S$250 can be claimed for the same.

    Q: If I am hospitalised for two days due to an accident at my home, can I claim benefits?

    A: No. Although there is a provision under EverHomeCare Enhanced plan to claim benefits when hospitalised due to an accident at home, it is applicable only if you have been hospitalised for at least five continuous days.

    Q: I’ve just had a new baby. Will the personal accident provision in my home insurance extend to her as well?

    A: No. As per the terms and conditions of both EverHomeCare Enhanced and MaxiHome Contents Plus Insurance plan, only children between ages 1 and 21 will receive the accident coverage.  

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