Being a homeowner requires a person to invest a lot of time and money into building the perfect home. Owning a house is not easy, especially in Singapore, so protecting one’s home becomes a priority. Taking a home insurance plan will ensure that this investment is safe.
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
Maybank Home Insurance Plans
Through its ‘EverHomeCare Enhanced’ Home Insurance policy, Maybank provides coverage for the contents of an individual’s home such as furniture, valuables among others. This coverage is provided when damage or loss to the same is caused due to flood, theft or fire.
Apart from saving your home, this insurance policy will also protect you in case you get hurt in an accident, which leads to your death or a permanent disability in Singapore. This policy will give you a personal liability coverage across the globe as well.
Features and Benefits of EverHomeCare Enhanced
- All the tenants and homeowners are eligible to apply for this insurance scheme
- This home insurance policy provides coverage of up to S$5,00,000 for damages caused to renovations, home contents, fittings and fixtures
- In case you lose money in an event of theft, Maybank's EverHomeCare Enhanced insurance policy will provide coverage of up to S$500
- It provides coverage of up to S$30,000 on personal effects
- The premium for this policy is very affordable. For Plan A it is S$96, for Plan B its S$160 and for Plan C its S$240. This premium amount includes the GST which is 7%
There are three plans under the EverHomeCare Enhanced insurance policy, which are called Plan A, Plan B and Plan C. A person can benefit a lot by applying for any of the plans. Under these three plans, the scheme provides coverage for the following -
- Household contents, fittings and fixtures and renovations
- Monetary loss caused due to theft
- Personal Effects
- Benefits to domestic servants who meet with accident, leading to death or permanent disability
- An accident leading to personal death or permanent disability, in Singapore:
- For the insured who are between 18 and 65 years of age
- For children who are between 1 and 21 years of age
- Contents which have been removed temporarily
- Debris removal
- Hospital expenses, if hospitalisation is caused due to a home accident
- Expenses of alternate accommodation
- Global personal liability
- Expenses for extinguishing fire
- Damages to fixed glass and mirrors
- Locks and keys replacement caused due to a break-in
- Spoilt frozen foods
MaxiHome Contents Plus Insurance
Through its MaxiHome Content Plus Insurance policy, Maybank provides coverage for the contents of an individual's home such as jewellery, furniture, electronic products, clothes, etc. This coverage is provided when the damage or loss is caused due to natural disasters or theft.
Features and Benefits of MaxiHome Contents Pus Insurance
- This policy has an affordable premium. The yearly premium to be paid in the Standard category is S$97, S$162 in Deluxe category and S$242 in the Suite category. The five years premium in the Standard category is S$436.50, S$729 and S$1089 in the Deluxe and Suite category. These amounts include the GST which is 7%
- Anyone who is a home content owner can apply for this insurance policy
- The policy provides protection in an event where the damage or loss of property is caused due to fire or external perils
- The policy provides protection in a situation where damage or loss of property which includes personal effects kept in the house is caused due to violent or forced entry during an event of theft
- This insurance policy provides personal liability as well
The MaxiHome Contents Plus Insurance policy is divided into three categories. There are-
A person can benefit a lot by applying for any one of the categories. Under these three categories, the scheme provides coverage for the following -
- Spoilt food and drinks in freezers or refrigerators caused due to malfunction
- Locks and keys replacement caused due to forced break-in
- Expenses for ambulance and fire brigade
- Monetary loss caused due to robbery
- Accident causing the death or loss of a pet
- Accident causing damages to fixed glass and mirrors
- Home contents, renovation, fittings and fixtures
- Loss of house contents due to theft
- Accidental medical reimbursement
- Family personal liability to a third party in any part of Singapore
- Benefits for relocation of contents. The transit cost is covered
- Family personal accident caused due to accidental death or permanent disablement benefits in any part of Singapore:
- The insured and spouse is between 18 to 65 years of age
- The children are aged between 1 to 21 years. It is available for three children only
- Personal effects
- Expenses of alternate accommodation when the residence of the insured is unfit to stay by fire or other Insured dangers
Frequently Asked Questions (FAQs)
- How do I apply for the EverHomeCare Enhanced home insurance policy?
- I want to apply for the Standard category of the MaxiHome Contents Plus Insurance policy. How much money will I get in case of damages caused to the contents of my house?
- Where can I find out more information on the home insurance policies provided by Maybank?
- Are these home insurance policies written by Maybank?
- Are these home insurance policies provided by Maybank protected?
To apply for the EverHomeCare Enhanced home insurance policy, you have to contact the insurance provider. You can find the contact details of the same on the bank’s website.
If you choose the Standard category under MaxiHome Contents Plus Insurance policy, you can avail up to S$1,80,000 for damages caused to the contents of your house.
To know more about the home insurance policies provided by Maybank, you can either visit the website of the bank or call on the number mentioned on the site.
These home insurance policies are written by Etiqa Insurance company and not by Maybank.
Yes, these home insurance policies provided by Maybank are protected under the Policy Owners’ Protection Scheme, which is controlled by the SDIC (Singapore Deposit Insurance Corporation).