POSB Home Insurance: myHome Protect

POSB offers the myHome Protect home insurance policy to safeguard your home contents, renovations, pets and your family, from accidental loss and damages. The policy is underwritten by Chubb Insurance Singapore Limited.

Highlights

  • You get worldwide personal liability cover of up to S$1 million for your entire household.
  • You can enjoy up to S$320,000 cover against damage or loss of renovations and home contents.
  • Suppose you lose your rent or have to go for an alternative accommodation, you will get a reimbursement of up to S$32,000.
  • Receive a refund of 25% on the premium (excluding GST), after a 12-month period, if you haven’t made any claims.
  • You will be able to contact a 24-hour emergency assistance service, in case you urgently need a nurse, a locksmith, a plumber, an air-conditioning engineer, pest control, or general repair aid.

Benefits and Coverage

There are three different plans to choose from under the myHome Protect insurance policy. The details of the coverage provided under each plan is given below.

Premium Classic Plan Premium Plan Ultimate Plan
Damage to or loss of renovations Up to S$90,000 Up to S$130,000 Up to S$190,000
Damage to or loss of contents Up to S$40,000 Up to S$100,000 Up to S$130,000
Loss of rent/alternative accommodation (when your premises is uninhabitable) Up to S$13,000 Up to S$23,000 Up to S$32,000
Debris removal (following damage or loss) Up to S$2,500
Cost of temporary protection (to safeguard the contents and premises when a replacement/repair is required. Up to S$2,500
Emergency cash allowance (to purchase essentials when your premises is uninhabitable for a minimum of 5 days) Up to S$500
Emergency replacement of personal computer (Advance payment after assessor’s approval) Up to S$3,000
Replacement of keys and locks (of external windows or doors in case they are stolen) Up to S$500
Contents removed temporarily (for up to 14 days) Limit for one article -  S$500 (up to an aggregate maximum of S$5,000)
Accidental death of pet dog or cat Up to S$500
Loss of money (from forcible entry and theft) Up to S$1,000
Accidental breaking of glass or mirrors Up to S$500
Replacement of deteriorated frozen food Up to S$500
Automatic renewal of sum insured when additional premium is paid Available
Personal legal liability for the entire household (in case you have to pay compensation to a third party for accidental property damage, injury, or death) Up to 1 million
Personal legal liability for tenants Up to S$500,000 Excess of S$100 for every claim
Family accidental death protection Partner/insured – S$10,000 each Child – S$5,000 each
24-hour home assistance Available

 

All the three plans under the POSB home insurance policy cover damages and losses that occur due to the following insured events.

  • Lightning, fire, or explosion.
  • Cyclone, flood, typhoon, or hurricane (Excess - S$100).
  • Leaking, discharging, bursting, or overflowing of pipes or water tanks (Excess - S$100).
  • Earthquake.
  • Impact damage due to aircraft or road vehicle.
  • Strikes or riots.
  • Vandalism or malicious damage.
  • Burglary or theft by forcible or violent entry.

Limits on Particular Coverages

  • For valuables, you will not receive more than 30% of the sum insured on contents. The items that are considered as valuables are jewellery, watches, curios, furs, coin or stamp collections, antiques, works of art, manuscripts, items made of silver, gold and other precious metals and stones, and medals.
  • For single articles except audio and video equipment, personal computers, pianos, organs, or furniture, you will not receive more than 5% of the sum insured on contents.
  • If your house has not been occupied for 60 consecutive days, damage to or loss of contents and renovations will not be covered.

General Exclusions

  • You will not receive coverage if the loss or damage that has happened to your property and its contents is due to the following reasons.
    • Rust, corrosion, wear and tear, or gradual deterioration and depreciation.
    • Electrical, electronic, or mechanical breakdown caused in situations such as irregularity in the power supply or power surges, unless the cause is one of the insured incidents mentioned earlier.
    • Mildew, atmospheric and climatic conditions, except hail and rain sleet.
    • Domestic animals.
    • Insects, vermin, or by clawing, pecking, chewing, nesting or eating by birds, and other wildlife.
    • Processes that involve the use of chemicals or heat.
    • Erosion.
    • Faulty workmanship, errors in design, or structural defects.
  • Damage or loss emerging from a revolution, undeclared war, or seizure or destruction of property for military purposes or government-related reasons.
  • Damage or loss arising from radioactive or nuclear contamination.
  • Damage or loss that occurred during construction of the property.
  • Damage or loss resulting from an act of terrorism.

Things to Keep in Mind Before Making a Claim

  • You should not dispose of any damaged property without the consent of the insurer.
  • You should not arrange for replacement or repair, without consulting the insurer.
  • Take steps to minimise the impact of the incident, and prevent further loss or damage.
  • Take precautions and recover lost items, to reduce your claim as much as possible.

How to Make a Claim

  • Once the incident has occurred, immediately inform your insurance agent or the insurer directly.
  • Report the incident to the police or other authorities concerned, if any, in case of theft, forced entry, vandalism, and malicious damage.
  • Fill a claim form as soon as possible, where you will have to write a detailed description of the loss or damage that has occurred. You can submit a claim online or contact them by phone.
  • Make sure you submit the following documents along with the claim form.
    • Valuations related to the damaged or lost property.
    • Relevant certificates, receipts, and other proofs regarding ownership.
    • Any documents issued by the court.
    • Any statements of summon, claim, cross-claim, or third party notice.
    • Property inspection inventories and reports.
    • Police report.
    • Medical certificates and reports.
  • The insurer may want to assess the damages to approve your claim, and only then will you receive the coverage.

How Do I Buy the Policy

  • To buy the comprehensive coverage policy, click on the ‘Buy Now’ option on the official website.
  • You will be redirected to the Chubb Insurance Singapore Limited’s myHome Protect page, where you can get a quote for the payable premium amount by choosing the coverages you require and the plan that suits you best.
  • The minimum premium that you can pay is indicated in the table below.
Premium Classic Plan Premium Plan Ultimate Plan
Monthly S$9.99 S$18.55 S$24.25
Annual S$119.88 S$222.60 S$291.00
  • You can pay online and instantly purchase the policy.

Cancelling Your Policy

Free-look period: You can return the policy within 30 days after commencing of the cover. You will receive a refund on the premium unless you have made a claim.

After the free-look period: You will receive the premium for the unexpired period. However, if you have been paying the premium on a monthly basis, you will not receive any refund.

FAQs

Q. Do I have to pay the ‘Excess’?

A. Yes, you will have to pay ‘Excess’. It is a portion of the claim that will have to be borne by you.

For instance, if you had home contents damaged during a flood and the claim amount is S$5,000, the payout you will receive is S$4,900, after deducting the excess (S$100).

Q. What all are covered under renovations as part of the insurance policy?

A. External fixtures and fittings such as air conditioners, flooring, and built-in wardrobes are included under the renovations coverage. However, it does not include any part of the building itself.

Q. If I move houses, can I still continue the same policy or should I cancel it?

A. Yes, you can continue with the same policy by immediately updating the address. You should make sure the current coverage is enough for your new premises.

Q. Will I have to give a list with details of all the contents in my house?

A. No, you don’t have to declare all your contents. You should choose a plan that covers the entire value of your household contents.

Q. What advantage does the myHome Protect insurance policy give me over my already existing fire insurance policy?

A. A fire insurance policy only covers the building and a lower value of the contents. With the myHome Protect policy, you will be able to gain a coverage for all your household items and renovations.

Q. What coverages will I get as a tenant?

A. Personal belongings and household contents owned by you and your family will be covered under the myHome Protect insurance policy.

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