A house becomes a home when you get emotionally invested in it. Since your home is possibly one of your most valuable possessions, getting the right insurance for it is important. To stay prepared for any unfortunate and unforeseen contingencies like home damage, theft and property loss, choose a home insurance policy that has been tailored for you.
For comprehensive home protection, you can opt for a QBE home insurance policy, one of the best home insurance policies in Singapore. The HomePlus product – fixed and flexi, offers competitively priced covers for a wide variety of potential risks to which your home or home contents may be exposed on a daily basis.
In the event that your property is badly damaged, the HomePlus product will cover your cost for alternative accommodation or compensate you for your loss of rent. In case of accident within the insured premise, this insurance policy will cover you against your liability as a property owner.
You can also opt for a worldwide personal and family liability cover under this plan which will provide you with a cover of up to S$1 million.
Key Benefits and Features of QBE Home Insurance
The major benefits and features of the QBE HomePlus package are as follows:
- Comprehensive protection from loss and damage to your property – home, fixtures and home contents.
- Worldwide coverage for expensive items that you wear or carry around.
- Free personal accident cover.
- Personal and family liability cover against accidents occurring within the insured premise.
- Flexi insurance plan allows you to personalise your home insurance coverage as per your specific needs.
- Competitively priced insurance premiums that range from S$95 to S$240 without GST.
- Easy application that requires you to meet an authorised QBE agent to choose a plan most suitable for you, apply by filling out the proposal form and then pay the required fees through a mode that’s convenient to you.
- Money back guarantee under which the premium paid would be refunded to you if the policy chosen is returned within 15 days from the date of issue.
- Cost of fire extinguishment, which could be up to 10% of the sum insured is covered.
- Cost of debris removal and a consultant’s fee, which could be up to 10% of the sum insured is covered.
- A visitor’s and domestic worker’s personal property insured up to a certain limit.
- Compensation against wastage of refrigerated food or drinks that may arise out of explosion of refrigeration unit or power cut.
- Covers the liability of the occupiers of a property in case of damage of the property.
- Protection against theft.
- Compensation for a property modification necessitated by an accident causing paraplegia.
Home Insurance Plans Offered by QBE
The HomePlus Fixed and Flexi Loan plans offered by QBE comes with comprehensible policy clauses and offers you coverage starting from just 26 cents a day.
HomePlus Fixed Insurance Plan
The HomePlus Fixed Insurance Plan is ideal for most homeowners in Singapore. It is offered under three pre-packaged schemes that offer a wide range of insurance covers for complete safety of the physical structure, fixtures and even contents inside the home. You can also select additional covers to your plan.
|Types of Cover||Basic Plan||Standard Plan||Super Plan|
|All risks covered under fixtures, fittings and renovations||S$50,000||S$75,000||S$100,000|
|Loss of rent and cost of alternative accommodation||S$12,500||S$18,750||S$25,000|
|Property owner’s liability||S$1 million||S$1 million||S$1 million|
|Expenses for fire extinguishment||S$5,000||S$7,500||S$10,000|
|All risks covered under household contents on first loss basis||S$20,000||S$40,000||S$60,000|
|Replacement of locks and keys following a burglary||S$1,000||S$1,000||S$1,000|
|Damage or loss to home contents while moving home with the help of professional packers and movers||S$5,000||S$5,000||S$5,000|
|Damage or loss of refrigerated food or drinks due to explosion, breakdown or power supply failure (excess of S$50)||S$500||S$500||S$500|
|Liability of an occupier of a property||S$1 million||S$1 million||S$1 million|
|Accidental death or theft of pedigree pet||S$500||S$500||S$500|
|Cost of reasonable temporary accommodation in case of repair or renovation of your damaged property||S$5,000||S$10,000||S$15,000|
|Worldwide personal and family liability (Any one occurrence or in aggregate)||S$1 million||S$1 million||S$1 million|
|Personal accident (death and permanent disability due to an accident inside the insured premise)||S$25,000||S$25,000||S$25,000|
You’ll have to pay an additional S$100 after the first loss claim unless otherwise stated. Furthermore, you should take note of the following:
With respect to valuable items such as works of art, photos and musical instruments, the following conditions will be applicable:
- One article can be covered up to 5% of the total insurance cover for all the home contents.
- One claim value can go up to a maximum of one-third of the total sum insured.
- Attach a copy of the valuation certificate or receipt when raising a claim request for a damaged or stolen item that is worth more than S$2,000.
HomePlus Flexi Insurance Plan
If you don’t want to cover your domestic property with a fixed insurance plan, you can mix and match as per your choice. Being a customisable plan, you can decide which components to keep and which to omit.
All risks covered for your building will include:
- Sum insured on cost of renovations and re-instalments.
- Up to S$1 million cover on property owner’s liability.
- Up to S$10,000 on building modifications made due to accidents leading to quadriplegia or paraplegia.
- Up to 25% of the sum insured is available as average relief.
- Up to 10% of the sum insured is available to cover the cost of debris removal and to pay the consultant engineer, architect or surveyor.
- Up to 25% of the sum insured for loss of rent or expenditure in setting up a temporary alternative accommodation.
- Up to 10% of the sum insured on fire extinguishment.
The cover will be available even if there is a change of ownership of the insured building.
All risks covered for household items will include:
- Domestic worker’s personal belongings.
- Up to S$1,000 cover available for replacement of lock and keys to the insured property following a break-in.
- Up to S$2,000 cover available for the cost of replacement of title deeds.
- Up to S$1,000 cover available for money lost through theft.
- Up to S$1,000 cover available for a visitor’s personal effect.
- Up to S$1 million cover available for a property occupier’s liability.
- Up to S$500 cover with S$50 excess available for refrigerated food and drinks gone bad due to a breakdown or explosion in the refrigeration unit or a failed power supply.
- Up to S$500 cover available for damage to household items during handling by moving professionals.
The insurance is calculated on a first loss basis and every subsequent claim will attract a charge of S$100.
If you plan to make a claim for an item worth over S$2,000, don’t forget to attach the valuation certificate with the claim form. Unless stated otherwise in the policy document, the following clauses will apply for valuable items like art pieces, musical instruments and jewellery among other things:
- Value of one claim can’t be more than one-third of the total sum insured.
- Value of one item can’t be more than 5% of the total sum insured.
QBE Home Insurance Premium
The premiums for the different plans under the QBE Fixed Home Insurance policy are as follows:
|Premium||Basic Plan||Standard Plan||Premium Plan|
|Annual premium without GST||S$95||S$168||S$240|
|Annual premium with 7% GST||S$101.65||S$179.76||S$256.8|
QBE Home Insurance Policy Exclusions
To find out about the exact policy exclusions for a particular home insurance plan, you’re requested to obtain a copy of the entire policy wording document from your local QBE office.
QBE Home Insurance Eligibility
To learn more about the eligibility criteria for the QBE home insurance policies, get in touch with an authorised QBE home insurance agent or your local insurance broker.
QBE Home Insurance Claim Process
If you decide to raise a claim request, it has to be made to the claims department of QBE (Singapore) Insurance Pte Ltd. You can get in touch with the QBE claims services team if you need guidance or get in touch with your insurance advisor for more information on the specific claims process pertaining to your subscribed home insurance plan.
You can download a claim form from the QBE website. After filling it out, you can either submit the duly stamped and signed form in person at one of the QBE offices in Singapore, mail or fax it to them or email a scanned copy of the completed form to them.
The following documents should be appended with your claim form:
- Proof of loss including monetary loss that document and clearly testify to your loss.
- Quotations for repairing/replacing damaged items.
- Bills and invoices of purchase of replacement items.
- Photographs of damaged or stolen items.
- A copy of police report in case of a stolen or lost item.
- Any other supporting document that can help establish the veracity of your claim.
How to Cancel Your Home Insurance Policy?
To know more about home insurance cancellation policy, get in touch with your personal insurance advisor or a QBE authorised agent. You can also get in touch with the local QBE office in Singapore and ask for a comprehensive policy wording document.
QBE also offers a money back guarantee on the HomePlus insurance plans. If you’re a new policy holder and after thorough evaluation of the document you feel that it isn’t appropriate for you or doesn’t provide coverage for all the risks that you’re looking for, you can raise a cancellation request with QBE within 15 days from the date of issue of the policy.
Your money would be refunded in full without any further questions asked. However, be warned that a policy once cancelled, won’t fetch you any benefits in the event of an exigency.
Home Insurance Contact
1 Raffles Quay #29-10
Telephone: +65 6224 6633
Fax: +65 6533 3270
If you have queries or questions for the bank, you can either email your doubts to them or fill out a customer feedback form on www.qbe.com.sg/service_feedback.html.
FAQs for QBE Home Insurance
Q: How long will QBE take to settle my loan claim?
A: There is no fixed time frame within which a loan claim will be settled. The claims are reviewed and settled on a case-by-case basis. The exact nature of the claim in itself will determine the time taken to process a valid claim.
Q: What are the modes available for the payment of premiums?
A: To provide you with complete convenience, QBE accepts payments through cash, cheques and credit cards which can be used at the QBE branch offices in Singapore.
Q: Why should I accept my claim on a first-loss basis?
A: Accepting a claim on a first-loss basis means that you’ll receive only a proportion of the total benefit. However, the premium is also lower as compared to the premium for a general benefit insurance. For every subsequent claim you make following first-loss, you’ll have to pay an additional S$100 per claim.
Q: What are the type of properties that can be insured with this policy?
A: You can use the QBE HomePlus insurance policy to insure a bungalow, a pte apartment, an owner-occupied property, a semi-detached property, a condominium, a tenant-occupied property, a terrace or an HDB apartment.
Q: Will my past insurance application rejection or cancellation affect my current application?
A: The records of your past applications, rejections and cancellations will be taken into account and might affect your chances.
Q: Can my personal data be disclosed to third-party agents?
A: Personal data may be disclosed to third-party agents for the purpose of background screening, processing and for other investigation purposes.
Q: Is there any cap on the total sum insured for personal effects?
A: The total sum assured on personal effects can’t be more than 50% of the total sum insured on the home contents insured.
Q: What is average relief?
A: The average relief clause ensures that if the insurance is more than or equal to 75% of the total estimated cost of reinstatement of damaged property, you’re not going to be considered to be underinsured. If it turns out, however, that the difference between the sum insured and the estimated cost of reinstatement of property is more than 75%, you, as the insured, will have to pay a rated proportion of the total loss.
Q: If one or more terms of the policy document aren’t comprehensible to me, whom should I approach?
A: In case of any ambiguity related to the clauses of the policy document, you should immediately approach your insurance agent or broker for more clarity. You can also leave your question in the feedback form on the QBE Singapore website. Don’t forget to include your name, contact details, policy number and details related to your query.
Q: Is the QBE HomePlus insurance governed by the Premium Warranty Clause?
A: Yes, this product is covered by the Premium Warranty Clause and by signing the contract with QBE, you automatically give your consent for the application of the same.