Fire Insurance For Homes In Urban Areas: Addressing Unique Risks – Designed for homeowners, renters and homeowners, AIG’s three home insurance plans offer distinct benefits. Here’s a guide to the differences between them, and which one you should sign up for. This article will be a little different from our usual home insurance reviews. Instead of diving deep into a single plan, we’ll take a look at three different plans in total. This bumper crop comes courtesy of AIG, which has launched three separate home insurance plans, each geared toward different groups — homeowners, landlords, and renters and travelers. So what are these plans all about, what benefits do they offer, and which — if any — should you sign up for? Let’s find out! At a Glance: Which of AIG’s Three Home Insurance Plans Should You Get? Enhanced Public Housing Contents Insurance (for HDB only) Housing Benefit Who are the houses for? Persons living in HDB flats Only home owners and landlords, tenants of all types of accommodation and those who wish to insure only home contents and personal belongings Home contents: up to S$150,000 Building Cover: Up to S$100,000 Personal Liability: Up to S$400,000 in Singapore above Personal Accident (for you and spouse): Up to S$20,000 Alternative Accommodation: Up to S$20,000 Bill Relief: Up to S$1,200 Home Contents: Up to S$50,000 Building Cover: Up to S$225,000 Loss of Rental Income: Up to 20% Building Cover Personal Liability: Up to S$1,000,000 Worldwide Alternative Accommodation: Building Cover 10% down, 20% contents cover, or S$20,000 (whichever is lower) Bill Exemption: Up to S$3,000 Landlord Legal Liability: Up to S$1,000,000 Household Contents: Up to S$100,000 Alternative Accommodation: Up to S$10,000 Personal Liability : Up to S$200,000 Worldwide Personal Accident (for you and spouse): Up to S$20,000 Bill Relief: Up to S$3,000 Premium Annually: $75.06 (incl. 8% GST) Annually: S$201.69 (incl. 8% GST) per year: S$157.46 (incl. 8% GST) Comments Available as a 5-year package ($375.30) to match your HDB fire insurance. Also provides cover for contents in commercial storage, security system, locks and keys, loss of personal money, fire extinguishers, loss of frozen food: Worldwide identity theft (up to S$5,000 For monetary loss, S$10,000 for legal fees) Worldwide ATM attack and resulting medical expenses (up to S$1,000), personal effects (up to S$2,000) AIG HomeCare for all plans Services Locksmith, plumber, electrician or pest control: Up to S$150, increased three times per year AIG Public Housing Contents – All in One Plan for HDB residents AIG Public Housing Contents Insurance ( EPHCI) Key Features #1: High home content with coverage of S$150,000, you with this plan. Gets home contents of up to S$150,000, which is enough to cover major or even catastrophic damage to your residence – or at least the interior. Note that this plan is only for HDB homeowners. Any damage to the exterior is counted under building damage, which under this plan As an HDB resident, you will have two sources: your HDB fire insurance plan which is mandatory during the application process, and the Additional amounts from this plan range from S$19,500 to S$100,000 – depending on your unit type. #2: High personal liability, good personal accident cover Another notable feature of the EPHCI plan is the high personal liability cover of up to S$400,000. As the HDB units are connected to each other, it is more likely to be a major incident or serious. The fire will also affect neighboring units, or even the entire block. Therefore, it is beneficial to have good personal liability coverage, in case any third party accidentally suffers damage or loss, and seeks compensation. And as for yourself and your spouse, the plan provides a modest benefit of S$20,000 for accidental injury. It’s not much, but in a pinch, better than nothing. #3: Incredibly low annual premiums One benefit for those who sign up for this plan is the cost savings they will enjoy. AIG’s EPHCI plan is very, very affordable, at just S$75.06 per year. This low price makes it very easy for any HDB home owner to get the protection they need. Also, owners of large flats will appreciate paying a higher premium under this plan. Who is AIG EPHCI best for? In short, this is a home insurance plan that most HDB flat owners and residents will readily buy. The plan is also available as a five-year bundle – which matches the policy term with your mandatory HDB fire insurance plan – only sweetening the deal. Having said that, before you sign up for this plan, be sure to read the policy document for the exact terms and conditions, including any exclusions and excess payable for a claim. Special AIG Home Insurance Promotion: Get a second generation Google Nest Mini when you apply for a 5-year plan now! (Complemented by AIG). Valid till 31 August 2023. T&Cs apply. apply now
Benefits of AIG Homes – Comprehensive Home Contents Coverage for Homeowners and Owners AIG Homes Key Features #1: Comprehensive Home Contents Coverage
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AIG Homes Benefit offers ‘All Risks’ cover for the contents of your home. This translates to a wider range of protection as you can claim damage or loss under many circumstances rather than just specific incidents. (However, terms and conditions still apply.)
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Some homeowners may find this extensive coverage too attractive. However, you should note that, on the other hand, the maximum benefit is not that high – for this plan, it is limited to S$20,000, S$35,000 and S$50,000 for the three tiers respectively.
The plan comes in three tiers – Classic, Superior and Premier – to suit a wide range of budgets and coverage levels.
In addition, if you feel that the three pre-made plans do not suit your needs, you can also adjust your benefits, tailoring them to the best fit.
Therefore, homeowners and landlords should find it easy to choose a plan that suits their needs, regardless of the type of residential property they are trying to protect.
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The first of these is protection against loss of rent due to an insured event – up to 20% building cover. Considering that the sum assured for this category is S$85,000, S$135,000 and S$225,000 for the three floors respectively, the rental loss cover is very important.
Second, you will also receive a landlord’s legal liability benefit of up to S$1,000,000 against accidental injury or property damage. This is the worldwide personal liability (up to S$1,000,000) that you will also get under this plan.
With three tiers, and the ability to customize your benefits, AIG Home Benefits is designed for a wide range of homeowners. In addition, there is a good mix of additional benefits, including special home owner protection, utility bill cover, worldwide coverage for ATM attacks and more.
Whether you own an HDB flat, condo unit, landed property or other private residence, AIG Homes Advantage offers good coverage and meaty benefits.
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Special AIG Home Insurance Promotion: Get a Google Nest Mini 2nd Generation when you order now! (Complemented by AIG). Valid till 31 August 2023. T&Cs apply.
AIG Home Complete – Focused protection for personal belongings with flexible payment models AIG Home Complete #1 Key Features: Built for renters or homeowners who already have adequate building coverage.
Unlike its counterparts, AIG’s Home Complete plan focuses on protecting home contents only, with up to S$100,000 insured.
As such, this plan is most suitable if you are renting a residence. Alternatively, those who already have adequate building cover can also consider adding this plan to enhance their home contents protection.
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These benefits meet the special needs of renters (who may be at high risk of personal information leakage, for example), and those living on the move who frequently change residences.
As an added bonus, you’ll get free worldwide personal liability cover of up to S$200,000, as well as S$20,000 in personal accident benefits.
Renters and those who move frequently may want to commit to a year-long policy. They may need to move at short notice or simply not stay longer than a few weeks or months.
If this describes you, you’ll be happy to know that AIG’s home insurance is available on a monthly basis, giving you more freedom without having to worry about paying too much for your home insurance.
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For those who can stay longer, you can consider signing up for a three-year bundle plan and enjoy premium savings.
AIG Home Complete was developed to meet the needs of renters and temporary travelers who don’t want to risk going without adequate home insurance (nor should they!).
The sheer affordability and flexibility of AIG Homes makes it a great option for homeowners
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