Fire Insurance For Homes With Pest Infestations: Damage And Prevention – HDB owners are concerned with protecting their belongings as well as with interior renovations to the building. In our opinion, the following home contents insurance products represent some of the best deals available to an average homeowner-resident of a Singapore HDB property.
FWD home insurance offers one of the highest value property insurance plans on the market. Not only will you get one of the lowest premiums in the business, you’ll also get comprehensive and exclusive coverage. This includes alternative accommodation, home care, theft or damage to temporarily displaced items, and optional coverage for your pets and personal accidents. However, it does have low item sub-limits, so those looking to protect very expensive valuables (valued above S$1,000) might do better with other plans featured on this page.
Fire Insurance For Homes With Pest Infestations: Damage And Prevention
Etiqa’s Tiq Home Insurance offers competitive premiums along with essential benefits for HDB owners. While their 1-year plans are already 35% below average, their 5-year plan will save you 15% more. For 3-year and 5-year plans, Tiq also offers S$800 emergency home care cover for locksmith, plumbing, electrical and pest control services – the highest on the market.
The Importance Of Home Emergency Cover
Etiqa’s home insurance also offers S$5,000 in emergency cash services that can be deposited into your e-wallet within one business day to help you in the event of a fire. These benefits can greatly increase your peace of mind, making Tiq Home Insurance a reliable and cost-effective home contents coverage option for no-frills homeowners.
Singlife’s home insurance products easily represent one of the best home insurance options for HDB homeowners. This is due to the combination of low price and high coverage for both renovation and content. However, Singlife does have a flaw: Unlike the other value options listed here, Singlife’s home insurance policies don’t automatically cover things like replacement locks and frozen foods. To insure such items, you must pay an additional fee of at least S$15 per item. If you care less about these incidents and more about covering expensive furniture and renovations, Aviva could be a great choice.
Singlife home insurance plans are the cheapest property insurance options for average homeowners living in 4 or 5 room HDB apartments. For example, their Lite plan, which offers enough coverage for a 4-bedroom HDB apartment, is 43% cheaper than average. However, their low prices come at a certain cost. Singlife’s cheapest option, the Lite plan, only offers content, retirement, liability and alternative accommodation coverage. If you want benefits that go beyond that, you’ll have to pay more by purchasing their most expensive plans or by purchasing their add-ons separately.
Renda provides one of the best home insurance policies for small price-sensitive apartment owners in Singapore. You can expect to pay just S$39 for a 3-bedroom HDB apartment, which is 58% less than the market average for 3-bedroom apartments. It also offers a great value of S$1,500 of coverage per dollar of premium paid, which is 33% more than the market average. While not the cheapest for larger apartments, it’s still competitively priced – premiums for 4 and 5 bedroom apartments are 50% below average. Finally, Income allows customers to increase or decrease their amount of coverage under their flexible coverage scheme, so you can always adjust your plan as your coverage needs change.
Does Home Insurance Cover Termites?
A typical private property requires a higher overall limit on the homeowner’s insurance policy when compared to similar HDB apartments. We’ve chosen four policies in this sophisticated space to meet the demand of private homeowners and wealthy homeowners.
Consider this if you want the cheapest private home insurance plan on the market while still getting great value.
FWD home insurance offers great value and lower prices for the average homeowner and condominium owner. FWD combines competitive pricing with valuable coverage that is sure to keep you safe from any event. It allows you to choose the amount of content and renewal coverage, so you only pay for the coverage you need. Plus, you can top up your policy with S$100,000 in personal accident, S$5,000 in medical coverage and a full spectrum of pet care to ensure everyone you care for is well protected. However, if you’re looking for protection for your prized possessions such as art, their low sub-limit of S$1,000 might not be enough.
Consider this if you want high construction and renovation coverage for your private property at below average prices.
Things Your Home Insurance Doesn’t Cover
Singlife offers some of the cheapest home insurance solutions for homeowners with coverage needs between S$100,000 and S$200,000. Offering 60% more benefits per premium dollar than the market average for private homes, Singlife’s home insurance plans can be considered high value options.
While Singlife is suitable for homeowners who need high coverage for construction and renovation, it has a distinct shortcoming: reduced miscellaneous benefits. There is no coverage for pets or personal documents until you upgrade to the Home Plus plan, and you can only purchase lock, key replacement, bicycle, and identity theft coverage as additional add-ons. This can significantly increase the cost, as each of the optional add-ons costs between S$15 and 25. Finally, Singlife’s Home Plus plan has around 40% below average renewal coverage, giving this top-tier option a slightly dull value.
In our opinion, MSIG’s Enhanced HomePlus private property insurance plan is one of the best all-in-one policies on the home insurance market. Offering combined coverage of S$125,000-270,000, MSIG charges reasonable premiums of S$119-S$235 due to the ambitious benefits it offers.
MSIG coverage includes locks, keys and security system (S$1,000-S$1,500 against market average of S$550), death/injury (S$75,000 against market average of S$32,000) and -hospitalization (S$4,500-6,750 against the market average of S$1,560). Despite its mid-value ratio (S$1,105 per sum insured versus the market average of S$1,060), MSIG’s robust benefits make it a great choice for homeowners who want to ensure that their insurers cover all the time.
Is A Low Floor Unit Home Prone To Pests?
Etiqa’s Tiq Home Insurance for Condo Owners offers a blend of affordability for modest homeowners and high benefit caps for condo owners looking for maximum coverage. There are also a plethora of peace of mind covers that can attract new homeowners, including the industry’s highest emergency home care benefit, theft and credit card fraud protection, and S$5,000 in cash emergency coverage.
However, compared to plans like OCBC, Tiq’s Valuable Items sub-limit is very low and may not be enough to secure artwork, antiques, and heirlooms. Also, while Tiq premiums can be as low as 25% below average, those looking to maximize coverage should be prepared to pay up to 150% above the average for private property insurance plans in Singapore.
Great Eastern’s HomeGr8 Essential insurance provides great coverage for private property owners who want to maximize coverage for valuables and works of art. Compared to Income and MSIG, Great Eastern offers generous content coverage for its household items with an above-average value sub-limit of 35%. Also, while the individual item sub-limit is S$2,000, they can cover higher value items as long as you have the necessary receipts and proof of purchase. There is also a sub-limit of S$2,000 for laptops and a sub-limit of S$1,000 for bicycles.
Additionally, we found the Essential plan pricing to be highly competitive, with premiums costing up to 50% below the average of its peers. The only downside is that family personal accident protection is an optional add-on and not included in basic coverage.
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Renda’s enhanced private home insurance plans can be of high value to consumers looking for comprehensive coverage and diverse benefits. Income’s enhanced home insurance plans are more competitively priced at lower coverage amounts (i.e. S$50,000 and S$70,000 in content and renewal coverage respectively), while offering benefits that are not always seen or only offered as an additional purchase.
While it becomes more expensive relative to the market average for private homeowners who need great coverage, you will get sub market caps for your electronics (S$500-S$1,500 per item or S$1,500-S$5 , . ). Other useful benefits include everything from replacing locks and keys to coverage for domestic pets and loss or damage to contents belonging to your foreign domestic worker. It also provides an emergency home care service which will cover an emergency plumbing, electricity, locksmith or pest control visit for up to S$100 four times a year. So despite the higher prices, the breadth of coverage and high sub-limits for miscellaneous benefits may make Income worth the cost for homeowners with lots of valuable and expensive items.
Not only do landowners demand premium coverage for renovations and contents, but they also need to insure the property’s building structure. With that in mind, there are some ideal options depending on the cost of reinstating your land ownership. Below we describe our main house
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