Planning to buy home insurance in Singapore? We can understand how confusing and overwhelming this phase would be for you, thanks to so many attractive home insurance offers available. Moreover, to make home insurance selection an easier task for you, we have developed this cheat sheet. By following these tips, you will be able to compare the options available and make the best decision based on your needs and expectations.
The primary purpose of buying a home insurance policy is to manage financial liabilities you will have if your house is damaged due to natural or manmade factors. Therefore, the first thing that you must compare while buying a plan is a list of coverages. Find out what all is covered by various insurers and in different insurance plans. Find out which risks will be covered by each of your available options.
Common coverages include damage caused by fire, lightning, windstorm/hail, rain, explosions, smoke damage, accidental leaks from plumbing, heating, or air conditioning, backed up sewers/drains, mold, animals, construction defects, or acts of crime. It’s not just the house that is covered by an insurance policy. Many other common coverages include:
● Household Contents
This includes common personal properties inside the house such as furniture, domestic appliances like the TV and refrigerator, clothing, jewellery, computers.
● Fixtures and Fittings
Items such as wardrobes, air conditioners, floor coverings and other such renovations and fixtures come under this category.
● Additional Living Expenses and Accommodation Costs
In case, the house cannot be occupied due to a covered loss, the insurer will pay for the necessary accommodation costs incurred by the homeowner.
● Personal Liability
Any claim arising from accidental physical damage to a third party’s property.
● Additional Covers
Replacement cover for the loss of personal money, documents and cards and cover against accidental death of a pet.
Just like coverages, insurance plans have a list of exclusions or things that aren’t covered under the claims. In fact, some natural disasters are typically not covered by a standard homeowner’s insurance policy. Most of the home insurance policies will not cover nuclear hazards, loss or damage to your house caused by radioactivity, sonic bangs and pollution, and contamination.
Some insurance plans don’t even include actions taken by the government such as confiscation or loss of property that is caused by an ordinance or law like demolition or construction that is required to bring your home up to the code.
Most policies are either open peril or named peril policies. Open peril means that your policy covers every possibility except the ones specifically excluded, while named peril means that your policy only covers what is listed. So, read the terms and conditions of each insurance plan offered by various insurers and compare all exclusions before buying a home insurance policy.
Compare the Claim Settlement Time
In fact, dealing with damage or loss is quite stressful. And when you are in a situation where you need to file for an insurance claim, you definitely do not want it to be a struggle. Hence, the claim settlement process should be simple and hassle-free to reduce your burden and worry. Therefore, ask the insurer about the settlement period of their company. Find out the entire process of making a claim and figure out the turnaround time for settlement of claims. Go for the option that’s ready to settle your claim soon, without much efforts needed.
When planning to buy a home insurance policy, comparing terms and conditions of plans isn’t enough. You also need to compare your insurance providers or insurers. Look for their track record. Evaluate their claim settlement ratio. Find out how reputed the company is and try to find out in case there were any legal cases of the company in the past. Try to get in touch with each company through their customer service options to find out how easily available they are. This will help you conclude whether your insurer will be there when you need them for assistance or not. Do your research, read online reviews about companies, compare all the options, and only then choose a company that seems to be genuine and profitable.
Some well-known insurers offering home insurance as a product include:
- AIA Insurance Company
- Aviva Limited
- HSBC Insurance
- Tenet Sompo Insurance
- AXA Insurance
- AIG Asia-Pacific Insurance
- MSIG Insurance Singapore
- NTUC Insurance
Use Online Calculators
Like many other banking products, insurance policies are also available online, making it simpler for you to gather information about multiple policies online itself. One of the best tools that all Singaporeans can, and should, use is InsuranceMarket.sg. All you have to do is enter your home details, the net worth of your belongings and the date you want the policy to start from.
This online comparison tool will automatically give some of the best options to you. In other words, online comparison tools like this reduce your time and effort considerably as you don’t have to look for various policies and read their documents.
Like many other banking products, insurance policies are also available online, making it easier for you to gather information about multiple policies. So make sure you go through even the smallest of details about every insurance provider before you select your ideal insurer.
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