Whether you own a home in Singapore and live in it, you rent it out to others, or you live in a house or apartment owned by someone else, it pays to have peace of mind when it comes to home insurance. From storm damage to a thief in the night, nobody likes considering the possibility of something adverse happening to their property or possessions. Yet even in a safe place like Singapore it’s not out of the question.
#1 Some common questions
Here, we chat with the team from online insurance provider FWD Singapore about their home insurance policies, to give you an idea of what’s involved.
What kind of events are covered by your policies?
Our home insurance covers for the most common kind of events that lead to loss or damage. These include:
- Fire, smoke, lightning or explosion
- Being hit by a third-party object;
- Theft or attempted theft accompanied by violent and forcible entry;
- Bursting or overflowing of domestic water tanks, apparatus or pipes;
- Any natural disaster;
- Riot, strike or malicious act by others;
As a homeowner, how much building cover do I need?
For condos and HDBs, the cover you’ll need is the cost to repair your home to restore it to its original form, excluding renovations that you or previous homeowners have made. For landed properties, you’ll need to consider the full cost of rebuilding your home.
How much cover for contents do I need?
It depends on the amount of contents you have. The safest way to estimate this amount is to take an inventory of the items in your residence. There is no “per item” limit for furniture, home appliances and home audio-visual equipment. all other home contents, though, are subject to maximum of $1,000 per item, including watches and jewellery. If you’re a tenant, your landlord’s home insurance policy will not cover your personal contents and belongings, so you’ll need your own policy.
What is covered under your Emergency Home Assistance?
Whether you’re an owner or a renter, Emergency Home Assistance provides coverage up to four times ($100 each) per 12-month period for electrical services, plumbing services, locksmith services and air-conditioning services.
As a landlord of a rental property can I buy FWD home insurance?
Yes, our policy caters to landlords. Coverage is provided for the furnishings you provide to the tenant, and our Rent Protector scheme covers you if you lose your rental income while the residence is undergoing repair due to an event covered by the policy. Rent Protector also pays for the loss of rental income when the tenant defaults.
As a tenant, am I covered if I damage my landlord’s property?
With FWD Home Insurance, you can protect all the things that make your rented house your home. Our insurance comes with an additional protection for your liabilities against any loss or damage to your landlord’s buildings, renovation and contents.
What are some specific benefits in terms of coverage amounts?
- Home contents: $20,000 to $100,000
- Building loss of damage (landed property owners): $200,000 to $1 million
- Legal liability for accidental harm or damage: $500,000
- Alternative accommodation: up to $35,000, depending on policy (up to $300 per day)
- Incidental expenses: up to $10,000, depending on policy
- Loss or damage of temporarily stored contents: up to $5,000
- Loss of rent (landlords): $3,000 per month for three months (excluding first two consecutive months following event)
- Accidental damage fixed mirrors and glass: up to S$1,000
- Medical expenses for injuries: up to S$5,000
- Personal accident (injury or death): up to S$100,000 per household
- Pet loss or death: $1,000
- Pet medical expenses: up to $1,000
- Accommodation for pets: up to $5,000 (up to $50 per day)
What are some scenarios where a claim won’t be paid?
The most common scenarios for rejection of claims are false declarations, accidents not covered by contract, participation in criminal acts, self-inflicted or willful acts, and exaggerated or inflated claims.
#2 Getting insured
Products: “FWD offers home insurance for homeowners, landlords and tenants at different kinds of residences with customisable protection level. Multi-year plans are also available.
Eligibility: “If you’re between 20 and 80 years old (both inclusive), a resident of Singapore holding an NRIC, FIN or S-Pass, and a homeowner, landlord or tenant, you can buy our home insurance.”
Activation: “There’s no waiting period. You’re covered from the moment you buy the insurance. A ‘free look’ period of 14 days allows you to cancel the policy and get back your premium provided there have been no claims made.”
Payments: “Premiums are payable on a yearly basis. We accept payment by credit card/debit card, and refunds are made on the original card used to buy your insurance or by cheque.”
Contact: “The easiest way to get a quote or buy home insurance from us is online. You can also call 6820 8888 or walk in to our office at 6 Temasek Boulevard, #18-01 Suntec Tower 4.”
Want to know more? Visit the fwd.com.sg to learn more about policies and to take advantage of the launch promotion, featuring a 20% discount.
Written in collaboration with:
Need more advice? Read on for tips on …