AXA SmartHome Home Insurance (Review): Top-level Benefits For High-value Homes

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Home insurance plan that provides top-level protection suited to expensive properties.  

With maximum coverage of up to $3 million, AXA SmartHome Home Insurance is designed to offer protection for homeowners seeking top-level protection for their high-value properties. 

While you definitely would want to insure your multi-million dollar landed property filled with all manner of gorgeous and pricey stuff (and also, beloved condos or HDBs units that you’ve lavished a fortune upon), the question is how much should you pay in premiums?

AXA SmartHome Home Insurance does not come cheap, and not only because of its high coverage value. The plan – whether the Essential or Comprehensive variant – is extensive, offering coverage across a wide range of home and household issues that homeowners may encounter. And of course, the more coverage, the more you pay. 

The current discount of 40% off premiums (valid till end-July) and no-claim discount of 10% (after 3 claim-free years) make the plan more affordable. But even then, is the plan worth it? 

Let’s take a closer look at AXA SmartHome Home Insurance.

Pros and cons of AXA SmartHome Home Insurance

ProsCons
Offers among the highest coverage for building, fixtures, fittings and renovation in the market. Suitable for landed properties and expensive residences.Claims for fixtures, fittings and renovations capped at 25% of sum insured
Extensive coverage across most home and household issues likely to be encounteredMultiple excess charges built into policy, lowering total claims amount
‘New for old’: Does not take into account depreciation or wear and tear when replacing contents Premiums are expensive
No claims discount of 10% after 3 claim-free years
Worldwide personal liability coverage of up to $500,000
24-hour emergency assistance 

Key features of AXA SmartHome Home Insurance

#1: Caters to expensive properties

AXA SmartHome Home Insurance is one of the rare few plans that offer coverage reaching in the millions, which means it could be one of the few viable options for individuals seeking to insure expensive properties. (The only other being bespoke insurance plans offered in private banking.)

After all, nobody in their right minds would slap a $100,000 home insurance plan on a $2 million bungalow and call it a day.

The plan’s policy also requires that you choose a protection level that is equivalent to the full cost of reinstatement of your property, so there’s that. 

However, take note that while the maximum coverage under this plan is $3 million, that limit applies only for the building. Fittings, furnishing and renovations are capped at 25% of the sum insured. 

#2: Separate claims and sum insured for contents

Claims for home contents are treated as a separate category, which should prove useful when trying to replace lost or damaged belongings. 

For further flexibility, you can also choose a different sum insured for home contents and for building, fittings and renovations. 

#3: Extensive coverage for most home and household issues

AXA SmartHome Home Insurance offers extensive cover, which should be sufficient for most common household and home issues. 

These range from the usual items like damage to home and contents, to more contemporary needs such as home quarantine benefits. The plan also comes with personal liability with a generous limit as well as cover for situations arising from actions by your household members or domestic helpers. 

#4 No-claims discount after 3 years

We hardly ever see insurers offering no claims discounts for home insurance plans, so it’s refreshing to see that AXA offers one. 

Although the discount is a modest 10%, and kicks in only after 3 consecutive claim-free years, it still presents savings for those sticking with the plan. 

Important exclusions to note

To guard against wilful claims and to allow it to function as intended, all insurance policies contain exclusions.

We have highlighted some of the key exclusions for AXA SmartHome Home Insurance, under which any claims will be rejected. For a full list of exclusions, be sure to refer to the policy documents.

  • Failure to take due care and precaution to safeguard property or belongings
  • Any loss or damage whilst your building is undergoing construction, renovation or repair
  • Wear and tear, gradual deterioration, rot, fungus, atmospheric conditions and vermin
  • Defective design, faulty workmanship or manufacturing faults
  • If HDB town council or management corporation strata title (MCST) is responsible for replacing or repairing the damage
  • Illegal or wilful acts or failure to act by you, your family or anyone legally allowed in the Building

Who is AXA SmartHome Home Insurance best for?

As we noted earlier, AXA SmartHome Home Insurance doesn’t come cheap. 

In exchange for the high premiums, you get an extensive plan that should cover most, if not all, common home and household hazards, ranging from catastrophic events like fire and flooding, to theft and robbery, as well as accidental damage and injury.

Additionally, this plan offers among one of the highest sum insured for residential properties, maxing out at $3 million. 

These features make this plan best suited for homeowners seeking a comprehensive insurance plan for high-value homes, who do not mind the relatively expensive premiums that come with the plan. 

Plan tiers, premiums and latest promotions

Below, we’ve summarised AXA SmartHome Home Insurance plan tiers for a quick and easy reference. The full details are available here

This plan is designed for homeowners, landlords and tenants, offering corresponding benefits towards liability and loss of rent for the latter two classes of policyholders. 

Do note there are two tiers available – Essential (Insured Perils) and Comprehensive (All Risks). The latter tier offers a greater degree of coverage by insuring against a wider range of risks; however, the items covered in both tiers are similar. 

Before signing up, it is best to contact a qualified AXA representative to determine which tier will best suit your needs.  

Item coveredSum insured
Building, fixtures, fittings and renovation Building: $100,000 to $3,000,000
Fixtures, fittings and renovation: max 25% of sum insured
Home contents $15,000 to $500,000
Alternative accommodation expenses Up to $15,000
Personal legal liability$500,000 
May increase to $2,000,000 with add-on
Loss of rent (landlords or tenants)Up to $15,000 
Household removalUp to $5,000
Emergency cash Up to $1,000
Loss of documentsUp to $1,000
Breakage of fixed glass and mirrorsUp to $5,000
Locks and keysUp to $750
Frozen food, loss ofUp to $750
Conservancy chargesUp to $1,000
Removal of debrisUp to $10,000 (apartment or HDB flat)Up to $20,000 (landed property)
Fire extinguishing costUp to $2,500
Professional feesUp to $10,000
Home quarantine allowance$100 per day for 14 days

How much does AXA SmartHome Home Insurance cost?

As an owner and occupier seeking building and fittings coverage of $500,000, and home contents cover of $90,000 for 1 year, the premiums are as follows. Do note this is after 40% discount:

  • Essential (Insured Perils): $166.98
  • Comprehensive (All Risks): $313.75

Visit the website to generate your own quotes according to your preferred protection levels. 

What promotions are there for AXA SmartHome Home Insurance?

If you’re going to sign up for a plan, don’t miss the following promotions. Do note that relevant terms and conditions will apply:

  • Apply from 1 to 31 October 2020 to receive 30% discount off your premiums and up to $200 in GrabFood vouchers. T&Cs apply.
  • Get $15 reward when you apply and pay via PayNow

How to claim 

Should you need to make a claim under your policy, you may do so via AXA’s website. There are several channels available, ranging from an online form, to manual submission, telephone calls and email. 

You may contact AXA via:

Read these next:
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FWD Home Insurance (Review): Comprehensive Cover At Low Premiums
Home Insurance Promotions And Discounts To Protect Your Home
Home Insurance: Why Is It Important And How Do You Compare The Best Plans?
5 Pieces Of Home Content You Can Claim Under Your Home Insurance (But Didn’t Know You Could)


By Alevin Chan
An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.