Tiq Home Insurance (Review): The Ideal Home Protection Plan

Alevin Chan

Alevin Chan

Last updated 14 September, 2023

A simple and elegant plan that’s likely to appeal to first-time homeowners or renters. 

Home protection insurance can be complicated, what with different claims limits and categories of claims. 

It can be easy to sign up for a plan with a face cover value in the millions, yet have insufficient cover for professional fees – for instance, by surveyors or architects hired to reinstate your building.

Tiq Home Insurance by Etiqa Insurance offers a simple way to ensure sufficient cover for your place of residence in Singapore. It provides assurance with flexible yet comprehensive coverage for homeowners, landlords and tenants.

Beyond your building, this home insurance plan also allows you to cover for your place of residence in Singapore. It provides assurance with flexible yet comprehensive coverage for homeowners, landlords and tenants. Beyond your building, this home insurance plan also allows you to cover your renovations, home contents and personal belongings. 

In addition, coverage for items such as valuables, debris disposal and professional fees, is set at a percentage of the policy’s sums assured, which removes a layer of guesswork.

This results in a fuss-free policy in which you only pay for what matters to you.

Let’s have a closer look at the plan. 

Table of contents:

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TIQ Home Insurance Promotion: Use promo code TIQSINGSAVER to get 20% off when you apply. Valid till 31 May 2024. T&Cs apply.


Pros and cons of Etiqa Tiq Home Insurance

Pros Cons
Easy-to-navigate plan with comprehensive cover Emergency cash allowance may be reduced according to the state of your premises
Sums insured tailored to typical needs, useful guide for new homeowners Emergency home assistance only included for plans 3 years or more
Base plan includes useful cover like emergency cash, ATM fraud, conservancy charges and more Maximum claim of $200 per piece for works of art, paintings, fine glassware and crystal, tapestries, antiques and other collectibles
Competitively priced and affordable  

Key features of Etiqa Tiq Home Insurance

#1: Easy to navigate and understand

Tiq Home Insurance is designed to help homeowners and tenants in Singapore get adequate home insurance cover without tripping over the details. For example, cover for debris disposal and professional fees are tagged at 10% of sum insured for renovation and/or building, instead of a fixed amount which may prove to be insufficient. 

Similarly, cover for personal valuables is tagged at 30% of the sum insured for contents. However, there’s a deductible of the first S$100 for each and every loss, and any one item is limited to a max claim of S$1,000. As for artworks, fine glassware, tapestries and the like, each item is limited to a max claim of S$200. 

#2: Sums assured not the highest, but should cover most instances

Another newbie-friendly feature of Tiq Home Insurance is the various sums assured. Although you won’t find extravagant benefits (i.e. cover for renovation and contents for HDB flats max out at S$180,000 and S$120,000 respectively), these relatively modest sums should cover most instances effectively.

Incidentally, this also helps inexperienced homeowners and tenants from over-insuring their homes and paying more than necessary. 

#3: Comprehensive base plan and attractive premiums

This home insurance plan not only covers most needs, it also adds in useful benefits that new homeowners may not think would be important. The base plan includes features such as protection against financial fraud arising from stolen credit cards, benefits for lost cash, as well as up to S$5,000 in emergency cash allowance.

Even with its comprehensive nature, the plan remains affordable and competitively priced. 

#4: Optional add-ons for cyber insurance and family accidental death protection

Tiq Home Insurance also provides some degree of protection against break-ins, recognising that cyber impersonation and fraud could be a costly result. You may choose to add S$25,000 cover against cyber extortion and such. 

You can also boost your family’s accident cover – up to S$50,000 more – with this plan. 

TIQ Home Insurance Promotion: Use promo code TIQSINGSAVER to get 20% off when you apply. Valid till 31 May 2024. T&Cs apply.


Important exclusions to note

Before you sign up for Tiq Home Insurance policy, do take note of the following noteworthy exclusions. For a full list of exclusions, be sure to refer to the policy documents.

Notable general exceptions:

1. Any loss, damage or injury arising from or contributed to by gross negligence, criminal dishonest, fraudulent, malicious or wilful act or omission by You or any member of Your Household or anyone who is authorised to gain access to Your Home.

2. Any loss, damage or injury arising from or contributed to by gross negligence, criminal dishonest, fraudulent, malicious or wilful act or omission by You or any member of Your Household or anyone who is authorised to gain access to your condominium, apartment, house among others. 

3. Any loss or damage to the Building which the MCST or MCST’s appointed contractor has undertaken or is legally bound to repair or reinstate for private homes insured under this policy.

4. Loss or damage by pressure waves caused by aircraft or other aerial devices travelling at sonic or supersonic speeds.

5. Any loss or damage to Your property or Your liability to third party for bodily injury or property damage directly or indirectly caused by or attributed to the presence, growth, proliferation, spread or any activity of Fungi, Wet or Dry Rot or Bacteria.

 

 


For whom is Etiqa Tiq Home Insurance best suited for?

Etiqa Tiq Home Insurance is ideal for homeowners, landlords and tenants in Singapore. Anyone llooking for a reasonably comprehensive home insurance plan with benefits, while wishing to avoid getting bogged down by details, should take a closer look at the Tiq Home Insurance Plan.

Even without add-ons, the plan provides benefits that should cover most of you and your family’s needs across a variety of events, from accidental fires to home break-ins, yet doesn’t tempt you with overly high sums insured which could lead to overspending. 

As a result, this could stand out as one of the best home insurance plans for inexperienced homeowners looking for an appropriate level of benefits and scope of coverage when signing up for the plan. 

 

TIQ Home Insurance Promotion: Use promo code TIQSINGSAVER to get 20% off when you apply. Valid till 31 May 2024. T&Cs apply.



 


Tiq Home Insurance for HDB Owners

HDB homeowners can opt for a wide range of claims limits for building, renovation and content cover. By having separate claims limits instead of an overall sum assured, policyowners can have greater freedom and flexibility to finetune their coverage. 

Another useful benefit is the emergency cash allowance, which provides some extra funds for basic necessities, alternative accommodation and replacement of locks. 

Building
S$29,000 - S$106,200
Renovations
S$20,000 - S$180,000
Contents
S$15,000 - S$120,000
Emergency cash allowance
Up to S$5,000

Tiq Home Insurance for Private Property Owners

Owners of condominiums and smaller landed properties will find Tiq Home Insurance to be an adequate fit in many cases. 

The plan offers separate claims limits for building, renovation and contents coverage, with sums assured that should be appropriate for all but the most extravagant homes. 

Private property owners are also entitled to the same level of emergency cash allowance as HDB home owners..

Building
S$300,000 - S$2,000,000
Renovations
S$100,000 - S$1,000,000
Contents
S$50,000 - S$150,000
Emergency cash allowance
Up to S$5,000

Tiq Home Insurance for Landlords

Landlords who rent their homes out for income will also appreciate the flexibility accorded by the policy’s three-way structure for building, renovations and contents coverage, which are offered at the respective levels for HDB and private properties. 

Additionally, this plan also includes features that are particularly beneficial to landlords, such as personal liability cover (up to S$1 million), and emergency home services allowance (up to S$200 and 4 times per year).


Tiq Home Insurance for Tenants

This plan also makes for a dependable option for tenants, as it strips away unnecessary benefits and focuses only on those that matter. For example, you won’t need to pay for building and renovation cover, as these are traditionally under the purview of the landlord or owner. 

One drawback is that the emergency cash allowance for tenants is severely reduced, so it's a good idea to have some personal savings to fall back on during a crisis. 

Contents
S$15,000 - S$120,000
Emergency cash allowance
Up to S$500

Tiq Home Insurance - Plan tiers, premiums and promotions

We’ve summarised Tiq Home Insurance plan in the table below. The full details are available here

Benefits Sum insured - Base plan Sum insured - Add on
Building HDB: up to $106,200
Private: up to $2 mil
N/A
Renovation HDB: up to $180,000
Private: up to $1 mil
N/A
Contents HDB: up to $120,000
Private: up to $150,000
N/A
Emergency cash allowance Homeowner or landlord: up to $5,000
Tenant: up to $500
N/A
Personal legal liability HDB (Owner or tenant): Up to $500,000
Private: Up to $1 mil
N/A
Valuables Up to 30% of contents sum insured N/A
Unauthorised transactions on stolen bank cards Up to $1,000 N/A
Personal cyber insurance N/A Up to $25,000
Family accidental death  N/A Landlords/owners only: Up to $50,000

 

TIQ Home Insurance Promotion: Use promo code TIQSINGSAVER to get 20% off when you apply. Valid till 31 May 2024. T&Cs apply.

 

 

 


How much does Tiq Home Insurance cost?

As one of the more attractively priced home insurance plans available, you can expect low yearly premiums. Although there are low sums insured available, being under-insured is also not ideal. Be sure to balance your budget against your needs. 

For an HDB flat, with S$61,000 building coverage and S$35,000 household content coverage, the premium sits at just S$67.92 per year (with 8% GST).

Want to build your own policy according to your needs and circumstances? You can do so by visiting this page


What promotions are there for Tiq 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:

TIQ Home Insurance Promotion: Use promo code TIQSINGSAVER to get 20% off when you apply. Valid till 31 May 2024. T&Cs apply.

How to claim 

Should you need to make a claim under your policy, you may do so at Etiqa’s personal claims page. Follow the online instructions to sign in and submit your claim.

Alternatively, you may contact Etiqa via:

  • Email: customer.service@etiqa.com.sg
  • Tel: +65 6887 8777
  • Whatsapp: +65 6887 8777

Protected up to specified limits by SDIC.

Note: This is only product information provided. You may wish to seek advice from a qualified adviser before buying the product. If you choose not to seek advice from a qualified adviser, you should consider whether the product is suitable for you. Buying an insurance product that are not suitable for you may impact your ability to finance your future healthcare needs.

If you decide that the policy is not suitable after purchasing the policy, you may terminate the policy in accordance with the free-look provision, if any, and the insurer may recover from you any expense incurred by the insurer in underwriting the policy.


Read these next:
Home Insurance Promotions And Discounts To Protect Your Home
Home Insurance: Why Is It Important And How Do You Compare The Best Plans?
Guide to Renovation and Interior Design Comparison Platforms in Singapore
Attention, HDB Flat Owners: 10 Things You Need To Know About The Home Protection Scheme
Etiqa eProtect Maid Insurance (Review): High Coverage At Attractive Rates

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.

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