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.
Etiqa Tiq Home Insurance offers a simple way to ensure sufficient cover for your valuables, debris disposal and professional fees, by setting them at a percentage of your sums insured.
This results in a fuss-free policy that only requires you to choose your sums insured for contents and renovation.
Let’s have a closer look at Etiqa Tiq Home Insurance.
Pros and cons of Etiqa Tiq Home Insurance
|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
Etiqa Tiq Home Insurance is designed to help homeowners and tenants 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 insurance. However, there’s a deductible of the first $100 for each and every loss, and any one item is limited to a max claim of $1,000. As for artworks, fine glassware, tapestries and the like, each item is limited to a max claim of $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 $180,000 and $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 bank cards, benefits for lost cash, as well as up to $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
Etiqa 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 $25,000 cover against cyber extortion and such.
You can also boost your family’s accident cover – up to $50,000 more – with this plan.
Important exclusions to note
Before you sign up for Etiqa’s 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 authorized to gain access to Your Home.
2. Any loss or damage to the Building which the HDB or HDB’s appointed contractor has undertaken or is legally bound to repair or reinstate for those HDB properties insured under this policy.
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 for?
Homeowners, landlords and tenants looking 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, even inexperienced homeowners should feel comfortable choosing an appropriate level of benefits when signing up for the plan.
Plan tiers, premiums and latest promotions
We’ve summarised Etiqa 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 $98,000|
Private: up to $2 mil
|Renovation||HDB: up to $180,000|
Private: up to $1 mil
|Contents||HDB: up to $120,000|
Private: up to $150,000
|Emergency cash allowance||Homeowner or landlord: up to $5,000|
Tenant: up to $500
|Personal legal liability||HDB (Owner or tenant): Up to $500,000|
Private: Up to $1 mil
|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|
How much does Etiqa 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.
A 12-month plan for a HDB 3-room flat, with $50,000 home contents cover, and $80,000 renovations cover, the premium sits at just $91.58.
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 Etiqa 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:
Exclusive SingSaver Promotion: Use the promo code HOME15 to get 15% off when you apply from 1 Dec to 31 Dec 2020.
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: email@example.com
- Tel: +65 6887 8777
- Whatsapp: +65 6887 8777
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
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.