Your personal belongings are a big part of what makes a home. Between AIG and Singlife which offers the best home insurance plan that protects your home’s contents?
For the average Singaporean, a residential property is one of the most valuable assets to own. So, it makes sense to protect it with an adequate insurance plan.
The good news is home insurance plans in Singapore are relatively affordable due to how saturated the market is. Moreover, this has prompted insurance companies to offer a variety of policies and benefits to differentiate themselves from each other.
Thus, to help you narrow down your options, we will be comparing three home insurance plans that can best protect your home and belongings – AIG Home Insurance and Singlife Home Insurance (formerly Aviva).
AIG Home Insurance vs Singlife Home Insurance
|Home insurance plans||Key features|
|AIG Home Insurance||HDB flats|
– Enhanced Public Housing Contents Insurance (EPHCI)
– Public Housing Protection Plan (PHPP)
– Homes Advantage Package Plan (HAP)
– Homes Advantage Plan (HA)
Home contents only
– Homes Complete (HC)
– Home contents cover up to S$50,000 (HAP) or customised sum insured (HA)
– Building cover up to S$225,000 (HAP) or customised sum insured (HA)
– Personal accident: Not covered
– Personal liability: Up to S$1 mil, worldwide
HDB flats and home contents only
– Home contents cover up to S$150,000 (EHCPI), S$50,000 (PHPP), S$100,000 (HC)
– Building coverage up to S$100.000 (EHCPI, depending on flat type), S$250,000 (PHPP, depending on flat type)
– Personal accident coverage up to S$20,000 (EHCPI and HC), S$30,000 (PHPP)
– Alternative accommodation: Up to S$20,000 (EHCPI), S$7,500 (PHPP), S$10,000 (HC)
– Personal liability: Up to S$400,000 within Singapore (EHCPI), S$500,000 worldwide (PHPP), S$200,000 worldwide (HC)
Suitable for homeowners, tenants and landlords
|Singlife Home Insurance||Three plan tiers|
– Home Lite
– Home Standard
– Home Plus
Home contents coverage: Up to S$100,000
Renovation coverage: Up to S$100,000
Alternative accommodation: Up to S$12,000
Medical expenses: Up to S$3,000
Emergency cash allowance: Up to S$1,000
Personal liability: Up to S$250,000
No separate plan for home contents only
Suitable for homeowners, tenants, and landlords
What these home insurance plans have in common
AIG Home Insurance and Singlife Home Insurance both offer insurance coverage for home contents (personal belongings, furniture and appliances, valuables, etc.) and renovations.
Both plans also include alternative accommodation benefits whenever your home is being repaired or becomes temporarily uninhabitable. Do note, however, that each plan offers different levels of benefits.
Additionally, both plans are available on a single annum basis. However, AIG offers a discount if you sign up for multi-year plans (selected plans only).
Barring any specialised needs, any of these home insurance plans will likely meet the needs of homeowners, tenants, and landlords.
How these home insurance plans differ
#1 Number of plans/tiers available
AIG Home Insurance is available in five different insurance policies. There are two policies for HDB flats, two for private properties, and one for home contents cover only. Homeowners may choose plans according to their property type, while tenants have the option to insure just their belongings.
Singlife Home Insurance is available in three different tiers with no demarcation between property types. All three tiers are suitable for HDB flats and private properties. The higher tier plans, however, may be best suited for Singaporeans who invested a lot in their property.
#2 Home contents cover limits
|Plan||Homes content cover limit|
|AIG Home Insurance||Private property: Choose your own limit|
HDB: Up to S$150,000
|Singlife Home Insurance||Up to $100,000|
AIG Home Insurance offers private property owners the option to choose their own limit under the Homes Advantage plan. This is an attractive plan for anyone with costly possessions. On the other hand, those staying in HDB flats can receive up to S$150,000 in household content under the Enhanced Public Housing Contents Insurance plan.
Singlife Home Insurance offers up to S$35,000, S$50,000, and S$100,000 of home contents coverage across its three plans respectively. These plans cover a wide swathe of different property types and sizes.
#3. Building and renovation cover limits
|Plan||Building and renovation cover limit|
|AIG Home Insurance||Private property: Up to S$225,000, or choose your own limit|
HDB: Up to S$250,000
|Singlife Home Insurance||Up to S$100,000 (renovation only)|
AIG offers coverage for building and renovation. Singlife, on the other hand, only covers renovations.
Building coverage includes damages from incidents such as fire and other disasters. This will cover repairs under the ‘building benefit’ portion of the home insurance plan. As such, it would be prudent to consult Singlife regarding other options for this before signing up.
As with home contents, AIG Home Insurance allows private property owners to choose their own building and renovation coverage limits under Homes Advantage. Meanwhile, the Home Advantages Package plan can insure private homes for up to S$225,000 in building and renovation costs. HDB owners can receive up to the same amount in building benefits, depending on the size of your flat.
Singlife Home Insurance’s two highest tiers can cover up to S$100,000 while its lowest tier is capped at S$75,000. As noted above, this plan only covers renovations, fittings, and furnishing.
#4 Personal accident and personal liability
|Plan||Personal accident and personal liability|
|AIG Home Insurance||Personal accident:|
– Private property: Not covered
– HDB: Up to S$500,000
– Private property: Up to S$1 million
– HDB: Up to S$30,000
|Singlife Home Insurance||Personal accident: Not covered|
Personal liability: Up to S$250,000 (family, worldwide)
Including personal accident benefits and personal liability coverage in your home insurance can protect you, household members, or tenants from injuries or accidents within your property.
AIG Home Insurance offers personal accident benefits for up to S$20,000 (for Homes Complete, EHCPI) and S$30,000 (for PHPP). This, however, is not applicable to the private property plans (Homes Advantage, Homes Advantage Package).
For personal liability, AIG offers up to a S$1 million worldwide coverage for private property plans (Homes Advantage and Homes Advantage Package). For HDB owners, it offers up to S$400,000 of local coverage under EHCPI, and S$500,000 of worldwide coverage under PHPP. Homes Complete subscribers will receive up to S$200,000 of worldwide coverage.
Singlife Home Insurance doesn’t include personal accident benefits in its home insurance plans. However, it covers family worldwide liability for up to S$250,000.
Conclusion: AIG or Singlife – which home insurance plan should you get?
AIG Home Insurance offers the widest variety of coverage types and limits. It is the only insurer to offer different plans for private property and HDB flats. It even offers coverage for home contents only, which can be ideal for tenants.
Being able to choose your own limits for your private properties’ home contents, building, and renovation coverage is one of the key highlights of AIG Home Insurance.
Meanwhile, Singlife Home Insurance offers a more streamlined set of plans. The lowest-tier is narrower in scope and coverage limits; it only covers the most basic needs. Luckily, the two higher-tier options offer robust protection for homeowners.
So which one should you choose?
Well, despite their differences, both home insurance plans can reliably protect your home and its contents. As with all insurance policies, the best one provides coverage that fits the value of your home and belongings at a reasonable premium.
Read these next:
5 Pieces Of Home Content You Can Claim Under Your Home Insurance (But Didn’t Know You Could)
Home Insurance Promotions And Discounts To Protect Your Home (May 2022)
Home Insurance: Why Is It Important And How Do You Compare The Best Plans?
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.