Home Insurance Promotions And Discounts To Protect Your Home (July 2024)

Owner-occupiers, landlords and tenants, a heads up: These are some of the hottest home insurance promotions in the house right now.

Best Home Insurance Plans in Singapore on SingSaver

AIG Enhanced Public Housing Contents Insurance (For HDB only) | AIG Homes Complete Insurance | AIG Home Advantage Package | MSIG Enhanced HomePlus | Singlife Home Lite | FWD Home Insurance | TIQ Home Insurance | Sompo HomeBliss | Great Eastern Home Protect

Are you an owner-occupier, landlord, or tenant? Regardless which one you are, you will benefit from home insurance. As we’ve discussed in our comprehensive guide to home insurance, home insurance is so much more than the basic fire insurance you must get if you are an HDB flat owner. Insurers also run different home insurance promotions from time to time.

But with so many choices out there, which is the best home insurance plan for you? There is no one-size-fits-all answer—it all depends on your individual circumstance. A landlord’s and a tenant’s coverage needs are different.

To help you make the right choice, we have compiled a list of the best home insurance plans on the market and rated them by category.

(For HDB Only) AIG Enhanced Public Housing Contents Insurance: Complete protection for home content and renovation

AIG's Enhanced Public Housing Contents Insurance is a home insurance policy that is specially tailored for HDB homeowners only. For a low sum of S$0.20 a day (S$75.06 for a 1-year premium), homeowners can receive coverage for up to S$691,200.

Benefits of this policy include household contents (up to S$150,000), bill relief protector (up to S$1,200), personal liability (up to S$400,000) and loss or damage of building (up to S$100,000).

Before applying, do note that the sum assured is fixed and you aren't able to pay additional premiums to increase it. It also doubles as a supplement to your existing Fire Insurance policy as it covers renovation items, home articles, valuables and personal liability - which are benefits not covered under Fire Insurance policies.

Lastly, they also have complimentary HomeCare services that allow you to receive up to 3 complimentary services of up to S$150 for each policy year. These include locksmiths, plumbers, electricians, pest control and air-con repair.

AIG Homes Complete Insurance: Home content coverage with global identity fraud protection

Are you worried about you or your family becoming a victim of identity theft? If you are, AIG's Homes Complete Insurance policy should offer you a peace of mind.

For just S$13.12 a month, homeowners can receive up to S$372,000 in coverage for home content, global identity fraud protection, and other personal protection.

Benefits included in this policy include Household Content (S$100,000), Worldwide Identity Fraud (S$5,000 to S$10,000 per occurrence), Worldwide ATM Assault and Personal Effects (S$1,000 to S$2,000 per occurrence), Worldwide Personality Liability (S$200,000) and Worldwide Personal Accident (S$20,000).

Similar to AIG's Enhanced Public Housing Contents Insurance, homeowners will also enjoy up to 3 complimentary HomeCare services of up to S$150 for each policy year. These services include locksmiths, plumbers, electricians, pest control and air-con repair.

AIG Homes Advantage Package: Premiums with all-risk contents coverage

With AIG's Homes Advantage Package, you won't have to worry about the clauses of their content coverage as their main selling point is their all-risk cover. Not only do they cover the basics like loss or damaged items stored in a storage facility and medical bills from any injury caused by robbery, but they also insure you against a loss of personal cash and even frozen food spoilage. The coverage for contents is at S$20,000, S$35,000 and S$50,000 for the different premium tiers.

Aside from their all-risk content coverage, they have their new Bill Relief Protector that covers up to S$3,000 of your utility bills in the event of unforeseen circumstances like retrenchment. They also provide alternative accommodation benefit of up to 10% of the sum insured for the building, 20% of the sum insured for contents or S$20,000, whichever is the lowest.

Like the other AIG home insurance policies, homeowners will enjoy up to 3 complimentary HomeCare services, such as locksmiths, plumbers, electricians, pest control and air-con repair, of up to S$150 for each policy year.

MSIG Enhanced HomePlus: Maximum coverage for owner-occupiers

MSIG’s Enhanced HomePlus plan is suitable for those emphasising maximum coverage over cost. There’s S$1 million in worldwide personal legal liability coverage, up to S$75,000 death benefit (from accidents in the home), emergency cash allowances, and even coverage for fraudulent use of ATM and credit cards taken from your home.

However, while the additional coverage options are great, the maximum coverage for contents and renovation tops out at S$120,000 and S$150,000, respectively. It is one of the more expensive plans on the market, and some might even find the cost too high despite the level of coverage provided. And tenants and landlords might find this plan too inflexible since both renovation and contents coverage are automatically included.

Ultimately, it is a matter of priorities. If having the highest level of coverage possible is of much greater priority than an additional S$100+ in annual premiums, then this might just be the plan for you. After all, we do have a deal for you.

Read our full review of MSIG's home insurance here.

Singlife Home Lite: Basic and budget-friendly insurance plan

Sometimes you just want a home insurance plan that has zero frills and is the friendliest to your wallet. If that describes you, then Singlife Home Lite might just be the plan you are looking for. While Singlife also offers higher-tier options, the basic Home Lite plan has one of the lowest, if not the lowest, premiums on the market today.

Contents and renovation coverage start at S$35,000 and S$75,000, respectively, for the Home Lite and reaches up to S$100,000 for both in the highest tier plan. However, this plan is bare bones, and covers only the essentials (it does however still include alternative accommodation and personal legal liability benefits). If you are looking for higher or a wider scope of coverage, you might prefer other plans.

Read our full review of Singlife's home insurance here.

FWD Home Insurance: Excellent value for your money

FWD Home Insurance may be one of the most competitive options out there when it comes to the coverage versus cost equation. Depending on the tier, contents coverage can range from S$20,000 to S$100,000 and renovation coverage from S$20,000 to S$100,000. For landed property owners the maximum coverage is S$100,000 for both (plus additional building coverage of up to S$1 million).

It is also a flexible plan. Landlords can opt for coverage for loss of rent and even legal disputes with tenants. Tenants will also find this FWD a very cost-effective option, with contents coverage of up to S$100,000 plus tenant-specific coverage over things like accidental damages and legal disputes.

Despite its value, one thing to be aware of is its relatively low coverage sub-limit for valuables, capped at S$1,000. But if that is not an issue, and you are looking for balanced coverage that is excellent value for money, FWD Home Insurance is a good option for you.

Read our full review of FWD's home insurance here.

TIQ Home Insurance: A flexible and cost-effective insurance plan

TIQ’s Home Insurance is a good option if you are looking for a plan that provides high essential coverage at one of the lower premium costs on the market. HDB owners can have contents coverage as high as S$120,000 and renovation coverage up to S$180,000. 

For private property, these amounts can reach S$150,000 and S$1 million, respectively. On top of that, the plan also provides emergency cash allowances of up to S$5,000, emergency home assistance, as well as coverage for personal legal liability, fraudulent transactions, and professional fees.

In many ways, TIQ’s Home Insurance and FWD’s Home Insurance are very comparable. It provides high amounts of essential coverage at low costs, with the only trade off being that the coverage is not the most comprehensive.

Allied World Home Protector 360: Premium and comprehensive coverage

Without using any home insurance promotions, Allied World’s Home Protector 360 policy is at the upper end of the price range. Despite this, the maximum contents coverage is still relatively low at S$90,000. However, coverage for valuables is top notch, starting at S$15,000 and reaching S$45,000 with a S$3,500 limit per item.

Further, the other coverage options are much more comprehensive, and the plan also offers an extensive number of add-ons (with high coverage values) such as for pets and home loan protection. If you have a lot of valuables in your home and don’t mind the additional costs, this may be a suitable plan for you.

Sompo HomeBliss: A premium and customisable option

Sompo’s HomeBliss is one of the more premium options on the market. But what you get for higher premiums are more extensive coverage—the plan includes coverage for your pets, loss of rent, cash relief, and greater coverage amounts for things like locks, keys, and home security systems.

While the plan is also very customisable, Sompo makes choosing easy with specific options for landlords, tenants, and owner-occupiers. For those who are willing to pay higher premiums for more extensive coverage, Sompo may be a good choice. On the downside, for the premiums charged, contents coverage is relatively low, topping out at S$60,000 for owner-occupiers.

Great Home Protect: Superior Plan for comprehensive protection

The Great Home Protect insurance plan offers comprehensive coverage tailored for homeowners, tenants and landlords. It includes worldwide personal liability coverage of up to S$500,000. Additionally, it provides practical benefits such as emergency cash of up to S$1,000 if your home becomes uninhabitable due to fire, and up to S$15,000 for alternative accommodation. 

One of the standout features of the Great Home Protect insurance is its first-loss protection. This means that, in the event of a claim, the full sum insured is claimable. For instance, if the sum insured is S$50,000, you can claim the entire amount.

However, the policy excludes coverage for loss or damage to electrical appliances and equipment due to certain issues unless caused by fire or lightning, as well as losses during renovation work, repairs, or if the home is unoccupied for 60 days or more without written agreement from Great Eastern.

Use SingSaver to find the best home insurance (including promotions and discounts)

We hope this has helped clarify your home insurance options in Singapore. Head on over to our home insurance comparison page for an ‘at a glance’ comparison, plus a chance to enjoy significant discounts and cash back.

 

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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.

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