When it comes to your home, you’d always want to be adequately covered in case an emergency breaks out, like a home fire for instance. And no, they are not as unlikely as you may think.
In 2020, the SCDF’s annual report states that there were a total of 1,054 residential fire incidents reported — with the top three causes being unattended cooking, discarded items and faulty electrical wiring.
While folks who own a HDB flat and took up a HDB concessionary loan would have the standard-issue HDB fire insurance to fall back on, relying on that coverage alone is not nearly enough.
That being said, HDB and private homeowners alike should have a great home insurance plan in their arsenal that provides not just basic coverage but also complements your fire insurance plan in order to successfully widen your home protection beyond the basics.
After all, home insurance is akin to wearing a seat belt — you’ll want to be safely strapped should things go horribly wrong. Unfortunately, it’s hard to predict when a bump in the road may catch you off guard, and the damages it could leave in its wake.
- Common household mishaps
- What your basic HDB fire insurance covers
- Tiq Home Insurance product summary
- How to sign up
- How to claim
Common household mishaps
Home fires and their trail of (costly) destruction is something we’ve all heard of before, but what other household mishaps should we be aware of? This is important to know as only then could we keep an eye out for a great home insurance plan that offers protection from these events.
Some common household mishaps are:
- Bursting or overflowing of water pipes or household apparatus
- A fire that spread from your neighbour’s house
Bursting or overflowing of water pipes or household apparatus
While flooding is unlikely to happen in Singapore, flooding due to a water pipe malfunction is definitely within the realm of possibility, especially for aged flats. In which case, you may need to foot the bill for pricey renovation work such as restoring your flooring, carpentry, appliances and furniture in severe cases.
Unfortunately, some household mishaps are not accidents but crimes that you could fall victim to. It’s hard to think about it but our homes could be susceptible to violent and forcible break-ins, resulting in stolen valuables (think phones, jewellery, wallets, credit cards etc.). A great home insurance plan should cover the unauthorised transactions that could result from such theft cases.
A fire that spread from your neighbour’s house
Seeing as there are over a thousand house fire cases a year, it’s also possible to have your home damaged due to a fire that broke out in your neighbour’s home. Given how notoriously difficult it is to contain a house fire, one must always be aware of the risks that lurk even outside the home.
Alternatively, if a fire did start from your home and eventually spread to the house next door, the damages to your neighbour's property is unfortunately not covered by HDB fire insurance. As you’re liable for the damages caused, you’ll have to pay out of pocket to get your home plus your neighbour’s home back in tip-top shape.
What the basic HDB fire insurance covers
Unlike home insurance that covers your home contents and beyond, HDB fire insurance only provides basic coverage, namely:
- Cost of reinstating damaged internal structures and areas built by HDB (A.K.A. its original state)
- Does not include home contents such as furniture, renovation and personal belongings
As it concentrates on protecting the structural integrity of your home, it leaves everything within its walls such as your renovation, furniture, and belongings susceptible to liability.
Case in point: you would need to redo your home renovation plus purchase furniture and appliances from scratch, out of your own pocket. This doesn’t include your valuables that are steeped in sentimental value — the ones that can’t be as easily replaced with a swipe of a credit card.
A great home insurance plan should complement your basic fire insurance by filling the necessary gaps and providing extensive coverage that will ultimately spare you from possible financial ruin. One such plan you should consider is the affordable Tiq Home Insurance plan from Tiq by Etiqa.
Tiq Home Insurance, at a glance
If you’re looking for extensive coverage that’s easy on your wallet, you’ll find much to love about Tiq’s affordable home insurance plan. Here we take a closer look at this fuss-free policy.
|Item Covered||Sum Assured|
|Building||HDB: Up to $98,200 Private: Up to $2 million|
|Renovation||HDB: Up to $180,000 Private: Up to $1 million|
|Contents||HDB: Up to $120,000 Private: Up to $150,000|
|Emergency cash allowance||Homeowner/Landlord: Up to $5,000Tenant: Up to $500|
|Emergency home assistance||$200, up to 4 times a year|
|Personal legal liability (worldwide)||Homeowner/Landlord: Up to $1 million (for condos)Tenant: Up to $500,000|
|Valuables||30% of Content Sum Insured|
|Removal of debris^||10% of Renovation Sum Insured|
|Professional fees^||10% of Building and/or Renovation Sum Insured|
|Unauthorised transactions on stolen ATM or credit card||$1,000|
|Accidental breakage of mirrors and fixed glass^||$1,000|
^ Applicable only for Homeowner/Landlord
Tiq Home Insurance ensures that your home is sufficiently protected by going above and beyond your typical fire insurance coverage. Fun fact: Etiqa provides Financial Assistance Benefit that protects policy holders against the side effects of the COVID-19 vaccination.
Not only does it cover your most pressing needs (such as renovation and contents coverage) but if you opted for the 3-year and above plans, you can count on the folks at Tiq by Etiqa for 24/7 emergency home assistance (think plumbing issues, pest control), as well as emergency cash allowance of up to $5,000 in the event that your home is uninhabitable — perfect for lengthy hotel stays.
On top of that, homeowners would also appreciate the plan’s flexible coverage. Instead of a fixed amount, the maximum cover for valuables, removal of debris and professional fees are set at a percentage of your sum insured. Moreover, you can choose between a one, three or five-year plan — depending on your preference.
The plan’s flexibility is also seen in its slew of add-ons, ideal if you wish to tailor your coverage to fit your needs. For example, you can opt for Multi-appliance Home Protector, which provides coverage for repairs due to mechanical or electrical failures.
Comparison: Tiq Home Insurance vs HDB Fire Insurance
Here we compare the coverage that the two plans provide, and why we need both to fully protect our home.
|Fire Insurance||Tiq Home Insurance|
|Building, permanent fixtures and the structure of your HDB flat only||- Building
- Emergency cash allowance
- Emergency home assistance
- Worldwide personal legal liability
- Removal of debris
- Professional fees
- Conservancy charge
- Unauthorised transactions on stolen ATM or credit card
- Accidental breakage of mirrors and fixed glass
A quick glance at the coverage of each plan is a startling reminder that home insurance is a necessity. By relying on fire insurance alone, it could leave you to bear the huge costs of rebuilding your home to the way it once was all on your own.
On top of that, fires that break out in your home could potentially spread to other houses nearby — meaning you might need to foot the bill as compensation for the damage done to their home. With Tiq’s worldwide personal liability coverage of up to $1,000,000, rest assured that you’ll be sufficiently protected.
Price: Enjoy flexible coverage at affordable premiums
Besides its broad coverage and sufficient sums insured, Tiq Home Insurance’s affordable yearly premium is also a huge plus in our book. If you were to opt for the one-year plan for a HDB flat, the premium starts from S$67.92 a year. That’s about $5.66 a month! For the peace of mind it provides, you are certainly getting more bang for your buck.
Get an instant quotation based on your needs, housing type and profile by visiting this page.
How to sign up
If Tiq’s scope of coverage and affordable premiums sounds like your cup of tea, you may consider buying a Tiq Home Insurance plan.
Tiq Home Insurance is one newbie-friendly, flexible plan to take up, be it for new homeowners or those with a sudden realisation that HDB fire insurance doesn't quite cut it. Expect a comprehensive base plan that covers valuable home content, renovations and even financial fraud, at affordable premiums.
How to claim
Submissions for claims are quick and easy, all you need to do is log into TiqConnect (online self-service portal) and submit your claim online.
You may also contact Tiq by Etiqa via:
- Email: firstname.lastname@example.org
- Tel: +65 6887 8777
- Whatsapp: +65 6887 8777
This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K). Protected up to specified limits by SDIC.
Information is accurate as of 8 Mar 2021.
This article is written in partnership with Tiq by Etiqa Insurance.
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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