As a new house owner of a BTO flat, you might be very confused about the different type of home insurance available.
Hopefully this post will help in answering your questions.
Upon collection of keys, you will be asked to go to Level 2 of the HDB building to get your Fire Insurance.
There are two types:
- HDB Fire Insurance: is the basic fire insurance cover for your flat. It is mandatory to purchase the HDB Fire Insurance policy when you take up an HDB housing loan. What it covers: the cost of reinstating damaged internal structures, fixtures, as well as areas built and provided by HDB, but excludes household contents. (https://www.etiqa.com.sg/personal/general-insurance/property/hdb-fire-insurance)
2. Home Content Insurance: it covers for renovated items and household contents and many more. It is not mandatory and you can choose any insurer of your choice. There are two types: Insured Perils and All Risk.
(a) Insured Perils – Only covers a few scenarios under the list of insured perils
(b) All Risk (except those which are specifically excluded in the policy)
Some examples from Insurance Companies:
Disclaimer: Do check their policy wordings for any terms and conditions.
Insured Perils – Enhanced HomePlus Insurance (https://www.msig.com.sg/lifestyle/product.asp?pageid=3201)
All Risks unless specifically excluded – Home Insurance (https://www.msig.com.sg/Lifestyle/product.asp?pageid=3202)
Insured Perils – Enhanced Homeowner Insurance (https://www.etiqa.com.sg/personal/general-insurance/property/home-content-insurance)
All Risks unless specifically excluded – They only have it for commercial building, not for residential.
Insured Perils – Enhanced Public Housing Contents Insurance: Focus more on protection of Home Content (http://www.aig.com.sg/personal/home-insurance/enhanced-public-housing-contents)
Or Public Housing Protection Plan: Focus more on protection of Building (http://www.aig.com.sg/personal/home-insurance/public-housing-protection-plan)
All Risks unless specifically excluded – Homes Advantage Package: do not confuse this with Home Advantage (http://www.aig.com.sg/personal/home-insurance/homes-advantage-package)
Some is packaged as Building+Home Content, while some is Home Content only. If you are unsure, feel free to Whatsapp me at 81029976 so that I will be able to find something that suits your needs.
Have a lovely weekend!
Your Dreams. My Goal. ♥