Home Contents Insurance

[skooch]

Hi,
Could anyone recommend a good home insurance policy ? I have been looking at the main ones from AXA, DBS and HSBC and they all seem so different. I also noticed that there is no real cover for accidental damage within the home, is this the norm for Singapore ?
Also, because I rent, is the insurance transferable to a new property when I move house ?

Thanks

[Pleased]

Dear Skooch,

Home Contents Insurance includes a few types:
- those that insure only moveable items like valuables etc
- or those that also includes the fixtures and fittings.

As for your question regarding coverage for accidental damage within the home, it depends on what kind of accident you are talking about. For instance, if you mean accidents due to your accidentally breaking a glass chandelier because you were practicing tennis in your room, then you wouldn't be able to find such coverage because anyone who wants to replace his chandelier for free could do that and get reimbursement.

Generally, home contents insurance are issued on a named perils or all perils basis.
- In a named perils policy, the document would state to you what you are insured against. Anything that is not stated in the named perils section or excluded in the exclusions section would not be covered.
- In a all perils policy, anything that is not specifically mentioned in their exclusions section are deemed to be covered.

If/when you move house, you would have to inform your insurer and they would either raise or lower your premium depending on the condition/housing type/location of your new place in relation to your old place. That, or you might get a proportional refund on the policy term remaining and then you'd have to draw up another policy based on your new accommodation settings.

post sanitized by moderator

[InTheBlue]

Skooch - did you get a good policy in the end? I am looking for one now.

[chipandputt]

This is interesting.. i'm considering one myself !

[InTheBlue]

Is there anyone out there that has thought about cheaper insurance for the members of this site as a group? I'm sure one of the insurers will give us a group discount.

[sundaymorningstaple]

Nice thought, but at the same time, it would be like the auto scam with the insurance policies here. Especially some of our members who are always trying to find an "easy" way, or wanting answers to "tests" to ensure passability through immigration. I doubt that the insurers would go for something like that. They make us jump through hoops now with corporate group policies as it is.

[InTheBlue]

Shame that with all the people on this forum, we can't work out a way to help ourselves but typical of the insurance companies to make it difficult.

[InTheBlue]

So what was the result Skooch as there are a couple of us still looking around?

[matchy]

Hi,
Could anyone recommend a good home insurance policy ? I have been looking at the main ones from AXA, DBS and HSBC and they all seem so different. I also noticed that there is no real cover for accidental damage within the home, is this the norm for Singapore ?
Also, because I rent, is the insurance transferable to a new property when I move house ?

Thanks

it is very subjective to the term accidental damage as you could be the main culprit destroying the item to get a claim....so the insurance company do not wan to take the risk in such situation.

but if you talking about those damage caused by REAL damage like fire outbreak or floods, the insurance company will still honour

[nakatago]

Hi,
Could anyone recommend a good home insurance policy ? I have been looking at the main ones from AXA, DBS and HSBC and they all seem so different. I also noticed that there is no real cover for accidental damage within the home, is this the norm for Singapore ?
Also, because I rent, is the insurance transferable to a new property when I move house ?

Thanks

it is very subjective to the term accidental damage as you could be the main culprit destroying the item to get a claim....so the insurance company do not wan to take the risk in such situation.

but if you talking about those damage caused by REAL damage like fire outbreak or floods, the insurance company will still honour

Please stop replying with your non-sensical posts. You're posting to old threads and not adding to the conversation--neither content nor color. I've also seen that you've done this in other Singapore forums as well.

You have enough posts to send PM so you might as well send the PM to that person.

However, the moment we find out you're going to spam or solicit anything--publicly or privately--you will be banned.

-Moderator

[Mi Amigo]

You ca try different insurance companies offering good plans. You may contact me at spammer@hotmail.sg and I could advice you.

So which part of the 'no soliciting' rule is it that you don't comprehend?

[archcherub]

may i ask whats the norm for covering of home insurance like this? usually home insurance for a landed property in singapore costs how much? not much flooding risks in singapore right?

[3carlos]

You can probably get one for about $2xx-$3xx/year.
Do avoid going for something too cheap:

1. All Risk (whatever is not excluded is covered) versus Insured Peril (you are covered if the event is listed) - obviously Insured Perils is cheaper

2. Insurer won't stop you from buying low cover, but there is a clause called Average Clause - property worth $1m but you bought $500k cover? Then your payout will be in that proportion as well

3. Fire insurance only - need your structure to be damaged before pay out, can normally cost even a few dollars a year for HDB (but no home contents are covered)

Cheers!

[archcherub]

You can probably get one for about $2xx-$3xx/year.

2. Insurer won't stop you from buying low cover, but there is a clause called Average Clause - property worth $1m but you bought $500k cover? Then your payout will be in that proportion as well

Cheers!

wow. i never thought of this.
I thought you will just be covering yourself for $500k (instead of the $1m)
isn't that reasonable since you are paying the premium for $500k max coverage.

sometimes i wonder if only lawyers understood policy terms and conditions

[3carlos]

It is the duty of your advisor to let you know. This is normally only for landed property - it can be waived for HDB / apartments depending on insurer. Good to know and check when buying.