Singapore Expats

I don't think every insurance company necessarily has that "average clause." I like FWD's home insurance b/c it's cheap and has really great value. Didn't see any thing like that in their policywording: https://www.fwd.com.sg/uploads/sites/1/ ... nature.pdf

flood risk is pretty low in sg, but it could be slightly worse for landed properties. flash floods do happen often enough. should exect to spend about $200-600 per year for home insurance for landed property.

archcherub wrote: ↑

Fri, 24 May 2019 2:05 pm

3carlos wrote: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

I don't think every insurance company necessarily has that "average clause." I like FWD's home insurance b/c it's cheap and has really great value. Didn't see any thing like that in their policywording: https://www.fwd.com.sg/uploads/sites/1/ ... nature.pdf

flood risk is pretty low in sg, but it could be slightly worse for landed properties. flash floods do happen often enough. should exect to spend about $200-600 per year for home insurance for landed property.