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What should a homeowner/ tenant/ landlord take note of before buying home insurance?


A homeowner/tenant/landlord should decide if they wish to purchase an “All Risks” or “Insured Peril” cover.“All Risks” home insurance covers accidental loss or damage that is not specifically excluded in the policy. Examples of excluded risks include wear and tear, damage caused by insects, termites, etc.“Insured Peril” home insurance covers damages caused by any of the Insured Perils, such as fire, lightning, theft, explosions etc.Homeowner/tenant/landlord should also take note if their home insurance is a “First Loss” or “Average” policy. “First Loss” policy provides protection up to the maximum sum insured without penalization for underinsurance. Full declaration of the value of the buildings and contents are not required and payout will be paid up to the sum insured. For “Average” policy, there must be full declaration of the total value of the buildings and contents; otherwise, you will not receive the full benefit.




Who is eligible to purchase Home Insurance?


Home Insurance is open to anyone (Landlords, Tenants, Homeowners) residing in any HDB, Condominium or Landed Property use for residential purposes.




What is an “Excess”?


An Excess is the first amount of any claim you have to bear. For example, if your claim for home contents damaged is S$1,000, and your excess is S$100, you will need to pay the first S$100 and the balance of S$900 can be claimed from the policy.




I am already insured under HDB Fire Insurance Policy / Management Corporation Strata Title (MCST) Cover, should I still take up additional Home Insurance cover?


Yes, you can. This is because the compulsory HDB fire insurance / MCST insurance covers only the internal building structure, fixtures and fittings based on the original standards of HDB flat / condominium when it is handed over to the first lessee.You can take up this plan to cover your personal contents and any additional renovations or improvements which you have made to your home.




Who should consider buying Home Insurance?


Home Insurance is suitable for property owners, landlords and tenants to insure their home premises and/or household contents, renovations and other personal effects belonging to you and/or your family members.




What am I insured for under Renovations?


Renovation refers to any fixture, installation or addition for improvement, decoration or betterment within your home made by you in the form of fixtures and fittings (including flooring, built-in wardrobes and air-conditioners), but does not include any part of the Building.




What am I insured for under Contents?


Renovation refers to any fixture, installation or addition for improvement, decoration or betterment within your home made by you in the form of fixtures and fittings (including flooring, built-in wardrobes and air-conditioners), but does not include any part of the Building.




What are valuables?


Valuables refer to jewelry, watches, pens, antiques, paintings, furs, works of art, curios, stamps or coin collections.




How much are the valuables insured for?


(a) liability for loss or damage to Valuables shall not exceed: • S$2,000 for any one article unless specially agreed and specified in the Schedule; and • 35% of the total Sum Insured under Contents as specified in the Schedule unless specially agreed and specified in the Schedule. (b) liability for loss or damage to laptop computers including accessories and batteries shall not exceed S$2,000 unless specially agreed and specified in the Schedule. (c) liability for loss or damage to Bicycles shall not exceed S$1,000 unless specially agreed and specified in the Schedule. (d) portable communication devices shall not exceed S$500 unless specially agreed and specified in the Schedule.




Are my valuables covered when I bring it outside of my home?


Home insurance covers valuables kept within your home.




Is damage caused by bursting of water pipes and tanks covered?


Yes. We will cover the loss or damage to your renovations or contents caused by bursting of water pipes or tanks within your home. However, we do not cover the loss or damage to the pipes and tanks or the expenses to trace any leakage.




Is my car covered under the home policy if it is parked in my garage?


No. Motor vehicles and its’ accessories are not covered under the home policy.




Can I as a tenant of a rented apartment still purchase Home Insurance?


Yes. You as a tenant of the rented apartment can purchase Home Insurance to cover the contents and personal effects belonging to you and your family living with you.




As a landlord who has rented out my property, does my Home Insurance also insures the belongings of my tenant?


No. The belongings of your tenant will not be covered under Home Insurance. As a landlord, your policy only covers your property and things that belongs to you. You should urge your tenant to take up a separate home insurance to cover his/her contents.




What does the Worldwide Personal Liability cover?


This Home Insurance will cover you and your family member up to $500,000 for any legal liability that cause accidental death or bodily Injury to third party and/or accidental damage to someone else’s property.Legal cost and expenses for litigation recovered and legal defense incurred are also covered.We cover you anywhere in Singapore and Worldwide within 90 consecutive days of travel.




How do I determine the Sum Insured for the Building and Renovations of my property?


You can refer to General Insurance Association website as a general guide for the replacement cost of your private property. Alternatively, you can seek professional advice from a qualified property valuer or quantity surveyor. The Sum Insured should be Renovations the current cost of replacing the renovations at your premises. You can use the price you paid for your renovations as an estimate or you can seek advice from an interior designer or renovation contractor.





This insurance is underwritten by Great Eastern General Insurance Limited