Question 1

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

Accepted Answer

A homeowner, tenant, or landlord should decide if they wish to purchase an “All Risks” or “Insured Peril” cover.

“All Risks” home insurance
 • This 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, and the like.

“Insured Peril” home insurance 
 • This covers damages caused by any of the Insured Perils, such as fire, lightning, theft, explosions, and the like. 
 • The homeowner, tenant, or landlord should also take note that their home insurance is either a “First Loss” or “Average” policy. 
 • “First Loss” policy provides protection up to the maximum sum insured without penalisation for underinsurance. Full declaration of the value of the buildings and contents is not required and payout will be paid up to the sum insured.
 • For “Average” policy, there must be a full declaration of the total value of the buildings and contents. Otherwise, you will not receive the full benefit.

Question 2

Who is eligible to purchase Home Insurance?

Accepted Answer

Home Insurance is open to anyone (landlords, tenants, or homeowners) residing in any HDB, condominium, or landed property used for residential purposes.

Question 3

What is an “Excess”?

Accepted Answer

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'll need to pay the S$100 first. The balance of S$900 can be claimed from the policy.

Question 4

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

Accepted Answer

Yes, you should. 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 the HDB flat or 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 that you have made to your home.

Question 5

Who should consider buying Home Insurance?

Accepted Answer

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

Question 6

What am I insured for under Renovations?

Accepted Answer

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).

However, it does not include any part of the Building.

Question 7

What am I insured for under Contents?

Accepted Answer

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.

Question 8

What are valuables?

Accepted Answer

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

Question 9

How much are the valuables insured for?

Accepted Answer

(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.

Question 10

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

Accepted Answer

Unfortunately, home insurance only covers valuables kept within your home.

Question 11

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

Accepted Answer

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.

Question 12

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

Accepted Answer

Unfortunately not. Motor vehicles and their accessories are not covered under the home policy.

Question 13

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

Accepted Answer

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.

Question 14

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

Accepted Answer

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 belong to you. You should urge your tenant to take up separate home insurance to cover their contents.

Question 15

What does the Worldwide Personal Liability cover?

Accepted Answer

This Home Insurance will cover you and your family members up to $500,000 for any legal liability that causes accidental death or bodily Injury to third party and/or accidental damage to someone else’s property.

Legal costs 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.

Question 16

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

Accepted Answer

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.

arise insurance
agency LLP

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