4 Tips For Your Next Home Insurance Purchase

_{*Premium shown is based on an owner occupied, 4-room HDB for a 1 year home content insurance plan. Premium reflects an ongoing discount and is accurate as of 27 September 2021.}

#1 Save on premiums with a multi-year plan

While home insurance is commonly offered as a yearly renewable plan, did you know that some insurers also offer a multi-year home insurance plan? This means that instead of purchasing home insurance for 1 year, you purchase a plan with the insurer for a coverage period of 2 to 5 years. Doing so would then give you a discount for your multi-year plan thus allowing you to enjoy additional savings. For example, purchasing a 3-year home insurance plan with NTUC Income will allow you to enjoy up to 15 per cent savings on your home insurance plan. However, do note that these discounts would vary between insurers and the plans available.

#2 The difference between fire insurance and home content insurance

As explained in our previous article "Don't Make These 3 Mistakes With Your Home Insurance", the fire insurance that you purchase from HDB is different from a home content insurance. This is because HDB’s fire insurance is a building insurance and will only cover the areas built and provided by HDB. This coverage will not include home content and renovation.

If you would like to be covered for loss or damages to your furniture and domestic appliances, a home content insurance is required. Having a home content insurance will also allow you to receive alternative accommodation expenses should you and your family be unable to continue living in your home due to the damages incurred. You may also add-on coverage for your renovation should you wish to further enhance your coverage.

Coverage for home content insurance will differ between insurers and plans. If you would like to find a suitable plan for your home, you may contact us here.

#3 Coverage for your pets

Did you know that you could insure your pet dog and/or cat with a home insurance? This will cover the theft or accidental death of your pet in the event of a home accident. Some home insurance may also cover for the cost of accommodation for your pet and medical expenses for your pet’s injury in the event of a home accident.

If you would like to get coverage for your pet, here is a list of insurers that will offer coverage.

#4 Rental and owner-occupied property will require different home insurance plans

Your home insurance for a property that you intend to rent out should be different from one that you are staying in. This is because coverage that you will require as a landlord will differ from that as a homeowner.

For example, a landlord home insurance will have a rent protector benefit to cover rental activities. This means that you will be compensated should you suffer a loss of rental income or if your tenant defaults on rent due to an insured event. As not all home insurance plans may cover damage caused by tenants, getting a landlord home insurance will allow for a peace of mind knowing that you would be compensated for damages incurred by your tenants.

You may also wish to purchase a home insurance for tenants if you are living in a rented property. This is to safeguard against the event that your landlord’s home insurance does not cover you. Additionally, with a tenant home insurance, this will cover tenant liabilities such as the loss or damage to your landlord’s building, renovations, and contents. For example, if you accidentally left the stove on and burnt the kitchen, your home insurance can cover the cost of repairing this.

Home insurance available on FSMOne: AIG, Allianz, Etiqa, FWD, Great Eastern, MSIG, NTUC Income, Sompo, QBE

^{^Premiums shown are after discount for an owner occupied, 4-room HDB. Accurate as of 27 September 2021.}

^{Coverage for building and home content can be adjusted to suit your needs. Coverage shown is just for illustration purposes and does not reflect actual coverage needs.}

*Exclusive promotion*: Enjoy 31% off when you purchase FWD Home Insurance plans with promo code "IFAST".

Check your price

Over 10,300 users trust FSMOne with their insurance planning

Live better, safer. Take risks with your investments, not your insurance.

Speak to our experts today to get proper protection.

Tell me more!

Click here to find out how much protection you need

Interested to learn more? Check out these articles:

What should I do with my maturing endowment plan?

Best Personal Accident Insurance Singapore 2021

Reduce Your Insurance Expenses With These 4 Tips

Fixed or Renewable – Which is the better term insurance?

Don't Need A Full Critical Illness Plan? Here's Your Alternative