Protect your home from the unforeseen with NTUC Home Insurance and NTUC enhanced Home insurance!
We fork out a large sum of money to purchase, renovate and furnish the home, but remove the home insurance from the list in order to shave off the additional cost. But is this the best of ideas? Definitely not! As per the experts, you should get some sort of coverage, however minimal, so that you won’t be left unprotected in the unexpected at home. Here we bring the best and cheap home insurance, NTUC Home insurance that will help you to protect your home and its content from the unexpected events.
Let’s go through in detail what it offers and why this is one of our top picks for home insurance.
With the motto – To make insurance affordable, accessible, and sustainable for all, NTUC always place the interests of customers first, as they believe people come before profits.
NTUC income focus on affordability and coverage breadth, it offers some of the cheapest solutions that do not sacrifice the main benefits.
NTUC Enhanced Home Insurance: You can protect as a Homeowner or Tenants with the different options available as HBD or Private Property and further property type such as 3 room n below, 4 room flat, 5 room flat, Executive condominium, executive flat, HUDC Flat, Jumbo flat, Multi-generation flat and studio apartments and some options under the private property includes Condominium, detached, executive condominium, penthouse, semi-detached, Terrace House, Walk-up Apartment, HUDC Flat (private), Cluster house or Bungalow
- The NTUC enhanced Home insurance protects your house building*, home’s content* damage (e.g. TV, Laptop, bed, AC) and renovations (Walk-in-wardrobe, the kitchen counter)*.
- Provide protection against accidental death, disability, and specified injuries*.
- With the NTUC income’s emergency home assistance you will get 24/7 assistance as a Bonus service for plumbing, electrician, locksmith and pest control via the hotline.
- You can also be flexible to choose the plan.
- HBD Fire insurance
- Damages to other houses (e.g. fire from your house spread to theirs)
Home Insurance Plans offered by NTUC
NTUC Income Standard Plan: This plan is the company’s signature offering and is one of the cheapest entry-level deals. A 4-room HBD plan offers S$45,000 of home renovation and S$32,500 of content protection.
- The plan features 22+ benefits premium perks rarely found in the entry-level, compared to the market average of 14 features.
- Generous family accident cover (S$50,000 vs. the market average of S$32,000)
- High sub-limits on lost cash (S$1,000 vs. a market average of S$690)
- Bicycle (S$1,000, which is the highest in the market).
- NTUC Home insurance Standard Plan for Private Property Owners: This plan is neither more economical nor the best value option. It costs S$122 for S$130,000 of the sum insured, while Etiqa’s Maxihome offers more coverage at 20% cheaper price.
- NTUC Home insurance does offer the greatest family accidental death and injury coverage. But this is not a game-changer as these benefits are normally offered under life insurances.
The plan lacks in
- Third-party legal liability (S$500,000 for NTUC Income vs. S$1,000,000 for Etiqa’s)
- Sub-limits on valuables and artwork
- 3. A flexible plan for Tenants: This plan does not offer policies specifically for tenants. You can build your own protection schemes under this Flexible Plan of NTUC home insurance.
- NTUC Home insurance is a great choice if your coverage needs goes beyond S$75,000.
The plan lacks:
- It required a minimum premium that forces your plan to cost at least S$35.3. That means you must get at least S$24,300 of content coverage for your premium. AXA Smart Home can be a better alternative, as it’s cheaper and provides slightly more coverage.
- Flexible Plans For Landlords: The Flexible Plan stands out as the cheapest and best-value option.
- With the minimum premium of S$35.3, you can get home renovation coverage of S$144,000. In contrast, AXA’s entry-level landlord’s policy.
- NTUC yields a superb value ratio of S$4,082 insured per dollar premium.
- By combining market-leading prices and benefits, the plan offers the best value for landlords looking to insure the cost of their home furnishing.
5.Comprehensive Plan: NTUC Home insurance Comprehensive Plan is a step-up of its comparable Standard policies with an added benefit of building coverage. The plan is useful if you do not have a fire insurance policy (building insurance) on your property.
- The plan has unique advantages from its competitor MSIG.
- Best plan for a landed property owner with great building coverage needs.
- For instance, NTUC insurance is 7% cheaper than MSIG for additional building coverage and stands out on features such as credit cards, bicycles, and cash sub-limits.
The plan lacks in:
- MSIG beats NTUC Income’s rate by 15% on additional contents, offering greater accident and liability coverage, and higher sub-limits on valuables like art pieces and jewelry.
NTUC Enhanced Home insurance is our top pick because of its market-beating rate and the benefits offers.
Learn about what are the best Home Insurance Plans available in the market .
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