Yeah! You are an expat, moving to Singapore. You can’t wait and to make sure you are well covered in this foreign land, you are ready to get your insurances sorted out. There’s plenty of online do-it-yourself or DIY guides that are conveniently available at the click of a mouse. Seems easy like a breeze, but can be frustrating to sieve out the correct information that you are looking for. Why? Most of these sites are just landing pages owned by insurance agents who are not interested in you, but only in selling as many expensive insurance policies as possible to you.
Transacting Online Or Simply Getting Quotes?
The next problem is that although you found them online, they do not have the capacity to transact online, so in unfortunate cases like this, you have no choice but to leave your contact details on their website for a long period of time. Another problem with such agents is that they are commission driven, so they will try to constantly “upsell” policies to you. On top of that, they can only sell you the insurance that they hold an agency for. The can only be an agent for 3 insurance companies at the same time. Therefore, you are by no means assured that you will get the best Home Insurance deal.
Can I Just Buy My Home Insurance Policy Online?
In short, yes. Here is how. As a mix of locals and expats ourselves, we are of course unimpressed with the ethics and efficiency level of the online insurance industry in Singapore. We have set up a licensed online insurance broker that gives you much wider choice (although admittedly we do not have all the insurers of Singapore on our platform but quite a few) where you can transact online and continue to manage all your insurance online even if every policy is from a different insurer.
Now, back to Home Insurance. Before you start hunting for an appropriate and reasonably priced Home Insurance plan in Singapore, please do consider the following key areas before buying one:
1. Insuring the apartment – Whose responsibility? Tenant Or Landlord?
Typically, as a tenant, you do not need to insure the building and any renovations thereto. The tenancy agreement is the ultimate guide in this, but commonly the building is the responsibility of the landlord. Therefore, the “only” thing you need to worry about is insuring your home contents.
2. What are the household items included in your rental deal?
A fully furnished apartment you are renting may come with built-in and loose furniture, white goods (refrigerator, washer and dryer) and other essential electric appliances. A partially furnished apartment usually also comes with white goods, curtains, lightings, wardrobes and kitchen cabinet. Hence depending on the agreement, some of these movable household items could be your responsibility as well!
3. Do not forget your valuables!
Some of your personal belongings you need to classify as valuable items. Most home insurances have a limit on the value of single items. Some insurers want to have them declared, others want you to insure them separately, you can see the details when you compare between the insurers. Think items like golf-club-set, coin-collection, paintings, antique vase or your Rolex-watch.
4. Personal/ family liability (as a tenant)
You could be held responsible for medical or other expenses incurred by your guest who sustains injuries from a slip and fall in your wet kitchen. A pet owner could be held liable if his dog bites a passer-by. Although Singapore is not an excessively litigious society, having this benefit in your Home Insurance is a sound backup option to manage any potential legal liability.
5. Do you have a pet?
Very limited Pet-dog cover is commonly included in Home Insurance plans available in Singapore. Do note, that this typically only provides for a fixed reimbursement amount upon the accidental death of the pet dog. For a more comprehensive plan (also for a cat), you need to take out Pet Insurance plan.
Start comparing your best Home Insurance plan
Now you know what to look out for, there are a lot of Home Insurance plans available in Singapore. With ongoing competition among insurers, the benefits available within such plans are ever-changing or perhaps increasing. Via our platform, you can conveniently compare, refine and buy the right plan directly online and be insured within minutes. We hope this guide helps a bit in getting an overview of what you need to consider before selecting and buying your Home Insurance plan.