pgtd.xyz – A typical home insurance policy in Singapore provides protection for the contents of the insured’s home (i.e. TV, sofa, laptops and other valuables in the property) and interior renovations (i.e. fixtures and fittings you added to the original home). This is different from a fire insurance policy, which only protects the original structure of your flat and is usually bought with a home loan. Price and home coverage can vary depending on the size and type of property, ownership status, and the actual value of your home. Below we discuss the average cost of home insurance for prospective buyers to help them make a more informed decision.
According to our research on 16 home insurance companies, we found that the average price of home insurance is about S$145 per year for the owner of a 4-room HDB flat in Singapore, the most popular type of housing in the country. These policies are the most “basic” offers on the market that only cover “named perils”, meaning you can pay for damage to your personal property caused by fire, earthquakes, typhoons, theft and other specified events the insurer. Premiums ranged from S$53 to about S$270, but on average, the policies covered about S$45,000 in family property and S$111,000 in home repairs, which should be enough for a family’s basic needs.
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Home insurance for small HDB flats costs around S$90 on average, while policies for 5-room flats and executive flats cost around S$220 on average. These policies provide different levels of cover for household contents and repairs; below, we’ve shown the most typical coverage size for each.
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The average cost of home insurance for a 2-bedroom private property was S$105 for policies covering about S$27,000 of property and S$70,000 of home renovation costs. However, individual policies range in price from S$45 to S$200 with some variation in coverage. We believe that this level of policy is likely to be sufficient for a typical family living in a two-bedroom apartment. In addition, it is worth noting that your own building should already be covered by fire insurance under the title of the condominium management corporation.
If you are looking for a higher level of cover for your home, you should expect to pay anywhere from 50% to 150% more on your home insurance policy, depending on the insurance company you buy from. In addition, there are even more expensive policies that can be purchased for those who live on land that require additional protection for their buildings. For example, the average cost of land in Singapore is about S$498 per year and about S$1,000,000 in total.
Since fire insurance policies only cover the building, it is a good idea for landlords to insure the equipment and fixtures they have added to their rental property against damage. Some insurers offer landlord plans that only cover repairs and some landlord-specific benefits, such as loss of rent and liability coverage. Generally, the average cost of a landlord insurance policy is S$156, but some insurers allow you to customize the amount you want, which can reduce your cost to S$35-55 with coverage up to S$70,000. You should also be aware that although some insurers may offer very low prices for small amounts of repair cover, there is usually a minimum premium. In our research, we found that the average minimum premium was S$65.70.
For renters, the cost of home insurance depends a lot on how many personal items you have on the property, as you don’t need to insure the structure of the building and the built-in equipment. The average cost of a single subject tenant plan is S$111. Renters renting small apartments or small rooms in an apartment can get home insurance plans for as little as S$35. On the other hand, tenants who rent out larger units and require coverage of more than S$70,000 can expect to pay between S$170 and S$180. In addition to property coverage, renters home insurance plans also include renter-friendly benefits such as rental liability insurance, coverage for alternative housing (if you need to stay elsewhere while your apartment is being renovated), and moving damage.
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Home insurance policies come with many caveats that make it difficult to choose the best one. One rule of thumb is that you should not under-insure your property and contents. If you do this, you will receive a fee that is significantly less than the value of your property. Therefore, you should always try to find the cheapest policy that provides adequate coverage for your property. In addition, it is important to carefully research your policy and understand its various sub-limits within the home contents coverage. There are items such as cash, jewellery, bicycles and pedigree pets that the insurer will only cover up to a certain limit. Finally, some policies cover your legal liability towards tenants, landlords or a third party, so this should be taken into account when choosing the best deal.
Anastasia is a senior research analyst in Singapore, evaluating consumer insurance products based on quantitative and qualitative financial analysis. She has a degree in Economics and International Business Management, and her previous work experience includes working in the capital markets sector. Her analysis on insurance, healthcare, international affairs and personal finance has appeared on AsiaOne, Business Insider, DW, Vice, Her World, Asia Insurance Review, Australian Institute of International Affairs and many others.
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How Much Does Home Insurance Cost?
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With so many home insurance policies out there, it can be overwhelming to decide which one best fits your budget and needs. From standard coverage to premium coverage, there are plenty of options for the best cheap home insurance in 2023. Our experts have analyzed homeowner policies and rates to find the best cheap home insurance options.
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Mercury offers homeowners insurance in 10 states and is the leading independent auto and home insurance agency in California. Mercury has over 9,400 independent agents. In addition to low rates, Mercury offers up to 15% off your homeowners policy and up to 14.5% off your auto policy when you plan.
For over 160 years, Travelers has been one of the most trusted names in insurance. Travelers are changing with the times, expanding their insurance offerings and devising innovative ways to offer home insurance discounts. For example, you can save up to 5% if your home is already certified as a Green Building by Leadership, Energy and Environmental Design (LEED).
Nationwide offers benefits that are usually add-ons, such as credit card coverage, as part of a standard homeowners policy. Better
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