Here’s Why You Should Switch To A New Home Insurer
A home insurance policy is one of the cornerstones of a sound financial plan. Choosing the right home contents insurance and the right insurer can put you in a position where you can recover a substantial portion (or even all!) of the financial loss that you suffer if your flat catches fire or is burgled.
While many people choose to renew their existing policies without a second thought, there are in fact many salient reasons to understand your insurance needs. As the saying goes: “your life does not get better by chance, it gets better by change,” so read on for why you should switch to a new home insurer!
Reasons for switching over to another insurer:
- You acquire new furniture or carry out extensive renovation
If you have spent a large amount on redecorating your flat or on buying expensive appliances or furnishings, it is a good idea to review your coverage.
- You are renting and are moving to a new tenancy
A new place comes with new coverage needs, and a new insurer may be in order.
- You’re living in an older home
Older homes have a higher tendency to run into issues and need for maintenance. For instance, there are about 70,000 flats over 40 years old in Singapore. Often, the homeowners of these old HDB flats will require plumbing or electrical wiring services more frequently than other homeowners.
- You may have underinsured your home in the past to save money
Perhaps you tried to save some money on your insurance premium by cutting down on the insurance coverage. But this could be an expensive mistake. If the contents of your home are insured for, say, S$30,000 and they are worth S$60,000, you will receive only 50% of the amount in the event that you raise a claim. So, if you suffer a loss of S$4,000, you will get only S$2,000.
- You’re looking for better rates than your current insurance policy
There is no better time to start obtaining and comparing quotes from other insurers. If there is another insurer that can provide better coverage for your home, a lower rate, or even additional useful and invaluable benefits for a similar rate, you may want to consider switching the insurance plan for your home.
Home Insurance with the flexibility you desire
Amid the highly competitive home insurance sector in Singapore, Tiq Home Insurance by Etiqa (HDB’s appointed fire insurer since 2009) is going above and beyond other insurers to provide a comprehensive product that can fit your coverage needs at the budget you desire.
Catering to all homeowners and tenants, customers will be able to choose their preferred amount of coverage for their building, renovation, and home contents. One can also choose the tenure of the insurance policy.
Emergency Cash Allowance within 24 hours
One of the biggest problems for homeowners who encounter a serious house fire is that they are often left without any alternative living arrangements, and without any belongings. Tiq Home Insurance fills that gap by offering an emergency cash allowance within 24 hours.
This provision is an additional benefit for customers on top of the insurance coverage. Homeowners would be entitled to the full S$5,000 emergency cash, and tenants will receive S$500 in such an emergency.
24/7 Emergency Home Assistance (EHA)
Owners of older homes would also understand the pain of constantly calling for a repairman to fix another burst pipe. Fixing a pipe leakage in Singapore ranges anywhere between S$100 and S$350, depending on the length of the pipe to be replaced, while the estimated price for a circuit breaker replacement could be between S$35 and S$65.
The Emergency Home Assistance (EHA) service by Tiq Home Insurance will come in handy, as it helps to cover most, if not a big part, of the expenses you will incur in these house maintenance services. EHA is a 24-hour one-stop home repair service that covers four common emergencies – plumbing, electricity, locksmith, and pest control; with a limit of S$200 per event and up to four events per year.
EHA is only complimentary for those who sign up for a Tiq Home Insurance plan of 3 years or more.
Covering more home (insurance) ground
Okay, so you have a home insurance policy that protects you against burglary and fire. But do you know that your policy covers more than just that? For example, Tiq Home Insurance covers:
- Personal liability
If there is a fire in your home and it spreads to your neighbours’ homes, damaging their home and causing them harm, the ultimate responsibility lies with you. Damage costs are usually very high, but if you have Tiq Home Insurance, you’d be covered for personal liability of up to S$500,000 for HDB homeowners, and up to S$1million for Private homeowners.
- Unauthorised transactions on stolen ATM or credit card
As if getting burgled is not enough, what happens if you start receiving bills for unauthorised transactions on your stolen credit card? Unfortunately, it has happened before. With Tiq Home Insurance, you or any member of the household will be covered up to S$1,000 for any monetary losses in such situations.
- Need to protect something else?
Tiq Home Insurance also offers optional cover like a multi-appliances home protector that covers the repair of your appliances, accidental injury for pets, and family accidental death protection.
Understand the terms of your policies
It is possible to gain an advantage by switching the insurer for your home insurance policy, but a word of caution is warranted here. If you plan to do that, you should first check the amount that you will lose by cancelling your existing policy midway. Your insurer may add a certain percentage increase to the pro rata insurance premium that is payable up to the date of cancellation.
Once you have done all your sums and you know the new insurance policy would be well worth any penalty from your old insurer, then it’s time to take the plunge.
Learn more about the Tiq Home Insurance now.