Home insurance promotions and discounts to protect your home

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Owner-occupiers, landlords and tenants, a heads up: These are some of the hottest home insurance promotions in the house right now.

Are you an owner-occupier, landlord, or tenant? Regardless which one you are, you will benefit from home insurance.

As we’ve discussed in our comprehensive guide to home insurance, home insurance is so much more than the basic fire insurance you must get if you are an HDB flat owner. Insurers also run different home insurance promotions from time to time.

But with so many choices out there, which is the best home insurance plan for you? There is no one-size-fits-all answer — it all depends on your individual circumstance. A landlord’s and a tenant’s coverage needs are different.

To help you make the right choice, we have compiled a list of the best home insurance plans on the market and rated them by category.

Home Insurance Plan Benefits Promotion 
AXA SmartHome Essential High value coverage for reasonable costs Enjoy 30 per cent off, an $8 reward via PayNow and up to $200 in GrabFood vouchers when you apply for AXA Smart Home Essential (Insured Perils) or Comprehensive (All Risks). Valid from Dec 1, 2020 to Dec 31, 2020. T&Cs apply.
MSIG Enhanced HomePlus Maximum coverage for owner-occupiers Get 20 per cent off all MSIG Enhanced HomePlus plans and a $8 reward via PayNow. Valid from Dec 1, 2020 till Dec 31, 2020. T&Cs apply.
Aviva HomeLite Basic and budget-friendly For POGIS, MHA, and MINDEF policyholders, enjoy up to 45 per cent off. T&Cs apply.
FWD Home Insurance Excellent value for money Get 25 per cent off by using the promo code XMAS when you apply. Valid till Dec 25, 2020.
TIQ Home Insurance Flexible and cost-effective Use the promo code HOME15 when applying from Dec 1 to Dec 31, 2020 to get 15 per cent off.
Allied World Home Protector 360 Premium and comprehensive coverage  
Sompo HomeBliss A premium and customisable option Receive up to $60 in e-vouchers when you sign up for a new Sompo HomeBliss policy. Valid till Dec 24, 2020. T&Cs apply.
HL Assurance Home Protect360 A premium option with all-inclusive coverage  

1. AXA SmartHome Essential: High value coverage for reasonable costs

AXA’s SmartHome insurance is ideal if you are looking for a high value coverage for a reasonable price. While there are different options depending on whether you are an owner-occupier, landlord, or tenant, this general rating still applies.

For instance, building/renovation coverage can reach as high as $500,000 for HDB owners and $1.5 million for land property. You can also cover your home’s contents of up to $135,000 — including up to $10,000 for artworks! This also applies for tenants.

That said, while premiums are reasonable for the coverage you can get, they are still slightly above the market average.

This plan may thus not be the best choice for the highly budget-conscious. But for those who are willing to spend more (but not too much more) for higher coverage, AXA SmartHome Essential is a great choice.

Exclusive SingSaver Promotion: Apply for AXA Smart Home Essential (Insured Perils) or Comprehensive (All Risks) from Dec 1 - 31, 2020 to receive 30 per cent off, a $8 reward via PayNow and up to $200 GrabFood vouchers.

2. MSIG Enhanced HomePlus: Maximum coverage for owner-occupiers

MSIG’s Enhanced HomePlus plan is suitable for those emphasising maximum coverage over cost. There’s $1 million in third-party liability coverage, up to $75,000 death benefit (from accidents in the home), emergency cash allowances, and even coverage for fraudulent use of ATM and credit cards taken from your home.

However, while the additional coverage options are great, the maximum coverage for contents and renovation tops out at $120,000 and $150,000, respectively. It is one of the more expensive plans on the market, and some might even find the cost too high despite the level of coverage provided.

And tenants and landlords might find this plan too inflexible since both renovation and contents coverage are automatically included.

Ultimately, it is a matter of priorities. If having the highest level of coverage possible is of much greater priority than an additional $100+ in annual premiums, then this might just be the plan for you. After all, we do have a deal for you.

MSIG Enhanced HomePlus Promotion: Get 20per cent off all MSIG Enhanced HomePlus plans and a $8 reward via PayNow. Valid from Dec 1 to Dec 31, 2020. T&Cs apply.

3. Aviva HomeLite: Basic and budget-friendly

Sometimes you just want a home insurance plan that has zero frills and is the friendliest to your wallet. If that describes you, then Aviva HomeLite might just be the plan you are looking for.

While Aviva also offers higher-tier options, the basic HomeLite plan has one of the lowest, if not the lowest, premiums on the market today.

Contents and renovation coverage start at $35,000 and $75,000, respectively, for the HomeLite and reaches up to $100,000 for both in the highest tier plan.

However, this plan is bare bones, and covers only the essentials (it does however still include alternative accommodation and personal legal liability benefits). If you are looking for higher or a wider scope of coverage, you might prefer other plans.

AVIVA HomeLite Promotion: For POGIS, MHA, and MINDEF policyholders, enjoy up to 45 per cent off. T&Cs apply.

4. FWD Home Insurance: Excellent value for money

FWD Home Insurance may be one of the most competitive options out there when it comes to the coverage versus cost equation. Depending on the tier, contents coverage can range from $20,000 to $80,000 and renovation coverage from $40,000 to $100,000.

For landed property owners the maximum coverage is $100,000 for both (plus additional building coverage of up to $1 million).

It is also a flexible plan. Landlords can opt for coverage for loss of rent and even legal disputes with tenants. Tenants will also find this FWD a very cost-effective option, with contents coverage of up to $100,000 plus tenant-specific coverage over things like accidental damages and legal disputes.

Despite its value, one thing to be aware of is its relatively low coverage sub-limit for valuables, capped at $1,000. But if that is not an issue, and you are looking for balanced coverage that is excellent value for money, FWD Home Insurance is a good option for you.

FWD Home Insurance Promotion: Use promo code XMAS to get 25 per cent off. Valid till Dec 25, 2020.

ALSO READ: 4 home insurance mistakes that will cost you

5. TIQ Home Insurance: Flexible and cost-effective

TIQ’s Home Insurance is a good option if you are looking for a plan that provides high essential coverage at one of the lower premium costs on the market.  HDB owners can have contents coverage as high as $120,000 and renovation coverage up to $180,000. 

For private property, these amounts can reach $150,000 and $1 million, respectively. On top of that, the plan also provides emergency cash allowances, emergency home assistance, as well as coverage for personal legal liability, fraudulent transactions, and professional fees.

In many ways, TIQ’s Home Insurance and FWD’s Home Insurance are very comparable. It provides high amounts of essential coverage at low costs, with the only trade off being that the coverage is not the most comprehensive.

Exclusive SingSaver Promotion: Use the promo code HOME15 to get 15 per cent off when you apply from Dec 1 to 31, 2020.

6. Allied World Home Protector 360: Premium and comprehensive coverage

Without using any home insurance promotions, Allied World’s Home Protector 360 policy is at the upper end of the price range. Despite this, the maximum contents coverage is still relatively low at $90,000.

However, coverage for valuables is top notch, starting at $15,000 and reaching $45,000 with a $3,500 limit per item.

Further, the other coverage options are much more comprehensive, and the plan also offers an extensive number of add-ons (with high coverage values) such as for pets and home loan protection.

If you have a lot of valuables in your home and don’t mind the additional costs, this may be a suitable plan for you.

7. Sompo HomeBliss: A premium and customisable option

Sompo’s HomeBliss is one of the more premium options on the market. But what you get for higher premiums are more extensive coverage—the plan includes coverage for your pets, loss of rent, cash relief, and greater coverage amounts for things like locks, keys, and home security systems.

While the plan is also very customisable, Sompo makes choosing easy with specific options for landlords, tenants, and owner-occupiers. For those who are willing to pay higher premiums for more extensive coverage, Sompo may be a good choice.

On the downside, for the premiums charged, contents coverage is relatively low, topping out at S$60,000 for owner-occupiers.

Sompo HomeBliss Promotion: Receive up to $60 in e-vouchers when you sign up for a new Sompo HomeBliss policy. Valid till Dec 24, 2020. T&Cs apply.

8. HL Assurance Home Protect360: A premium option with all-inclusive coverage

HL Assurance’s Home Protect360 policy has a steeper cost, but it correspondingly boasts a higher level of coverage.

Both home-owners and tenants across HDBs, condominiums, and landed properties are protected under this policy and they have access to 24-hour home concierge services. These include pest control, aircon repair, plumbing, locksmithing, and electrical work.

Although the maximum contents coverage is relatively low at $100,000, it includes other coverage options like worldwide personal accident coverage for family members.

It’s a maximum of $10,000 per adult and $3000 per child. The policy also includes worldwide personal liability for up to $500,000. If you don’t mind paying a higher premium to receive an all-inclusive coverage, you might want to consider this plan.

This article was first published in SingSaver.com.sg.