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Private Property Owners FAQs
How much should I insure my property for?
As a general guideline, your building cover should be based on the cost of rebuilding the damaged or destroyed building. You should maintain a sum insured at not less than the full cost of replacement, without depreciation value for wear and tear. A building replacement value table can be found in the application form to assist you with this.
What happens if my building or contents are underinsured?
At the time of loss, if the sum insured is lower than the cost of reinstatement or replacement, the amount payable for the claim will be reduced proportionately.
Are my personal belongings covered overseas?
Yes, if you take up the worldwide personal effects cover. This covers personal belongings that you are physically carrying or wearing, even when you are overseas. However, it does not cover cash or its equivalent and any personal belongings or contents at your residence.
Can I choose to insure my personal effects on a standalone basis?
As this is a homeowners' policy, personal effects and other additional coverage are not available for purchase independently. You will need to insure your home contents to take up the personal effect cover.
Do I need to itemise my home contents? What documents must I submit when claiming?
Items worth less than $10,000 per article need not be itemised. However, for items worth more than $10,000 per article, you will need to provide us with an inventory list indicating the sum insured that you would like to cover for each article, together with a valid receipt or valuation.
In the event of a claim, you will need to complete our claims form and provide proof of ownership as well as the item’s receipt and valuation if these were not provided at the point of application.
In the event of a claim, you will need to complete our claims form and provide proof of ownership as well as the item’s receipt and valuation if these were not provided at the point of application.How does the Multi Appliance Extended Warranty work?
You have repair benefits of up to $2,000 in any one policy period. Our appointed repairer will repair your kitchen or home appliance if it is damaged due to mechanical or electrical failure.
To be eligible for cover, the appliance must be between 1 and 5 years old from the original date of purchase at the time of claim and must not be covered under a manufacturer’s warranty or any other warranty.
Do I need to itemise the home contents that I want to insure?
You do not need to itemise the contents. The Homes Advantage Package Plan will cover individual items at up to $10,000 each, up to maximum limit of the plan.
Can I insure an item that is worth more than $10,000 under Homes Advantage Package Plan?
Under Homes Advantage Package Plan, the maximum claim amount is $10,000 per item. For higher coverage, you may wish to consider the Homes Advantageplan (For Customers: Click here; For Producers: Click here) which allows you to list items exceeding $10,000 each.
Are my personal effects covered overseas?
Yes. You and your immediate family’s personal effects are covered worldwide. These include personal belongings that you are physically carrying or wearing at the time of loss or damage.
How does the Multi Appliance Extended Warranty work?
You have repair benefits of up to $2,000 in any 1 policy period. Our appointed repairer will repair your kitchen or home appliance if it is damaged due to mechanical or electrical failure.
To be eligible for cover, the appliances must be between 1 and 5 years old from the original date of purchase at the time of claim and must not be covered under a manufacturer’s warranty or any other warranty.
