Compare the Best AIG Home Insurance Policies in Singapore 2023

A named peril insurance policy covers only what is specifically noted in the policy (e.g. fire), whereas an all-risk policy covers everything except what is specifically excluded in the policy (e.g. war is typically an excluded risk). An all-risk policy has a much wider coverage but is usually more costly than an insured peril policy.

This is what most people know as Fire Insurance, and it is usually compulsory if you take a home loan to purchase a property in Singapore. This is coverage for rebuilding the building structure as well as any fixture and fittings which comprise part of the building. A point to note - the current HDB mandatory Fire Insurance is provided by Etiqa insurance and it doesn't cover renovations.

A typical compulsory Fire Insurance doesn't cover the contents of your home. As the name suggests, content coverage insures against loss or damage to household items belonging to you, your family or your domestic helpers which you are responsible for. However, it has some exclusions like securities, certificates and pets!

Apart from covering the building structure and contents, home insurance also provides coverage for situations in which you might be legally held responsible for. For instance, if a visitor trips over a carpet while walking in your home, you might be held responsible for the accident as an owner. Personal liability coverage is especially important for renters, as you might be responsible as a tenant if, for example, you break a vase that belongs to your landlord.

If your home is uninhabitable due to a major incident, this coverage helps you ease the financial burden of a temporary accommodation. This coverage typically has a daily benefit limit and covers you up to a certain number of days.

Low crime doesn't mean no crime. Even though house break-ins are on the decline, one can never be too sure. This coverage insures physical money, valuables and personal belongings against theft and forceful entry. Bear in mind there is always a benefit limit to each category (e.g. loss of money capped at $500)