Frequently Asked Questions

Enhanced Home Insurance

General

    • Q: If I am required to take up the compulsory HDB fire insurance, can I still sign up for Income Enhanced Home Insurance? A:

      Yes, you can. This is because the compulsory HDB fire insurance covers only the internal building structure, fixtures and fittings based on the original standards of HDB flat when it is handed over to the first lessee.

      You can take up this plan to cover your personal contents and any additional renovations or improvements which you have made to your home.

    • Q: If I am a tenant, can I sign up for this plan? A:

      Yes, you can take up our plan to cover the contents that belong to you or any renovations you have made and paid for to your rented home.

    • Q: What is under-insurance? A:

      You must insure the building, renovations and contents for their full reinstatement or replacement value, otherwise you will be considered to be under-insuring your premises/contents.

      Example of under-insurance:

      Cover (A) Full reinstatement and replacement cost (B) Insurance coverage you have chosen
      Building and renovations $500,000 $200,000
      Contents $50,000 $10,000

      Under-insurance occurs when (B) is less than (A). In the above example, you are under-insured by $300,000 and $40,000 for your building/renovations and contents respectively.

    • Q: What will happen if I under-insure my premises? A:

      If you have under-insured your premises, you will be responsible for a share of the loss or damage in the event of a claim. Please refer to below example.

      Cover Share that you are responsible for in the event of a claim
      Building and renovations $300,000 (Amount you are under-insured by)
      $500,000 (Full reinstatement cost as at date of loss)= 60%
      Contents $40,000 (Amount you are under-insured by)
      $50,000 (Full replacement cost as at date of loss)= 80%

      Therefore if there is a damage of $100,000 to your building/renovations and $10,000 to your contents, you will be responsible to pay for $60,000 (60% of the damage on building/renovations) and $8,000 (80% of the damage on contents).

    • Q: If my condominium is already covered under the Management Corporation Strata Title (MCST), should I still take up Income Enhanced Home Insurance? A:

      Yes, you can because most MCST insurance covers only the internal building structure and fixtures and fittings done by the developer and not your contents. You can take up our plan to cover for your contents or the additional renovations you have made to your home.

Coverage

    • Q: What am I insured for under Building cover? A:

      Building cover refers to the building structure of your home.

      For Housing Development Board (HDB) flats, condominiums, apartments or cluster houses, it will include the building structure (but not the foundations), fixtures and fittings based on HDB’s or the property developer’s standard specifications.

      For landed properties such as bungalows, semi-detached and terrace houses, it will include the building structure (but not the foundations), garages, outbuildings, swimming pools, terraces, footpaths, driveways, gardens, gates, fences and other private areas you own and which the public do not have access to.

    • Q: What am I insured for under Renovations cover? A:

      Renovation cover refers to the additions made within the premises by you or any previous owner or tenant in the form of fixtures and fittings. For example, this could include flooring, built-in wardrobes and kitchen cabinets.

    • Q: What am I insured for under Contents cover? A:

      Contents cover refers to any physical and movable household items or personal belongings including money and valuables kept within the premises that belong to you or your family members. This is subject to a limit which varies with different items.

      Contents Sub-limit
      Legal documents $500 in total
      Mobile phones $500 for each item or set and $1,500 in total
      Bicycles $1,000 in total
      Money $1,000 in total
      Laptop, desktop and tablet computer $1,500 for each item or set and $5,000 in total
      Valuables 5% of the overall section limits under contents cover for each item, set or pair and up to one-third of the overall section limit under contents cover.
      All contents not listed above No sub-limit
    • Q: Are bicycles covered under this plan? A:

      Yes, bicycles are covered. This is provided that the loss or damage to your bicycle occurs within your premises. For example, we will not provide cover if your bicycle is parked in a common corridor.

    • Q: Are valuables such as antiques, works or art and jewellery covered? A:

      Yes, valuables are covered under contents cover. The sub-limit for each item, set or pair is 5% of the overall section limit under contents cover and up to one-third of the overall section limit under contents cover in total.

    • Q: Is damage caused by bursting of water pipes or tanks covered? A:

      Yes. We will cover the loss or damage to your building, renovations or contents caused by bursting of water pipes or tanks within your premises. However, we do not cover the loss or damage to the pipes and tanks or the expenses to trace any leakage.

Personal accident, medical expenses & public liability

    • Q: What does Family personal accident benefit cover? A:

      This benefit covers you, your spouse and children below 21 years old against death or total permanent disability due to accidents that occurred within your premises. This is provided that death or total permanent disability occurs within 90 days from the date of the accident.

      The amount payable is up to $20,000 per adult and $10,000 per child with a maximum limit of $50,000 for the whole family.

    • Q: What does Medical expenses for injury due to insured events benefit cover? A:

      This benefit covers you and your family members (any family relations who permanently live with you at the insured premises) against medical expenses for injury caused by the insured events. You can refer to our terms and conditions for more information on the insured events.

    • Q: What does the Family worldwide liability benefit cover? A:

      This benefit covers you and your family if you/they are legally responsible for accidentally injuring someone or causing loss or damage to someone else’s property. We will pay for the legal expenses for representing or defending you/them and/or the amount awarded against you/them by the court in Singapore.

Application & procedure

    • Q: Who is eligible to purchase Enhanced Home Insurance? A:

      You can purchase our plan if:

      • You are the owner or co-owner of the residential premises in Singapore; or
      • You are a tenant or co-tenant who is currently renting the residential premises in Singapore.

      You can only insure the contents which you own if you are a tenant or co-tenant.

    • Q: How do I determine the appropriate sum insured for Building of my private property? A:

      You can refer to General Insurance Association website as a general guide for the replacement cost of your private property. Alternatively, you can seek professional advice from a qualified property valuator or quality surveyor.

    • Q: How do I determine the appropriate sum insured for Renovations of my home? A:

      The benefit limit should be the current cost of replacing the renovations at your premises. You can use the price you paid for your renovations as an estimate or you can seek professional advice from an interior designer or contractor.

    • Q: Can I choose my own benefit limits instead of taking up the standard plans? A:

      Yes, you can choose the benefit limits that suit your needs using our flexible plan. The minimum yearly premium for our flexible plan is $35.31 inclusive of GST.

    • Q: If I move to a new home, do I have to cancel my current policy and take up a new policy? A:

      No, you do not have to cancel your existing policy. Instead, you can request us to change your existing policy to cover your new premises. You may need to pay additional premium depending on the size of your new premises and the value of your new contents or renovations.

    • Q: How do I make payment for the plan? A:

      You could choose from the following different types of premium payment methods available depending on the activation methods.

      Activation Method Premium Payment Methods Available
      Income Online Application Credit Card
      Income hotline Credit Card
      Income branches Cash / Cheque / Credit Card / NETS
    • Q: If I sold off my house, can I cancel my policy? A:

      Yes, you can cancel this insurance policy by notifying us via email at pline@income.com.sg or telephone at 6788 6616. The cancellation will take effect from the date we receive your request.

      Please note that we will not refund any premium below $37.45 (Inclusive of GST).