To celebrate Singapore’s 50th birthday, insurance giant AIG is offering one-year complimentary home contents insurance for new and resale HDB homeowners.
The first 8,000 who receive the keys to their flats in 2015 are eligible for the Enhanced Public Housing Contents Insurance (EPHCI).
According to AIG, many homeowners usually purchase the HDB basic fire insurance, which covers the cost of rebuilding the interior structure or replacing damaged fixtures provided by HDB in the event of a fire.
But the insurance does not cover thefts or fires within the home.
“While fire insurance is an important aspect for homeowners, there are also many other areas they need to consider when it comes to protecting their homes and keeping them safe. These include valuables and treasured personal items. Making sure your home contents are well protected also secures it for future generations,” said Matt Harris, chief executive of AIG Singapore.
Of the HDB flats currently covered by AIG, data shows that about two-thirds of the claims are for fire, water damage and theft.
The highest EPHCI payout to date is over $90,000 for a fire caused by an electrical fault. It covered major renovation works, home contents and alternative accommodation, among others. Without the insurance coverage, the owner would likely have been left significantly out of pocket, AIG noted.
Meanwhile, first-time homeowners Andre Loh and Grace Wong are the first recipients of the complimentary home contents insurance which was announced last Saturday.
“Buying a home is a very big commitment for us, and having this complimentary home insurance cover means that we won’t need to worry about the unexpected and can just enjoy living in our first home,” shared the couple who just moved into their HDB flat in Clementi.
Harris added: “Housing is a key pillar of Singapore’s nation building, and a home is one’s first and biggest asset. Helping owners to protect their homes from day one is part of AIG Singapore’s commitment to safeguard the community here.”
For more information about AIG’s complimentary home contents insurance policy, go to: www.aig.com.sg/sg50
Image: AIG Singapore’s chief Matt Harris presenting new homeowners Andre Loh and Grace Wong with their complimentary one-year home contents insurance policy to celebrate SG50.