Safeguard Your Home and Lifestyle: FWD Home Insurance Explained

In the bustling city-state of Singapore, our homes are more than just buildings; they're our sanctuaries and often our most significant investments. As such, protecting them should be a top priority for every homeowner. 

However, when it comes to home protection, there's often confusion between fire insurance and comprehensive home insurance. Let's clear the air and explore why FWD Home Insurance stands out in the Singaporean market.
Fire insurance vs. home insurance: Understanding the difference

Many Singaporeans mistakenly believe that fire insurance is sufficient to protect their homes. While fire insurance is important and often mandatory for HDB flat owners because most people take the HDB loan, it's limited in scope. Fire insurance typically covers only structural damage caused by fire, and in some cases, may extend to damage from natural disasters like earthquakes. However, it doesn't protect your personal belongings or cover you against other common risks.

On the other hand, home insurance offers a much more comprehensive shield of protection. It not only covers structural damage but also protects your possessions, provides liability coverage and often includes additional benefits like temporary accommodation if your home becomes uninhabitable. 

In essence, while fire insurance protects the building, home insurance protects your entire home ecosystem – the structure, your belongings and even aspects of your lifestyle.

The table below highlights the key differences between home and fire insurance:

In summary, while fire insurance might seem cheaper, home insurance gives better protection for your home and belongings.

FWD Home Insurance: Customer experience leader

When it comes to choosing a home insurance provider, customer experience matters. After all, insurance is a service you hope never to use, but when you do need it, you want a smooth, hassle-free experience. This is where FWD Home Insurance shines.

FWD has been honoured as the Best Digital Insurer at the Country Awards for Excellence 2024¹. This prestigious recognition highlights FWD's dedication to leveraging technology and digital solutions to enhance customer experiences in the insurance industry.

But what sets FWD apart isn't just their customer service – it's their approach to home insurance that addresses the unique needs of Singaporean homeowners.

Key features of FWD Home Insurance

1. More savings with the 3-Year plan

In today's economic climate, every dollar counts. FWD understands this and offers an attractive incentive for homeowners to secure their properties for the medium term. For example, with the promo code HOME35, you’ll get a 35% discount plus S$50 eCapitaVoucher on a 3-year plan during September 2024.

2. Pet protection included

For many Singaporeans, pets are integral members of the family. Recognizing this, FWD goes a step further by including complimentary cover for your pet dog or cat. This unique feature provides up to S$1,000 for medical expenses, ensuring that your furry friends are protected too. Whether it's an unexpected illness or an accident, knowing that you have financial support for your pet's medical needs can be a huge relief.

3. Home assistance services

Homeownership comes with its share of maintenance challenges. From electrical issues to plumbing problems, these unforeseen complications can be both stressful and expensive. FWD's home insurance policy includes coverage for home assistance services, providing up to S$100 per year for each of the following:

• Electrical assistance: For those times when you're faced with a power outage or electrical malfunction.
• Plumbing services: FWD’s coverage includes costs of repairs such as replacing or welding burst pipes, and clearing blockages in water supply pipes, sewage pipes or floor traps in your home.
• Locksmith services: In case you find yourself locked out.
• Air-conditioning assistance: FWD covers the cost to repair your home air-conditioner if it isn't working due to a faulty compressor motor or fan, mechanical issue or gas leak.

This feature essentially provides a safety net for common household issues, potentially saving you hundreds of dollars in service calls each year.

4. Flexible coverage options

FWD recognizes that every home is unique. They offer customisable plans that can be tailored to your specific needs, whether you live in an HDB flat, condominium or landed property. This flexible approach allows you to adjust your coverage and ensure you have the right level of protection for your particular living situation.

5. Temporary accommodation coverage

If a covered event renders your home temporarily uninhabitable, FWD's policy includes coverage for alternative accommodation (for up to S$300 per day). This feature ensures that you and your family have a place to stay while your home is being repaired, alleviating one of the most stressful aspects of dealing with significant home damage.

6. Personal liability protection

In today's litigious world, personal liability protection is more important than ever. FWD's home insurance includes coverage for personal liability for up to S$500,000, protecting you financially 

if someone is accidentally injured or if you accidentally damage someone else's property.

FWD Home Insurance coverage limits

The following table provides a clear overview of the different coverage limits associated with the home insurance policy:

Conclusion: Comprehensive protection for your home and lifestyle

FWD Home Insurance offers a comprehensive shield of protection that goes beyond just safeguarding your property. It's a holistic approach to home insurance that considers the diverse needs of Singaporean homeowners – from protecting your belongings and pets to assisting with common household issues.

Remember, while fire insurance is important, it's just the beginning of protecting your home. With FWD Home Insurance, you can enjoy greater peace of mind knowing that your entire home ecosystem – your property, possessions and even aspects of your lifestyle – are comprehensively protected.

Investing in the right home insurance is not just about protecting a building. With FWD Home Insurance, you're not just buying a policy – you're securing protection and peace of mind for you and your loved ones.

Reference:

1. Country Awards for Excellence 2024 by Insurance Asia News publication.

*Disclaimer: T&Cs apply. Protected up to specified limits by SDIC. This advertisement has not been reviewed by the Monetary Authority of Singapore.