Aviva Home Insurance: Should You Buy It?

Aviva Home Insurance: Should You Buy It?

Cheap, high-limit policy for homeowners looking for high value despite low benefits

Good for

  • HDB & private property owner-residents requiring cheap, essential coverage with high dollar limit
  • Those looking to maximise value (total coverage per dollar of cost)

Bad for

  • Properties requiring generous, unslashed benefits
  • Homeowners who care about other benefits like family accident, lock & keys and frozen food protection
  • Wealthy individuals with coverage needs over S$150,000, as HomePlus offers low value

Editor's Rating

4.0/5.0

Aviva offers some of the best-value home insurance policies with high overall limits. By giving the option to trim benefits down to the minimum, Aviva allows homeowners to maximise the total sum insured while compromising some common features. If you are willing to accept some of its limitations that come with its high value ratio, Aviva Home Lite and Aviva Home can be great choices. Aviva home insurance is not available for renters and landlords, however, as it does not offer separate coverages on home renovation and contents.

Table of Contents

This compares the cost of home insurance for 4-room HDB flats in Singapore from major insurance companies

Aviva Home Lite Plan

Aviva Home Lite is one of the highest-value bare-bone plans for homeowners looking to maximise the overall coverage on their home. Despite being Aviva's lowest-tier plan, Home Lite provides ample total limits that we think are suitable for up to 4-room HDB flats or comparable private properties. In the budget space of under S$60, Aviva Home Lite is the only plan that provides home content coverage above S$33,000. Not only that, its value ratio of over S$2,000 (of sum insured per dollar of cost) outperforms any of its competitors, beating the market average by 82%.

Despite Home Lite's exceptional value ratio, you should base your decision on an upfront understanding of its shortcomings. Aviva Home Lite achieves its low pricing by slashing benefits to the bone, eliminating five commonly-found features such as food, keys and lock replacement costs. These features are sold separately as add-on options which, unfortunately, are quite costly for the average level of benefit they offer. As a result, Aviva Home Lite may not be an ideal option for people who value such such features.

Home Lite (S$)Mkt Avg (S$)
Price52.97137.43
Value ($Insured/$Insured)2,0771,175
Renovation75,00089,630
Content35,00040,590
Family Accident20,000/person if purchased (S$25)
Liability to Third Party250,000
Alternative Accommodation12,000
Locks/Keys500 if purchased (S$15)
Food500 if purchased (S$15)
Legal Document0 or Unspecified
Money0 or Unspecified
Laptop/Desktop1,500
Valuables5,250
Pet0 or Unspecified
Excess for Contents250

Aviva Home Plan

Aviva Home Plan is a great choice for value-conscious homeowners thanks to its abundant S$150,000 of total sum insured. While most high-limit policies skimp out on content coverage, Aviva Home generously allocates S$50,000 to home contents, which we think is sufficient for 5-room HDB or similar private properties. Boasting a superb value ratio of S$1,699 sum insured per dollar of cost (vs. market average of $1,120), it also comes with value-add features like sub-limits on cash & credit cards (up to S$500), as well as accidental breakage of glass (up to S$500).

Although Aviva Home is an attractive high-limit policy, it's still a bare-bone plan compared to its peers. Not only that, the add-on options like food replacement coverage do not add much value due to their high price tags, a concern we also noted with Aviva Home Lite. If you cannot give up on these features only provided through add-ons, however, we would recommend other policies such as the more comprehensive NTUC Income or AXA SmartHome insurance plans.

Home (S$)Mkt Avg (S$)
Price88.28232.69
Value ($Insured/$Insured)1,6991,032
Renovation100,000146,110
Content50,00075,140
Family Accident20,000/person if purchased (S$25)
Liability to Third Party250,000
Alternative Accommodation12,000
Locks/Keys500 if purchased (S$15)
Food500 if purchased (S$15)
Legal Document0 or Unspecified
Money500
Laptop/Desktop1,500
Valuables7,500
Pet0 or Unspecified
Excess for Contents250

Aviva Home Plus Plan

Aviva Home Plus does not have the best coverage nor the best value in the luxury space. At the budget level of S$160, Aviva is outcompeted by Etiqa, which costs only S$1.5 more and offers S$100,000 greater in renovation coverage. Nonetheless, Aviva Home Plus fails to make up for the gap by providing extra perks that its competitor may not offer. As a result, we think there are better alternatives in the luxury home insurance market if you are considering Aviva Home Plus.

Aviva Home Plus (S$)Etiqa Maxihome (S$)
Price160.50162.00
Value ($Insured/$Premium)1,8521,246
Renovation100,000200,000
Content100,000100,000
Home Plus (S$)Mkt Avg (S$)
Price160.5340.81
Value ($Insured/$Insured)1,2461,067
Renovation100,000200,460
Content100,000110,910
Family Accident20,000/person if purchased (S$25)
Liability to Third Party250,000
Alternative Accommodation12,000
Locks/Keys500 if purchased (S$15)
Food500 if purchased (S$15)
Legal Document0 or Unspecified
Money500
Laptop/Desktop1,500
Valuables7,500
Pet0 or Unspecified
Excess for Contents250

Aviva Add-on Options

Across all three tiers of home insurance plans, Aviva allows you to add on five key features at your own discretion. While this gives the policyholder more control over what to pay for, we recommend against purchasing these add-ons due to their high price tags. For instance, if you purchase the coverage on food, keys, and locks on Aviva Home, the value ratio will go down to S$1,270 of sum insured per cost. Companies like NTUC Income and AXA provide more wholesome benefits while still maintaining value ratios of around S$1,400. In conclusion, we think Aviva's high-limit plans are best purchased without the add-on options that decrease their values relative to other options in the market.

Add-on OptionCost (S$)Coverage S($)Mkt Avg (S$)
Family Personal Accident2550,00031,800
Identity Theft152,5001,800
Food in Freezers15500420
Replacement Locks15500550
Bicycles15300700
All-In-One Package75NANA

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