AXA Home Insurance: Worth A Buy?

AXA Insurance
AXA Insurance

AXA Home Insurance: Worth A Buy?

Great-benefit, high-value coverage for homeowners and renters

Good for

  • Great benefits & ample coverage for valuable contents
  • Flexibility seekers who need combined renovation & content coverage
  • Renters seeking great price & value

Bad for

  • People who need family accident coverage
  • Landlords, due to low value
  • Low value on SmartHome Essential, Optimum, Presitge

Editor's Rating

5.0/5.0

AXA's SmartHome represents one of the most versatile and best-value home insurance plans on the market. By combining competitive premiums and generous sub-limits and benefits, AXA has carved out a place in the home insurance market for consumers looking to maximise coverage for their valuables and renovations. We think the SmartHome policy will be a great choice for almost any type of homeowner, tenant and high-profile property landlords.

Summary of AXA Essential Home Insurance
With promotion, premiums are cheaper than average regardless of coverage
One of the highest value home insurers on the market
Great option for homeowners of large landed homes
Above average coverage limits
40% off all SmartHome plans

Table of Contents

AXA SmartHome Essential Highlights

We recommend AXA SmartHome for homeowners who are looking to maximise coverage and value for their money. Due to AXA SmartHome's emphasis on being a high-value protection scheme, its premiums don't always reflect a budget plan and typically cost slightly more than average. However, when AXA offers a promotion, Smarthome plans will yield a market-beating value ratio of around S$3,200 of coverage per dollar of premium. Its coverage is flexible and lets you choose up to S$3,000,000 of combined coverage for building and renovations and up to S$500,000 for contents.

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

In terms of benefits, AXA SmartHome offers more than 24 features including high sub-limits on valuable items (33% of sum insured vs. market average of around 10%) as well as miscellaneous coverage like fire extinguishing and home recovery consultation fee benefits. Although SmartHome for homeowners comes without the family death/injury coverage featured by most other companies, we don't think this is a deal-breaker as such benefits can be found in a myriad of other insurance policies you may already have.

However, AXA does have some drawbacks. First, the amount of coverage you can choose is pre-set to certain amounts, so you risk either under or over-insuring your home. Furthermore, homeowners who don't need building coverage will have to opt for building coverage regardless since renovation coverage is included (at 25% of the insured building limit). Second, AXA is not a plan for the cost-conscious as its premiums hover around the average when there is no promotion available. Lastly, there is no coverage for your pets, so if you have any that you want to protect, you'll have to keep this in mind when considering this insurer.

AXA SmartHome Essential for HDB Homeowners

AXA SmartHome can be a good choice for HDB homeowners who enjoy the finer things in life. For competitive premiums (average 33% below average), AXA offers some of the highest contents coverage sublimits. This includes a valuables sub-limit of S$5,000 for any one item and a total of 1/3 of the total contents sum—the highest on the market. Furthermore, it offers up to S$10,000 in total for works of art and S$2,000 in total for laptops. Beyond the generous coverage, HDB homeowners can have peace of mind with a conservancy fee coverage (up to S$1,000) and an alternative accommodation benefit in the event you have to temporarily stay elsewhere while your HDB flat is getting fixed after damage.

However, AXA may not be a fit for HDB owners looking for a simple, budget-friendly plan. Its premiums reflect the fairly high renovation and contents coverage and the myriad of miscellaneous benefits. For homeowners of small HDB flats, the S$63 premium for AXA's most basic coverage may be too high compared to the S$39-S$50 annual premiums you'll find with insurers like Income and Aviva. Furthermore, you should be aware that your renovations will be insured up to 25% of your building limit, so you should make sure the building coverage is high enough to avoid underinsuring.

Home SizeContents CoverageBuilding/Renovation CoveragePremium
3-RoomS$45KS$100KS$63.27
4-RoomS$90KS$250KS$93.60
5-RoomS$135KS$500KS$166.98
Industry AverageS$50,623S$125,989S$157.00
Home SizeContents CoverageBuilding/Renovation CoveragePremium
3-RoomS$45KS$100KS$63.27
4-RoomS$90KS$250KS$93.60
5-RoomS$135KS$500KS$166.98
Industry AverageS$50,623S$125,989S$157.00

AXA SmartHome for Private & Landed Property Owners

AXA SmartHome Essential will be sure to please value-seeking private homeowners. It is consistently one of the highest value plans regardless of the combination of contents and renovation coverage you choose. In particular, AXA's Essential plan with S$135,000 of contents and S$500,000 of renovation coverage will result in the highest value for money plan out of all the home insurance offerings we analysed (S$3,803 of coverage per S$1 of premium). AXA's premiums range from 10% to 66% cheaper than the industry average for condominium coverage, so even condo owners who need S$500,000 of renovation coverage will pay below industry average.

AXA's SmartHome is not only the cheapest, but also the greatest-value option for high-profile landed property owners. Its premiums are 28% cheaper than the industry average for landed properties with S$1,000,000 of building coverage and S$135,000 of contents coverage. By combining some of the most affordable rates on the market with premium features like artwork (up to S$10,000), valuables, professional fees and document coverage, AXA outshines its competitors in almost every aspect.

One thing you should be aware of is that renovations coverage is included in the building coverage and is insured up to 25% of the building limit. So, if you have expensive renovations, you should make sure your building coverage is high enough to fully cover your renovations, fixtures and fittings.

Home SizeContents CoverageBuilding CoverageRenovation CoveragePremium
2-BedS$45KS$100KS$25KS$63.27
3-BedS$90KS$250KS$100KS$93.60
4-BedS$135KS$500KS$125KS$166.98
Landed (Bungalow)S$135KS$1.5MS$375KS$392.04
Industry AverageS$54,896S$136,695N/AS$186.00
Home SizeContents CoverageBuilding CoverageRenovation CoveragePremium
2-BedS$45KS$100KS$25KS$63.27
3-BedS$90KS$250KS$100KS$93.60
4-BedS$135KS$500KS$125KS$166.98
Landed (Bungalow)S$135KS$1.5MS$375KS$392.04
Industry AverageS$54,896S$136,695N/AS$186.00

AXA SmartHome for Tenants

While AXA is not the cheapest plan on the market for renters, its S$93.60 premium is still 20% cheaper than the average 3-room price. Compared to other competitors, AXA offers up to S$500,000 of contents coverage—one of the highest amounts on the market. In terms of miscellaneous perks, AXA offers some of the highest sub-limits for valuables, including a S$7,000 individual item sublimit, S$10,000 for artwork and S$1,000 of legal document coverage. You will also have mirror and glass coverage as well as lock and key replacement. To protect yourself from conflicts with your landlord and add to your peace of mind, you will also receive S$500,000 of tenant's liability coverage.

Contents LimitPremium
S$45,000S$40.93
S$90,000S$62.60
S$135,000S$84.26
Contents LimitPremium
S$45,000S$40.93
S$90,000S$62.60
S$135,000S$84.26

AXA SmartHome for Landlords

Landlords who are looking to insure themselves with AXA will find the ample renovation coverage to be more than enough to provide adequate peace of mind. If you want to lock in your premium for more than a year, you can also opt for AXA's 3-year plan option. Your premiums are the same as if you were an owner-occupier, but unlike other plans with flexible building and contents schemes, you don't get to choose the exact amount of cover you need. This can be a setback, as you may end up paying for more coverage than you need, lest you under-insure.

In terms of coverage, you will have S$200,000 of landslip or subsidence coverage, S$10,000 of debris removal for HDB properties and S$20,000 for private properties and S$500,000 of owner's liability coverage. You also have access to a 24-hour emergency service for advice or referrals to contractors if something breaks down in your home—a valuable asset in the event your tenant breaks something essential.

Building/Renovation LimitPremium
S$100,000S$40.45
S$250,000S$70.78
S$500,000S$121.34
Building/Renovation LimitPremium
S$100,000S$40.45
S$250,000S$70.78
S$500,000S$121.34

Policy Excess

An excess is the payment you are responsible for before the company steps in to cover the rest of the loss or damage. Below, you'll find the excess associated with AXA SmartHome (Insured Perils) insurance.

BenefitExcess
Building/Renovation/Contents Loss or DamageS$200 if damage is due to windstorm/flood
Building/Renovation Loss or DamageS$100 if damage is due to bursting/overflowing of domestic water tanks
Contents Loss or DamageS$50 if damage is due to bursting/overflowing of domestic water tanks
Landslip and Subsidence10% of each claim

AXA SmartHome Comprehensive

When signing up for the AXA SmartHome plan, you will have the option of choosing either the Essential plan, which provides "Insured Perils" coverage or the Comprehensive plan, which provides "All Risks" coverage. An "Insured Perils cover" is the most typical form of home insurance offering, which indemnifies you if events that are specified in the contract (fire, earthquake, natural disasters, etc.) cause damage to your properties. In contrast, an "All Risks cover" insures against accidents that are not necessarily attributable to the named events, such as mistakes by you or your children. The premiums for AXA's Comprehensive plan are typically 88-96% more expensive than the Essential plan.

Claims & Contact Information

Filing a claim with AXA is straightforward. You can submit claims online or by post. To make sure your claim doesn't get rejected, you should take precautions to avoid damage or loss to your property, not throw away damage items and submit all the required original photos and documentation with your claim form. If damage or loss occurs, you should notify AXA immediately.

Contact Information
Customer Service1 800 880 4888 (Within Singapore)
Emergency Assistance+65 6322 2566
Address8 Shenton Way, #24-01 AXA Tower, Singapore 068811
Claims InformationFAQ & Forms
File a ClaimClaim Form
Learn MoreSmartHome Policy Wording

AXA SmartHome Essential Summary

AXA offers great coverage for a variety of consumers thanks to its attractive premiums, generous coverage and useful benefits. However, individual needs vary and AXA may not be the right choice for you. To see how AXA compares to other plans on the market, visit our guide to the best home insurance plans in Singapore.

BenefitLimit
BuildingS$0-S$3,000,000
ContentsS$0-S$500,000
Fixtures/Fittings/Renovation25% of Building Coverage
Damage to Underground ServicesS$100,000 Building Sub-limit
Emergency Entry DamageS$1,000 Building Sub-limit
Capital Additions10% of Building Coverage
Landslip/SubsidenceS$200,000 or Building Limit (whichever lower)
Valuables⅓ of Sum; S$5,000 per item
MoneyS$1,000
Works of ArtS$10,000 Total
LaptopsS$2,000 Total
Mobile PhoneS$300 Total
BicyclesS$500 Total
Household RemovalS$5,000
Emergency Cash AllowanceS$1,000
Locks & KeysS$750
Breakage of Mirrors/GlassS$5,000
Conservancy ChargesS$1,000
Temporary AccommodationS$15,000
Loss of RentS$15,000

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