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.

Table of Contents

AXA SmartHome for Homeowners

We recommend AXA SmartHome for HDB and private property owners seeking comprehensive benefits for great peace of mind and aren't focused on minimising price. Due to AXA SmartHome's emphasis on being a high-value protection scheme, its premiums don't reflect a budget plan and thus are slightly higher than average (when comparing to low-coverage budget plans, premiums can be up to 50% higher). However, even with this in mind, AXA yields a value ratio of around S$3,200 sum insured per dollar of premium compares very favorably to the market average of about S$1,060.

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-limit on valuable items (33% of sum insured vs. market average of around 10%) as well as premium perks like home quarantine order compensation (up to S$1,400), fire extinguishing cost (up to S$2,500), and home recovery consultation fees (up to S$5,000). This contrasts with AXA's peers that offer on average 14 features, among which such premium perks are rarely found. 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 benefit is usually covered under a separate life insurance plan or you can choose to add it for an additional fee. Additionally, 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 lets you customise your coverage by letting you choose between S$500,000-S$3,000,000 of building coverage and S$45,000-S$500,000 of contents coverage. Based on our estimates of home renovation cost and content value, below we summarize who might find each of SmartHome's four offerings useful. Please note that the cost of renovation and content will be combined under the content coverage if building coverage is not selected.

HDB 3-RoomMkt Avg.HDB 4-RoomMkt Avg.HDB 5-RoomMkt Avg.
PriceS$160.10S$105.80S$185.38S$154.25S$210.10S$236.26
Value ($Insured/$Premium)3,4061,2003,1831,2683,0141, 249
RenovationS$500,000S$88,645S$500,000S$116,667S$500,000S$171,515
ContentsS$45,000S$25,479S$90,000S$45,912S$135,000S$71,530
3rd Party LiabilityS$500,000S$563,462S$500,000S$642,593S$500,000S$685,185
Alt. AccommodationS$15,000S$10,177S$15,000S$14,381S$15,000S$24,306
Breakage of Glass/MirrorsS$5,000S$1,550S$5,000S$1,883S$5,000S$1,607
ValuablesS$15,000S$7,830S$30,000S$12,398S$45,000S$20,518
Lock & Key ReplacementS$750S$540S$750S$611S$750S$643
Promotion: 30% off + S$68 Falcon eVoucher

AXA SmartHome for Renters

While AXA is not the cheapest plan on the market for renters, its S$68.22 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.

SmartHome TenantS$45k PlanS$90k PlanS$135k PlanMkt Avg.
PriceS$68.22S$104.33S$140.43S$140.79
Value ($Insured/$Premium)9421,2321,373594
ContentsS$45,000S$90,000S$135,000S$65,571

AXA SmartHome for Landlords

Landlords who are looking to insure themselves with AXA will find the ample building and contents coverage to be more than enough to give you adequate peace of mind when renting out your flat. 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.

SmartHome LandlordS$545k PlanS$590k PlanS$635m PlanMkt Avg.
PriceS$160.10S$185.38S$210.66S$169
Value ($Insured/$Premium)3,4063,1823,0141,215
ContentsS$45,000S$90,000S$135,000S$65,571
Building/RenovationS$500,000S$500,000S$500,000S$173,378

AXA SmartHome for Landed Property Owners

AXA's SmartHome is not only the cheapest, but also the greatest-value option for high-profile landed property owners. Its premiums are around 47% cheaper than the industry average for landed properties with S$1,000,000 of building coverage and S$90,000 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 except in family death/injury coverage. This means it's a great option for very affluent homeowners who have supplementary life insurance policies (and don't need family death or injury related coverage in their home insurance) and would prefer a home policy that focuses on protecting contents and building fixtures instead.

SmartHome Insured Perils vs. All Risk Plans

When signing up for one of the sub-policies within the SmartHome plan, you will have the option of choosing either an "Insured Perils cover" or an "All Risks cover." 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. Prices for an All-Risks cover can go up by 88-96% under AXA's SmartHome policy, compared to an equivalent Insured Peril cover.

Other AXA Plans: SmartHome Essential, SmartHome Optimum, and SmartHome Prestige

In addition to the SmartHome policy discussed above, AXA also offers three other home insurance products: SmartHome Essential, Optimum, and Prestige. While we think these policies are not as excellent in terms of value, below we provide a summary of each plan to give you a picture of what to expect.

SmartHome Essential

AXA's SmartHome Essential is an insured perils-only coverage that comes with an option to cover your building if needed. Offered in four tiers, the policy simplifies your decision making process by bundling the limits on total content and renovation cost together under a tier of policy. However, we think that this plan underestimates the appropriate amount of content coverage across its four tiers. In addition, the sub-limits and special features have been trimmed down compared to the SmartHome plan, while the value ratios stay under or insignificantly above that of SmartHome.

HomeownersRentersLandlords
PriceS$53.50 - S$163.18Min. S$53.50Min. S$53.50
Value ($Insured/$Premium)1,215 - 1,8383113,731
RenovationS$50,000 - S$250,000N/AMin. S$33,300
ContentS$15,000 - S$50,000Min. S$199,000NA
Building CoverageS$2.68 per S$10,000N/AS$2.68 per S$10,000
Fixtures, Fittings, RenoS$2.68 per S$10,000N/AS$2.68 per S$10,000

SmartHome Optimum

SmartHome Optimum is a step-up from either the SmartHome or SmartHome Essential policy, providing more robust coverage on home contents, family injury/death and third-party liability. As with SmartHome Essential, the Optimum policy is an insured perils cover and comes in five tiers, each representing different segments of home insurance needs. While renovation and content coverage can be purchased separately, the price for this goes up by more than double. Most of the benefits stay consistent across each of the tiers when compared with SmartHome except this plan offers pet coverage. Despite the lack of differentiating features, SmartHome Optimum comes with value ratios of under S$800 sum insured per cost, lower than the market average of S$1,200.

HomeownersRentersLandlords
PriceS$112.35 - S$353.10Min. S$107Min. S$107
Value ($Insured/$Premium)668 - 7653111,558
RenovationS$50,000 - S$200,000NAMin. S$166,700
ContentS$25,000 - S$70,000Min. S$33,300N/A
Building OnlyS$6.42 per S$10,000N/AS$6.42 per S$10,000
Fixtures, Fittings & RenoS$6.42 per S$10,000N/AS$6.42 per S$10,000
ContentsS$32.10 per S$10,000

SmartHome Prestige

SmartHome Prestige represents the most high-end coverage needs in the home insurance market, standing out with its minimum premium of S$1,016.50 and all-risks coverage. One of the biggest benefits offered in the Prestige plan compared to its lower tiers is the family accident cover of S$100,000, significantly higher than the S$32,000 market average. Its sub-limits on laptop and mobile devices also increase by S$200-500, you can insure your valuables and belongings up to 50% of your contents coverage and you will be insured for fine art, antiques and collectibles. Additionally, there are optional covers for secondary homes in Singapore, personal accident insurance, and your car and boats. Given the steep increase in price, we think these embellishments may not be a game changer, especially if you already have insurance that you are happy with for the aforementioned items.

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