eTiQa Home Insurance: Why You Should Consider It
eTiQa Home Insurance: Why You Should Consider It
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Etiqa's eProtect home is no longer offered. Please proceed to view our review of Etiqa's new home insurance policy: Tiq home insurance.
Table of Contents
Etiqa ePROTECT Home Standard Plan
As long as you are purchasing Etiqa's 5-year plan, ePROTECT Home Standard is one of the cheapest policies you can purchase for your 4-room HDB flat. In fact, it costs only S$51.44 per year (S$257.2 for 5 years) compared to NTUC Income's S$51.36. Meanwhile, Etiqa's plan provides S$50,000 in renovation protection and S$30,000 in contents coverage, slightly higher than NTUC Income's S$77,500 of coverage combined. Without a doubt, Etiqa's Standard Plan has one of the highest value ratios in the space, with S$1,555 of coverage provided per S$1 of premium, 30% higher than the market average for 4-room HDB flat policies.
Etiqa also boasts a market-leading emergency home assistance service. This is a rare end-to-end service, offered by only a handful of insurers in Singapore, to assist in major emergency repairs for plumbing, electricity, locksmith and pest control issues. Etiqa is especially noteworthy in this space because its maximum coverage for this service S$800 per year (S$200 per event x 4), much higher than the usual S$100-S$300 offered by other insurers. We should also highlight that Etiqa's policies come with additional protections such as S$12,000 for alternative accommodation, S$4,500 for damage by movers, S$5,000 for removal of debris, S$500 for lock replacement, S$500 for freezer food, S$9,000 for valuables (i.e. jewelry) and S$2,500 for maid's belongings.
| eProtect Home Standard (S$) | Mkt Avg (S$) | |
|---|---|---|
| Price | 51.44 for 5 years (60.5 for 1 year) | 137.43 |
| Value ($Insured/$Insured) | 1,555 | 1,175 |
| Renovation | 50,000 | 89,630 |
| Content | 30,000 | 40,590 |
| Family Accident | 50,000 | |
| Liability to Third Party | 500,000 | |
| Alternative Accommodation | 12,000 | |
| Damage by Professional Movers | 4,500 | |
| 24-hr Emergency Home Assistance Service | S$800 annually (S$200 per service) | |
| Locks/Keys | 500 | |
| Frozen Food | 500 | |
| Legal Document | 0 or Unspecified | |
| Money | 750 | |
| Laptop/Desktop | ||
| Valuables | 9,000 | |
| Pet | 500 | |
| Excess for Contents | 50 |
Etiqa ePROTECT Home Deluxe Plan
Etiqa ePROTECT Home Deluxe Plan is a great choice for value-conscious owners of 5-room HDB flats or above. Similar to the Standard Plan, the Deluxe Plan combines low price, high coverage and multitudes of generous value-add protections like alternative accommodation and damage by movers. While most high-limit policies skimp out on content coverage, Etiqa Home generously allocates S$50,000 to home contents, which we think is sufficient for 5-room HDB or similar private properties. As with other Etiqa policies, it stands out within the "best value" segment of HDB home insurance due to its market leading Emergency Home Assistance that provides up to S$800 (vs S$100-S$300 offered by competitors) in annual coverage (S$200 per event x 4) for emergency plumbing, electricity, locksmith and pest control services.
| eProtect Home Deluxe (S$) | Mkt Avg (S$) | |
|---|---|---|
| Price | 82.54 for 5 years (97.11 for 1 year) | 232.69 |
| Value ($Insured/$Insured) | 1,454 | 1,032 |
| Renovation | 70,000 | 146,110 |
| Content | 50,000 | 75,140 |
| Family Accident | 50,000 | |
| Liability to Third Party | 500,000 | |
| Alternative Accommodation | 18,000 | |
| Damage by Professional Movers | 7,500 | |
| 24-hr Emergency Home Assistance Service | S$800 annually (S$200 per service) | |
| Locks/Keys | 500 | |
| Frozen Food | 500 | |
| Legal Document | 0 or Unspecified | |
| Money | 750 | |
| Laptop/Desktop | 1,500 | |
| Valuables | 15,000 | |
| Pet | 500 | |
| Excess for Contents | 0 |
Etiqa ePROTECT Home Prestige Plan
Given its high level of coverage, Etiqa's ePROTECT Home Prestige Plan is likely designed for executive HDB owners. Among the best policies that provide S$150,000 of protection for home renovation and content, Etiqa's tends to have lower value ratio, especially compared to the likes of Aviva, AXA or NTUC Income. However, its value ratio is still above average of the market, and we think Etiqa's generous coverage for things like personal valuables (i.e. jewelries) and its market-leading Emergency Home Assistance service make it a must-consider for wealthy HDB owners.
| eProtect Home Prestige (S$) | Mkt Avg (S$) | |
|---|---|---|
| Price | 160.5 | 340.81 |
| Value ($Insured/$Insured) | 1,246 | 1,067 |
| Renovation | 100,000 | 200,460 |
| Content | 100,000 | 110,910 |
| Family Accident | 50,000 | |
| Liability to Third Party | 500,000 | |
| Alternative Accommodation | 22,500 | |
| Damage by Professional Movers | 10,500 | |
| 24-hr Emergency Home Assistance Service | S$800 annually (S$200 per service) | |
| Locks/Keys | 500 | |
| Frozen Food | 500 | |
| Legal Document | 0 or Unspecified | |
| Money | 750 | |
| Laptop/Desktop | 1,500 | |
| Valuables | 21,000 | |
| Pet | 500 | |
| Excess for Contents | 0 |