Etiqa's Tiq Home Insurance may win over consumers who prefer having basic coverage in exchange for paying low premiums. Though its coverage is not as comprehensive as that of other insurers, it provides some of the cheapest home insurance policies for HDBs and its benefits seem to be carefully curated to cover some of the most common household problems, including emergency cash allowance and valuables coverage. However, while condo owners can get some of the highest coverage on the market, those who are seeking cheap premiums may end up getting priced out.
|Summary of Tiq Home Insurance|
|Below average cost and high value for HDB owner|
|Not the best option for those with expensive valuables|
|Can get market-beating coverage in exchange for high premiums|
|Offers emergency cash allowance within 24 hours|
|Promotion: 15% off any plan + extra 5% off every Friday|
Etiqa Tiq Home Insurance Highlights
Etiqa's Tiq Home Insurance is one of highest value policies for the average HDB and private property owners due to its high coverage limits, competitive prices and unique benefits. It offers a customisable 1, 3 or 5 year plan for owner-occupiers, landlords and tenants, with options to choose varying amounts of building, renovation and contents coverage. The 1 year plan premiums can cost between 45-55% below average for HDB flats, with yearly premiums decreasing even more should you opt the 3 or 5-year coverage option. While premiums for condo owners aren't as competitive, Tiq's high coverage limits can make up for the increase in cost.
Tiq can be a good option for those looking for comprehensive yet no frills coverage. For example, landlords and condo homeowners can insure up to S$2,000,000 in buildings coverage and S$1,000,000 in renovation coverage—some of the highest amounts on the market. There is also a unique market-leading emergency home assistance service to assist in major emergency repairs for plumbing, electricity, locksmith and pest control issues. However, while this makes Tiq a great option for cost-conscious first-time homeowners who want to be well protected from common homeownership problems, its coverage may not be enough for affluent consumers with expensive items or niche needs. For instance, Tiq's sub-limits for valuables are rather low and its miscellaneous benefits such as pet benefits, appliance coverage and accidental death coverage cost extra.
Tiq Home Insurance for HDB Owners
HDB homeowners looking for a good deal on their home insurance policy may find one with Tiq. For instance, not only are its premiums for HDB flats 35-50% below the market average, it also provides 3-5 year plans that can save you up to additional 15% per year. For these prices, you'll get a small but useful set of benefits, including S$5,000 emergency cash allowance, a market beating home assistance benefit of S$800 (for 3 or 5 year plans), debris removal and protection from credit card theft. For an extra fee you can also add pet coverage, accidental death coverage or a unique home appliance benefit.
If you are the owner of a new HDB flat and you are concerned about protecting your home from common issues such as fire, renovation or you want help on hand during smaller emergencies, Tiq can be a good option. It is affordable, customisable and doesn't include a bunch of niche benefits that you'll end up paying for but not utilising. On the other hand, you may not benefit so much if you own expensive valuables or artwork, since the sub-limits for expensive items are low at S$200. If you do need protection for expensive items, we suggest opting for an insurer like AXA or OCBC.
|HDB Type||Renovation Coverage||Contents Coverage||Premium|
Tiq Home Insurance for Condo Owners
Tiq's premiums for condo owners range between 25% below average up to 150% above average, meaning it may benefit some condo owners but potentially price out more cost-conscious ones. For these prices, you can get some of the highest building, renovation and contents coverage on the market in addition to emergency cash benefit, debris removal, conservancy charges and protection from credit card theft. If you sign up for the 3 or 5-year plan, you will also save 15% (with the additional 5% off every Friday) on your premiums and receive its Emergency Home Assistance benefit of S$800 per year. Furthermore, you can add pet, home appliance and personal death protection for an additional fee.
However, while we believe Tiq can be a great deal for most condo owners, consumers who want to receive cheap comprehensive coverage or protection for expensive valuables may be better off with other insurers. This is because condo owners will end up paying above the average price unless they choose to the minimum coverage level. Not only that, Tiq's S$200-S$1,000 sublimit for individual items or collectibles may not be enough to ensure heirlooms and expensive artwork. Thus, we recommend affluent condo owners to consider AXA or OCBC.
|Condo||Building Coverage||Renovation Coverage||Contents Coverage||Premium|
Tiq Home Insurance for Landlords
Tiq may be a good deal for landlords looking for a multi-year plan for their HDB property, but it won't be the best choice for those insuring private property. While its premiums for HDB flats are around 15% below average, its premiums for condos are quite expensive at 68-143% above average for a 1-year plan. Even when opting for a 5-year plan—which comes out to be 15% cheaper per year than the 1-year plan—you will still be paying 40-106% above average. However, its renovation and contents coverage can increase to way above average at S$1,000,00 and S$2,00,000, respectively, if you are renting out a condo.
|Housing Type||Building Coverage||Renovation Coverage||Contents Coverage||Premium|
We wouldn't recommend this plan to landlords looking for basic condo protection due to its fairly uncompetitive prices for comprehensive condo coverage. Instead, we recommend insurers such as NTUC Income for landlords looking for more competitively priced condo plans. Lastly, since Tiq doesn't provide a protection against loss of rent, landlords looking for extra financial protection will fare better with other insurers as well.
|Housing Type||Building Coverage||Renovation Coverage||Contents Coverage||Premium|
Tiq Home Insurance for Tenants
Tiq's tenant plan offers some of the best value and affordable premiums for renters in Singapore. Its premiums are between 15-30% below the average for tenant plans with up to S$90,000 of contents coverage (or S$120,000 if you are renting an executive or multi-generation flat). You will also get additional benefits such as valuables coverage, emergency cash, emergency home assistance and tenant's liability.
However, we found that it may not always be the most appealing plan on the market for tenants. For example, AXA's tenant home insurance beat out Tiq both in coverage and price. Additionally, AXA's higher valuable item sublimit makes it more appealing to tenants with expensive belongings. Nonetheless, because AXA tends to change their promotion drastically and quite often, Tiq may end up a better choice for consumers who prefer consistently priced, good value plans.
|Housing Type||Content Coverage||Premium|
Tiq Home Insurance Claims Information
To submit a claim for Tiq's home insurance, you can log onto TiqConnect or contact Etiqa's customer care hotline (listed below). You should make sure you have the correct documents, including receipts of the articles/property, coloured photos or CCTV photos showing how the damage occurred and the extent of damage, 3 quotations for repair of lost or damaged property, correspondence between you and third parties (for liability claims) and a police report.
|Emergency Assistance||6702 2662|
|Claims Customer Service||6887 8777|
|Customer service E-mail||[email protected]|
|Customer Care Centre||16 Raffles Quay, Hong Leong Building #01-04A|
Summary of Coverage
Getting the right coverage for your home means you'll be prepared if disaster strikes. Below, you'll find a summary of benefits for Tiq home insurance. If you want to compare Tiq to other plans on the market, you can read our guide to the best home insurance plans in Singapore.
|Premiums & Benefits||HDB||Condo||Extra Cost|
|Emergency Cash Allowance||S$5,000||S$5,000||N/A|
|Professional Fees||10% of Reno Sum||10% of Reno Sum||N/A|
|Removal of Debris||10% of Reno Sum||10% of Reno Sum||N/A|
|Unauthorised Transactions on ATM/Credit Card||S$1,000||S$1,000||N/A|
|Accidental Breakage of Mirrors/Fixed Glass||S$1,000||S$1,000||N/A|
|Theft of Money||S$750||S$750||N/A|
|Accidental Injury for Pet (Excess S$80)||S$500||S$500||S$65.97|
|Family Accidental Death||S$50,000||S$50,000||S$6.60|