FWD Home Insurance's competitive prices and generous coverage gives it the highest value on the market for the average HDB and Condo owner-occupier. However, while FWD offers comprehensive and unique coverage, it may not appeal to affluent consumers with expensive valuables, as its sub-limits for artwork, jewelry and other valuable items are quite low.
Summary of FWD Home Insurance
|FWD Home Insurance|
|One of the best options available for the average condo or HDB owner|
|Zero excess on claims due to fire or burst pipes|
|Great for those looking to insure their pets|
|Not the best option for high net-worth or medically-focused individuals|
|S$5 off if you have a security system or full-time domestic helper|
|Promotion: 10% off with "BESTHOME10"|
FWD Home Insurance Highlights
The average HDB or condo owner-occupier can find a winner with FWD's home insurance plan, as it covers all the necessary bases for highly competitive prices. First, its premiums are around 30-55% below the industry average, even when you choose to maximise your contents and renovation coverage. Second, FWD lets you customise your policy based on number of rooms, renovation, content and building coverage (for landed property owners). This policy design not only allows for flexibility, but also lets you pay only for the amount of coverage you need. If you are renting, there is a tenant plan, which is identical to the owner/occupier plan albeit cheaper and with no renovation coverage. Since you will be choosing your own coverage limits, you should make sure you know the exact amount you'll need to cover everything sufficiently, although FWD is unique in not penalizing underinsuring. To get an estimate, you can consult our guide on average cost of home contents and average cost of home renovations.
While FWD is a great option for the average consumer (owner-occupier, landlord or tenant), it may not provide the right coverage for certain niche customers. For instance, affluent consumers with expensive belongings may not find the sublimit for artwork and valuables high enough at S$1,000. Also, there isn't any cover for moving damages. Thus, if you have very expensive belongings or you tend to move around often, FWD may not be an ideal choice and you should consider looking at AXA, MSIG .
FWD Home Insurance for HDB & Private Property Owners
If you are an cost-conscious HDB or condo owner-occupier, you will be pleasantly surprised with the 35% below market average prices for 3,4 or 5 room flats. Additionally, you will receive building coverage for repairs or reconstruction, alternative accommodation, storage, conservancy and firefighting appliances, as well as home assistance for electrical, plumbing, locksmithing and air-conditioning. If you insure more than S$40,000 of home contents, you will also increase your alternative accommodation benefit to S$35,000—one of the highest on the market. Combined with no excess for burst pipes and fire claims, and affordable add-ons for pet and personal accident coverage, the average HDB owner will get the best valued home insurance plan on the market.
FWD Home Insurance for Landlords & Tenants
If you are a landlord looking for peace of mind benefits in your home insurance policy, you will find them with FWD. Though it may not offer the highest landlord-related benefits on the market, it is still one of the highest value plans on the market due to its low cost and comprehensive set of coverage. On top of the standard renovation coverage of your choosing, you will also receive S$3,000 of loss of rent coverage for 3 months (excluding the first two months) and S$3,000 of landlord-tenant legal dispute coverage. There is also a workmanship guarantee feature that will ensure FWD's repairs for up to 6 months (when done by their recommended contractors). This can be good peace of mind addition in the event your apartment is damaged and you don't want to waste time looking for a contractor yourself.
If you are a tenant, FWD offers flexible plans that are also budget friendly. It is currently the cheapest tenant-specific option on the market if you choose their smallest level of contents coverage, costing around 60% below average. In addition to providing an option to choose between S$20,000 and S$100,000 of contents coverage, FWD offers tenant-specific protections like S$500,000 of liability coverage for accidental damages to the apartment as well as S$3,000 of legal coverage costs for tenancy disputes. Other than that, you will have the same features as homeowners do, which includes mirror and glass, alternative accommodation, conservancy, home assistance and temporarily stored contents coverage as well as options to add pet and personal accident coverage. Though its value is high due to the low price, its valuables coverage is quite low so those who want to protect expensive items are better off with insurers like Sompo or NTUC Income.
FWD Claims Information
To successfully file a claim with FWD, you must first report the claimable incident as soon as it happens by calling either their emergency assistance or customer service number (linked below). After this, you can find the right form on their website and file your claim online through their portal along with the required documentation. If you are a tenant (renter) and are filing a liability claim, you should provide a police report and and correspondence with your landlord. You must inform FWD of the claim within 30 days. You should also take note that you can not file a claim if your residence has been unoccupied for more than 60 days.
|Emergency Assistance||+65 6322 2072|
|Customer Service||+65 6820 8888|
|Claims Information||Guide and Forms|
|Mailing Address||The Chief Executive Officer, FWD Singapore Pte. Ltd. 6 Temasek Boulevard, #1801 Suntec Tower Four, Singapore 038986|
Summary of Coverage
Your home is your most expensive investment and also your most valuable asset. Therefore, finding the best home insurance plan can mean considerable savings in the event of unforeseen events. Below, you'll find FWD's features and coverage. If you would like to compare FWD to other policies in the market, you can read our guide to the best home insurance plans in Singapore.
|Home Contents||S$20,000-S$100,000||S$20-S$25 per S$20,000 increment|
|Renovations||S$20,000-S$100,000||S$5-6 per S$20,000 increment|
|Fixed Mirrors and Glass||S$1,000||N/A|
|Theft or Damage (Temporarily Displaced Contents)||S$5,000||N/A|
|Pet Cover (Death, Stolen)||S$1,000||S$2|
|Pet Cover (Medical)||S$1,000|