Great Eastern Home Insurance Review: Who Should Get it?
Great Eastern Home Insurance Review: Who Should Get it?
- High value for tenants and landlords
- Only one excess payment (for tenant liability)
- Premiums are 30-40% below average for priate and landed properties
- Plethora of miscellaneous benefits may not appeal to those who need simple coverage
- Doesn't always stand out in value compared to other plans
While Great Eastern's home insurance plans are affordable and provide great value for money for most consumers, they will especially stand out to affluent homeowners. With a wide array of peace of mind benefits and one of the highest valuables sub-limits on the market, Great Eastern's HomeGr8 Essential will prove very useful to consumers looking to protect their expensive belongings. However, flat owners who are looking for a cheap no-frills plan may find more suitable plans with other insurers.
|Summary of Great Eastern HomeGr8 Essential Insurance|
|Below average premiums but above average value for tenants & landlords|
|Average value for HDB and Condo homeowners|
|Above average valuables coverage (35% of contents)|
|No penalty for underinsuring|
Table of Contents
Great Eastern HomeGr8 Essential Insurance Highlights
Great Eastern is a great choice for homeowners and tenants who want to protect their valuables without paying a high premium. Its HomeGr8 Essential plan is an insured perils option that lets you add contents and renovation coverage at affordable rates to create a customised plan. Premiums for the Essential plan run between 16-57% below average, so most consumers will be getting a great deal with Great Eastern.
In terms of coverage, the Essential plan sets minimum limits and gives you the option to top up coverage. Unfortunately this means that if you require coverage less than those limits, then you may end up overinsuring your property and pay for more coverage than you'll use. Despite this, Great Eastern offers plenty of useful benefits. If you need to insure an item that's worth more, Great Eastern is willing to discuss it and add it to your policy. Furthermore, other benefits include peace of mind benefits like emergency cash, conservancy coverage and alternative accommodation coverage. Best of all, Gr8 Eastern does not penalise you if you under insure your property, which can save you thousands in rejected claims. All in all, the GR8 Essential plan can be a great option for consumers looking for premium coverage without the premium prices.
One drawback to Great Eastern's home insurance is that it doesn't always stand out in value compared to other plans. For instance, tenants and HDB/Condo homeowners will find premiums for similar coverage to be cheaper with other insurers like Income and FWD. Furthermore, while there is no underinsurance penalty, Gr8 Essential is a first loss policy. This means that while you won't be penalised, you will only be reimbursed up to the coverage you've purchased, even if it is worth more.
Great Eastern HomeGr8 Essential for HDB Homeowners
The average HDB homeowner will find HomeGr8 Essential to be a great peace of mind plan that comes at affordable prices. While neither the premiums nor value for money are especially noteworthy, premiums are below average enough to be a good option for cost-conscious homeowners. For premiums that are typically 30-40% below average, you will receive a plethora of benefits for your HDB flat that are as useful as they are generous. These include S$1,000 of conservancy charges coverage, S$1,000 of emergency entry coverage (if fire personnel damage your entryway during an emergency), S$10,000 of professional fee coverage and S$1,000 of emergency cash allowance.
However, the Essential plan may not be the best fit for consumers who are looking for very cheap and simple plans. For instance, retirees who have downgraded to a small flat and need very basic coverage may find themselves paying for benefits they won't utilise. Furthermore, there are a few other insurers that offer home insurance plans for under S$50 per year that may entice homeowners on a very tight budget.
|Home Size||Contents Coverage||Renovation Coverage||Premium|
Great Eastern HomeGr8 Essential for Private & Landed Property Owners
Great Eastern's Home Gr8 Essential can be a good fit for condo owners who want protection for their expensive valuables. For other consumers, it may offer lackluster value due to the low but still unremarkable premiums. For instance, even though its premiums are 30-40% below average, the coverage you get for those premiums is low enough to drop the benefits per dollar of premium paid to 15-20% below average. However, if you find more value from the miscellaneous benefits Great Eastern offers, such as its above average valuables sub-limit coverage, benefits for money, documents, pet and food losses and extensive renovations sub-limits, then Great Eastern HomeGr8 Esssential can be a great option.
If you live in a landed property, HomeGr8 Essential can be a great high value option. It is one of the cheapest landed property plans on the market, whether you live in a bungalow or a terrace. However, those living in bungalows will get the best value for their money, as you will receive S$2,649 of coverage per dollar of premium paid (vs. industry average of S$2,352). You can insure your home with up to S$2,000,000 of building coverage and S$50,000 of renovations and contents coverage, so most landed properties will be adequately covered. You'll also be able to take advantage of the generous 35% valuables sub-limit to protect all of your treasured items. If you're concerned about items getting damaged while in transit you'll also be covered for damage done by professional movers or when they are temporarily stored outside of your home. However, something to note is that while HomeGr8 Essential offers a great variety of benefits for attractive prices, it is possible to find cheaper landed property plans.
|Home Size||Contents Coverage||Renovation Coverage||Building Coverage||Premium|
Great Eastern HomeGR8 Essential For Landlords & Tenants
HomeGr8 Essential is a great choice for landlords as it offers competitive premiums and high value for money. For S$175,000 of renovation coverage, you'll pay just S$58.86, 65% less than the industry average for landlord plans. You will also receive S$15,000 of loss of rent in the event your tenant defaults, a plethora of benefits like capital additions, professional fee (the cost of architects and surveyors to assess any damage done) and emergency entry coverage. Another beneficial feature is that you are asked whether your rental is furnished or not furnished, which lets you avoid paying for coverage you won't need. One drawback we found is that the lowest renovation coverage amount you can get is S$175,000, so you should go with another insurer to avoid overpaying if your renovations cost much less than that. Nonetheless, Great Eastern's HomeGr8 Essential is one of the highest value plans you can get as a landlord.
Tenants who have expensive belongings and valuables may find HomeGr8 to be a good option. It is one of the cheapest plans on the market for renters, and for S$25,000-S$35,000 of contents coverage, your premiums will be 25% cheaper than average tenant plans. You will also get valuables coverage of up to 35% of your contents sum, an emergency cash allowance (if you have to leave your flat while it is being repaired), dog and cat loss coverage and replacement of lock and keys. There is also tenant's liability coverage, which is useful in the event you accidentally damage your landlord's property. However, while all these benefits may be great for tenants who want comprehensive coverage, tenants who are looking for rock-bottom premiums or contents coverage below S$35,000 may fare better with other plans such as Income.
An excess is the amount you are responsible for paying before the insurance company steps in and covers the claim. Great Eastern only has one excess of S$100 in place for the tenant's liability clause.
Great Eastern HomeGr8 Plus
Great Eastern offers one other home insurance plan: Home GR8 Plus.
The HomeGr8 Plus plan is an all-risks coverage plan, which means it will reimburse you for loss or damage regardless of cause (unless it's one explicitly stated in the exclusions).
At S$116.10, the base plan without add-ons costs 95% more than the base Essential plan. Home Gr8 Plus provides S$50,000 of renovation and S$25,000 of contents coverage, with the other benefits staying the same as the Essential plan. Because you're paying more for the type of insurance rather than an increase in a particular benefit, we recommend this plan for people who aren't on a budget and want complete peace of mind coverage for their home.
Claims & Contact Information
You must file your claim with Great Eastern within 14 days of the event happening and you have up until 30 days after the event to submit your claim and all corresponding documents. You should make sure you don't agree to pay anyone for repair work or replace any goods without Great Eastern's consent. You can submit the claim form and required documents via post.
|Customer Service||1 800 248 2888|
|General Claim Hotline||+65 6248 2638|
|Claims Information||Property Claim Form|
|Claims Address||Great Eastern General Insurance Limited, 1 Pickering Street, #01-01, Great Eastern Centre, Singapore 048659 Attention: General Insurance Claims Department|
Great Eastern HomeGr8 Essential Summary
While Great Eastern's plans may offer great protection for some consumers, it may not be the best option for you. You should always do your due diligence before settling on an insurance plan. Below, we outline Great Eastern Essential's coverage and benefit limits. If you want to see how they compare to other home insurance plans on the market, you can read our guide to the best home insurance plans in Singapore.
|Benefit||HomeGr8 Essential Limits|
|Loss of Rental Income||S$15,000|
|Capital Additions||10% of Renovation Coverage|
|Valuables||35% of Contents per item;S$2,000 per item|
|Breakage of Mirrors & Fixed Glass||S$1,000|
|Domestic Workers Belongings||S$500|
|3rd Party Liability||S$500,000|