MSIG offers some of the most well-rounded features in their comprehensive plans that can give homeowners great peace of mind. We think that MSIG has carved out a place for homeowners looking for ample benefits and great perks that can have them covered at all times. Despite this, the flexible protection scheme designed for landlords and renters don't offer competitive values, so we advise them to beware.
Table of Contents
- MSIG Enhanced HomePlus for Homeowners
- MSIG Enhanced HomePlus with Building Top-Up for Landed Property Owners
- MSIG Home Insurance for Landlords and Renters
MSIG Enhanced HomePlus for Homeowners
MSIG's Enhanced HomePlus represents one of the best full-fledged, premium policies in the home insurance market. While its value ratio (S$1,100 sum insured per dollar of cost) is slightly below the industry average, MSIG offers some of the most generous coverage on almost any commonly-found features like locks, keys & security system (S$1,000-1,500 vs. market average of S$550) and food in freezers (S$500-750 vs. market average of S$420). Not only that, it also comes with rare-to-find features like hospitalization allowance (up to S$6,750) and S$1,000,000-third party liability coverage. We think all three tiers (Standard, Superior, and Ultimate) of this policy represent great value for their premiums of S$119-233, and recommend MSIG for homeowners looking to have great peace of mind.
MSIG Enhanced HomePlus: Standard, Superior, and Ultimate
The biggest difference in the three tiers of the Enhanced HomePlus plan is the total sum insured on home renovations and contents. MSIG offers combined coverages of S$125,000 for the Standard tier, S$195,000 for Superior, and S$270,000 for Ultimate. We think your choice of coverage should be based on the total value of your home renovations and contents, which you can estimate using our cost of home renovation and cost of home contents articles.
In terms of feature, the lowest-tier Standard Plan lacks comparatively more benefits than the mid-tier Superior Plan. For example, the dollar amounts of money sub-limit, cost of temporary protection, and death of domestic pet are the same for the two highest tiers (Superior and Ultimate), but about 30% lower for the Standard Plan. This lowest-tier product also doesn't include a maid's dishonesty coverage, a feature that both Superior and Ultimate Plans offer. We don't think these shortcomings are a deal-breaker, however, as Standard Plan still comes with robust coverage when compared against other companies.
|Standard (S$)||Mkt Avg (S$)||Superior (S$)||Mkt Avg (S$)||Ultimate (S$)||Mkt Avg (S$)|
|Liability to Third Party||1,000,000||1,000,000||1,000,000|
|Locks/Keys & Security||1,000||1,500||1,500|
|Legal Document||0 or Unspecified||0 or Unspecified||0 or Unspecified|
|Excess for Contents||100||100||100|
MSIG Enhanced HomePlus with Building Top-Up for Landed Property Owners
We recommend MSIG HomePlus with additional building top-up for homeowners who have relatively small (S$300,000 or under) landed properties. Along with affordable rates on renovation and content protection, MSIG gives landed property homeowners great peace of mind when it comes to ample benefits such as high jewellery & watches coverage (13% of total sum insured vs. market average of under 9%). For larger landed properties (above S$300,000), it may be worthwhile to consider another option from AXA.
|MSIG (S$)||Market Average (S$)|
|Top-up Rate (S$10,000 Build. & Renov.)||4.28||5.37|
|Top-up Rate (S$10,000 Content)||16.05||25.84|
MSIG Home Insurance for Landlords and Renters
We don't particularly recommend MSIG's "Home Insurance Plan," which is a flexible policy where the policyholder can choose to insure any amount (in the multiple of S$10,000) on home renovation or content. Despite its apparent flexibility, the minimum premium of S$85.6 limits the choice of many non-homeowners: landlords must get at least S$200,000 of renovation coverage, while renter must get at least S$60,000 of coverage in order to be eligible in the first place. In our opinion, NTUC Income offers a cheaper alternative for landlords, and AXA offers a better-value protection scheme for renters.
|MSIG (S$)||NTUC Income (S$)||AXA (S$)||Mkt Avg (S$)|
|Price||Min. 85.6||Min 35.3||31.30-55.37||NA|
|Renovation||Min. 200,000||Min 144,000||25,000-75,000||NA|
|Content||Min. 60,000||Min. 24,300||25,000-75,000||NA|
|Cost per S$10,000 Renovation||4.28||2.45-4.00||7.38-12.52||3.75|
|Cost per S$10,000 Content||16.05||14.56-19.00||25.84|