Insurer to provide basic fire insurance coverage starting 16 August 2024
SINGAPORE -
Media OutReach Newswire - 16 August 2024 - Etiqa Insurance Singapore, a leading life and general insurer in Singapore, has been appointed as the official fire insurer for the Housing and Development Board's (HDB) Fire Insurance Scheme. This significant appointment marks a pivotal moment in Etiqa's commitment to safeguarding owners against financial losses arising from fire incidents in their HDB flat and ensuring their peace of mind.
Affordable Protection The HDB Fire Insurance Scheme plays a vital role in safeguarding HDB flat owners against the devastating effects of fire incidents. Etiqa's appointment underscores its dedication to serving the community by providing accessible and reliable fire insurance solutions. With Etiqa at the helm, flat owners can be assured that their homes are protected by a trusted and reputable insurer.
Starting from 16 August 2024, Etiqa will provide basic fire insurance coverage for all sold HDB flats. The insurance premium for a 5-year term, which ranges from $1.11 to $6.68 depending on flat type, ensures that fire insurance is affordable and accessible to HDB flat owners. Existing HDB flat owners with a valid fire insurance policy that expires after 15 August 2024 will not be affected by the change in the appointed fire insurer.
"At Etiqa Insurance Singapore, we understand the importance of home security, especially in the face of unforeseen events like fires," said Raymond Ong, CEO at Etiqa Insurance Singapore. "As the appointed insurer for the HDB Fire Insurance Scheme, we are committed to delivering affordable and comprehensive fire insurance coverage and ensuring Singaporean homeowners have the peace of mind they deserve. This means financial protection for one's home in case of fire damage to internal structures and fixtures provided by HDB."
Extending Home Protection Beyond HDB Fire Insurance The HDB Fire Insurance Scheme helps to alleviate the financial burden of repair works for flat owners due to fires. The HDB fire insurance will cover the cost of reinstating damaged internal structures, fixtures and fittings provided by HDB and its approved developers, as well as cover the cost of repair works due to fires in adjoining properties and water damage from burst pipes.
For more comprehensive coverage, homeowners can consider additional home content insurance plans separately, because such policies can cover potential losses not included under the HDB Fire Insurance Scheme, such as flat contents, personal possessions, or renovations made to the HDB flats. Acquiring these additional policies can provide homeowners with greater peace of mind, knowing that they are well-protected against a broader range of potential incidents.
For more information about the HDB Fire Insurance Scheme and Etiqa's range of insurance products, please visit
http://www.etiqa.com.sg/fire-insurance.
Insurance premiums by flat types* Flat Types
| Premium for 5-year Term
(Includes 9% GST)
| Sum Insured
(Effective 16 August 2024)
|
1-Room/Community Care Apartment
| $1.11
| $37,900
|
2-Room/2-Room Flexi/ Studio Apartment
| $1.99
| $57,000
|
3-Room
| $3.27
| $83,300
|
4-Room/S1
| $4.59
| $117,000
|
5-Room/ S2/ 3Gen
| $5.43
| $144,800
|
Executive/Multi-Generation
| $6.68
| $176,700
|
*Terms apply. Protected up to specified limits by SDIC.
Hashtag: #etiqa #etiqainsurancesingapore #insurance #fireinsurance
https://www.etiqa.com.sg/The issuer is solely responsible for the content of this announcement.
About Etiqa Insurance Pte. Ltd. (Etiqa Insurance Singapore)
Etiqa Insurance Pte. Ltd. (EIPL) is a life and general insurance company licensed and regulated by the Monetary Authority of Singapore and governed by the Insurance Act 1966. Having protected customers in Singapore since 1961 under the name United General Insurance Co. Sdn. Bhd., the company transitioned into the Singapore branch of Etiqa Insurance Berhad in 2009. Today, EIPL in Singapore stands as the pivotal operating entity of Etiqa Insurance Group, a leading insurance and takaful provider in ASEAN.
EIPL offers a comprehensive range of life and general insurance products accessible through its diverse distribution channels, including bancassurance, agents, brokers, financial advisers, partnerships, direct and online sales via Tiq by Etiqa. Etiqa is rated 'A' by credit rating agency Fitch for the group's 'Favourable' business profile. EIPL is owned by Maybank Ageas Holdings Berhad, a joint venture combining local market expertise with international insurance knowledge, with 69% ownership by Maybank, the fourth largest banking group in Southeast Asia, and 31% by Ageas, an international insurance group operating across 13 countries.
