AXA Smart Home Insurance | Premium Home Insurance in Singapore
Home Insurance | Insuranceby Priyadarshini 9 June 2023
AXA SmartHome is a house insurance policy that offers top-tier protection for high-value properties. AXA SmartHome Insurance is designed to safeguard owners of high-value residences or renters with expensive personal possessions, with maximum coverage of up to S$3 million.
While you undoubtedly want to cover your multi-million dollar landed property stocked with all kinds of magnificent and pricy items (as well as your prized condominiums or HDBs flats), the question is: how much should you pay in premiums?
AXA SmartHome Insurance is not cheap, and this is due to the high coverage value. The plan, whether Essential or Comprehensive, is comprehensive and covers a wide range of home and household difficulties that homeowners may face. Of course, the more coverage you have, the higher your premiums will be. But don’t let that deter you.
There is currently a deal that offers a stunning 40% discount on new policies, making the plan even more appealing.
In addition, starting in the fourth year, there is a 10% no-claim discount, which helps keep the plan cheap.
AXA SmartHome Insurance
Caters to high-end properties
It is one of the few plans that provide coverage in the millions, making it one of the few realistic solutions for consumers looking to insure pricey properties (the only other being bespoke insurance plans offered in private banking). Nobody in their right mind would slap a S$100,000 home insurance policy on a S$2 million bungalow and call it good.
The policy of the plan also mandates you to select a protection level equal to the whole cost of reinstating your property, so there’s that. Take note, however, that while the maximum coverage under this plan is S$3 million, that limit only applies to the structure. The maximum sum promised for fittings, outfitting, and renovations is S$500,000.
Separate claims and contents sum insured
Home contents claims are handled separately, which can come in handy when seeking to replace lost or damaged items. You can also select a separate sum covered for house contents and construction, fittings, and renovations for further flexibility.
Comprehensive coverage for the majority of home and household concerns
The insurance provides comprehensive coverage that should cover the majority of typical household and home issues. These range from the expected, such as home and possessions damaged, to more contemporary requirements, such as home quarantine benefits. The plan also includes personal liability coverage with a high limit, as well as coverage for scenarios originating from the activities of your family members or domestic help.
From Year 4 onwards, there is a no-claims discount
We rarely see insurers provide no-claims discounts on home insurance policies, so it’s great to see AXA do so. Although the reduction is only 10% and begins after three straight claim-free years, it still represents savings for those who remain with the plan.
Provides ‘all hazards’ coverage
AXA SmartHome is available in two types – Essential and Comprehensive.
The primary distinction between the two is that ‘Essential’ only protects you against the risks listed in your policy. Meanwhile, ‘Comprehensive’ protects you against all dangers, even those not specifically mentioned in your insurance (apart from incidents, acts, or events that are specifically spelled out as excluded). As a result, the ‘Comprehensive’ type is suitable for homeowners who wish to be protected against the largest range of potential loss or damage scenarios.
Who should get AXA SmartHome Home Insurance?
As previously said, AXA SmartHome Home Insurance is not cheap. In exchange for the hefty premiums, you get a comprehensive plan that should cover most, if not all, frequent home and household dangers, such as fire and floods, theft and robbery, and accidental damage and injury. Furthermore, this plan provides one of the biggest values covered for residential properties, with a maximum of S$3 million.
This plan is best suited for homeowners looking for a comprehensive insurance plan for high-value houses who view the comparatively high premiums as an investment rather than a cost.
What is the cost of AXA SmartHome Home Insurance?
The premiums for an owner and occupier wanting S$500,000 in building and fittings coverage and $90,000 in-home contents coverage for one year are as follows. Please keep in mind that this is after a 40% discount.
S$198.54 (Insured Perils) is required.
S$329.59 for Comprehensive (All Risks).
You can visit the website to generate your own insurance costs based on your customized selection.