IKEA Home Insurance Singapore | Guide on IKEA Home Insurance Plan

Home Insurance | Insurance
by Priyadarshini 8 June 2022

Your favourite furniture and home services shop has just launched its own house insurance, and it’s already making headlines. IKEA, in conjunction with Etiqa Insurance, has introduced HEMSKER, home and personal accident insurance plan that costs $59 per year. With its cheap pricing and favourable USPs. HEMSKER protects you, your family, and your goods. It includes a variety of housing types, including HDB flats, private apartments, condominiums, and landed houses. We give a guide on IKEA home insurance Singapore.

HEMSKER, like most other insurance companies, allows owners, tenants, and landlords to insure their residential property. To apply, you must be a Singaporean, a permanent resident of Singapore, or a foreigner having a valid work pass, student pass, dependent’s pass, or long-term visit pass.

Why do you require homeowners insurance?

Home insurance, in essence, assists you in mitigating risks against perils such as fire, theft, flood, and explosions, among others, by reducing the amount you pay out of pocket in the event of any unanticipated catastrophes. If you own a home, are a landlord (renting out your home), or a renter, you can purchase home insurance.

HDB Fire Insurance is required for persons who live in HDB flats since it protects the building structure, fittings, and fixtures. In the event of a fire, this reduces the financial burden of repair work. A home insurance plan (in addition to HDB Fire Insurance) will help to secure the contents of your home and give more comprehensive coverage.

IKEA Home Insurance Singapore

Up to $50,000 in renovations

This will cover any loss or damage to the refurbishment caused by the covered hazards.

Up to $50,000 in-home contents insurance

Covers the cost of repairing or replacing your home’s contents, including precious objects such as jewellery, furniture, appliances, laptops, clothes, money, and more.

At-home theft, burglary, and robbery: up to $5,000

You will be compensated for any loss or damage caused by a burglary, theft, or robbery.

Up to $500,000 in personal legal liabilities

It covers bodily injury and property damage to others in your home caused by you or your family.

Accident at home (up to the age of 70): up to $50,000

Reimburses medical expenses incurred in a home accident, or pays compensation in the event of incapacity or death.

Should you purchase IKEA’s house insurance policy?

There are a few insurance companies that provide home insurance for various types of demands. Home insurance policies can be compared based on characteristics such as premium, building coverage, maximum household contents coverage, personal liability, and provider.

Finally, selecting the correct insurance plan is determined by two major factors: coverage and cost. You can also use our guide to determine what type of house insurance you need.

What is the yearly premium? – IKEA Home Insurance Singapore

The IKEA home insurance package is reasonably priced at $59 per year. There are, however, house insurance options that cost less than $59 per year. Finally, you must strike a compromise between receiving adequate coverage and getting a lesser price.

What level of protection do you require?

When it comes to acquiring a house insurance policy, having adequate coverage is critical. Is the maximum benefit limit of your home insurance adequate for you and your family?

For example, if you keep precious objects in your house, such as jewellery, cash, technological devices, and expensive furniture, the $50,000 maximum coverage given by IKEA’s home insurance may be insufficient. Home insurance can also include extra perks such as obtaining an emergency cash allowance and 24-hour emergency home assistance. Insurance companies can also provide add-ons such as coverage for the accidental death of pets, personal papers, bicycles, replacement locks, and other items.

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