Tiq by Etiqa Home Insurance: Who Will it Work For?
Tiq by Etiqa Home Insurance: Who Will it Work For?
ValueChampion Rating 
Pros
- Pricey but can get market-beating coverage
- Offers emergency cash allowance within 24 hours of certain events
- Affordable for HDB owners
Cons
- Expensive for private property landlords
- Generally pricey for condo owners
Tiq by Etiqa's Home Insurance provides some of the cheapest home insurance policies for HDB flats and its benefits seem to be carefully curated to cover some of the most common household problems, including emergency cash allowance and valuables coverage. This makes it a great option for those seeking the cheapest and best home insurance in Singapore.
However, while condo owners can get some of the highest coverage on the market, those who are seeking cheap premiums may end up getting priced out.
| Summary of Tiq Home Insurance |
|---|
| Below average cost and high value for HDB owner |
| Not the best option for those with expensive valuables |
| Can get market-beating coverage in exchange for high premiums |
| Offers emergency cash allowance within 24 hours |
Table of Contents
Tiq by Etiqa Home Insurance Highlights
Tiq Home Insurance by Etiqa is one of highest value policies for the average HDB and private property owners due to its high coverage limits, competitive prices and unique benefits. It offers a customisable 1, 3 or 5 year plan for owner-occupiers, landlords and tenants, with options to choose varying amounts of building, renovation and contents coverage. The 1-year plan premiums can cost between 26-60% below average for HDB flats, with yearly premiums decreasing even more should you opt the 3 or 5-year coverage option. While premiums for condo owners aren't as competitive, Tiq Home Insurance's high coverage limits can make up for the increase in cost.
Overall, Tiq Home Insurance can be a good option for those looking for comprehensive yet no frills coverage. For example, landlords and condo homeowners can insure up to S$2,000,000 in buildings coverage and S$1,000,000 in renovation coverage—some of the highest amounts on the market. There is also a unique market-leading home assistance service to assist in major emergency repairs for plumbing, electricity, locksmith and pest control issues. However, while Tiq Home Insurance's benefits make it a great option for cost-conscious first-time homeowners who want to be well protected from common homeownership problems, its coverage may not be enough for affluent consumers with expensive items or niche needs. This is due to the extra cost of miscellaneous benefits such as appliance coverage and family accidental death protection.
Tiq Home Insurance for HDB Owners
HDB homeowners looking for a good deal on their home insurance policy may find one with Tiq Home Insurance. For instance, not only are its premiums for HDB flats 26-60% below the market average, but it also provides 3-5 year plans that can save you up to an additional 15% per year. For these prices, you'll get a useful set of benefits, including up to S$5,000 Emergency Cash Allowance within 24 hours, a market beating Emergency Home Assistance benefit of S$800 (for 3 or 5 year plans), debris removal and protection from credit card theft. For an extra fee, you can also add accidental death coverage, personal cyber protection or a unique home appliance benefit.
If you are the owner of a new HDB flat and you are concerned about protecting your home from common issues such as fire, renovation damage or you want help on hand during smaller emergencies, Tiq Home Insurance can be a good option. It is affordable, customisable and doesn't include a bunch of niche benefits that you'll end up paying for but not utilising. On the other hand, you may not benefit as much if you own expensive valuables or artwork, since the sub-limits for expensive items are low at S$200. If you do need protection for expensive items, we suggest opting for an insurer like AXA or Great Eastern.
| HDB Type | Renovation Coverage | Contents Coverage | Premium |
|---|---|---|---|
| 3-Room | S$60K | S$35K | S$72.79 |
| 4-Room | S$80K | S$45K | S$ |
| 5-Room | S$140K | S$90K | S$96.52 |
| Industry Average | S$50,623 | S$125,989 | S$157.00 |
| HDB Type | Renovation Coverage | Contents Coverage | Premium |
|---|---|---|---|
| 3-Room | S$60K | S$35K | S$72.79 |
| 4-Room | S$80K | S$45K | S$ |
| 5-Room | S$140K | S$90K | S$96.52 |
| Industry Average | S$50,623 | S$125,989 | S$157.00 |
Tiq Home Insurance for Private Property Owners
Tiq Home Insurance's premiums for condo owners range between 25% below average up to 150% above average, meaning it may benefit some condo owners but potentially price out more cost-conscious ones. Nonetheless, these plans give you some of the highest building, renovation and contents coverage on the market in addition to an emergency cash benefit, debris removal, conservancy charges and protection from credit card theft. If you sign up for the 3- or 5-year plan, you will also save 15% (with the additional 5% off every Friday) on your premiums and receive its Emergency Home Assistance benefit of S$800 per year. Furthermore, you can add home appliance and personal cyber and personal death protection for an additional fee.
While we believe Tiq Home Insurance can be a great deal for most condo owners, consumers who want to receive cheap coverage may be better off with other insurers as premiums start to rise above average for higher coverage limits. Furthermore, Tiq's S$200-S$1,000 sublimit for individual items or collectibles may not be enough to ensure heirlooms and expensive artwork. Thus, we recommend affluent condo or landed property owners to consider AXA or Great Eastern.
| Condo | Building Coverage | Renovation Coverage | Contents Coverage | Premium |
|---|---|---|---|---|
| 2 Bedroom | S$300K | S$100K | S$50K | S$123.03 |
| 3 Bedroom | S$500K | S$300K | S$75K | S$213.42 |
| 4 Bedroom | S$1M | S$400K | S$100K | S$273.87 |
| Landed (Bungalow) | S$1M | S$300 | S$150K | S$722.51 |
| Industry Average | S$54,896 | S$136,695 | N/A | S$186.00 |
| Condo | Building Coverage | Renovation Coverage | Contents Coverage | Premium |
|---|---|---|---|---|
| 2 Bedroom | S$300K | S$100K | S$50K | S$123.03 |
| 3 Bedroom | S$500K | S$300K | S$75K | S$213.42 |
| 4 Bedroom | S$1M | S$400K | S$100K | S$273.87 |
| Landed (Bungalow) | S$1M | S$300 | S$150K | S$722.51 |
| Industry Average | S$54,896 | S$136,695 | N/A | S$186.00 |
Tiq Home Insurance for Landlords
Tiq Home Insurance may be a good deal for landlords looking for a multi-year plan for their HDB property, but it won't be the best choice for those insuring private property. While its premiums for HDB flats are 11-28% below average, its premiums for condos are quite expensive at around 45% above the market average for a 1-year plan for landlords that covers S$100,000 to S$500,000 of renovation coverage. Even when opting for a 5-year plan—which comes out to be 15% cheaper per year than the 1-year plan—you will still be paying about 22-24% above average. However, condo owners who aren't price sensitive may appreciate the above average renovation and building limits of up to S$1,000,000 and S$2,000,000, respectively. Furthermore, because contents coverage is also included the higher price may be worth it for landlords renting out furnished apartments.
We wouldn't recommend this plan to landlords looking for basic condo protection due to its fairly uncompetitive prices for comprehensive condo coverage. Instead, we recommend insurers such as Income for landlords looking for more competitively priced condo plans. Lastly, since Tiq Home Insurance doesn't provide a protection against loss of rent, landlords looking for extra financial protection will fare better with other insurers as well.
| Housing Type | Renovation Coverage | Premium |
|---|---|---|
| 3-Room HDB | S$60,000 | S$80.01 |
| 4-Room HDB | S$100,000 | S$99.92 |
| 5-Room HDB | S$140,000 | S$118.93 |
| 2-Bedroom Condo | S$100,000 | S$132.51 |
| 3-Bedroom Condo | S$300,000 | S$188.51 |
| 4-Bedroom Condo | S$500,000 | S$244.51 |
| Housing Type | Building Coverage | Renovation Coverage | Premium |
|---|---|---|---|
| 3-Room HDB | S$60,000 | S$80.01 | |
| 4-Room HDB | S$100,000 | S$99.92 | |
| 5-Room HDB | S$140,000 | S$118.93 | |
| 2-Bedroom Condo | S$100,000 | S$132.51 | |
| 3-Bedroom Condo | S$300,000 | S$188.51 | |
| 4-Bedroom Condo | S$500,000 | S$244.51 |
Tiq Home Insurance for Tenants
Tiq's tenant plan offers some of the best value and affordable premiums for renters in Singapore. Its premiums are between 22-58% below the average for tenant plans with up to S$90,000 of contents coverage (or S$120,000 if you are renting an executive or multi-generation flat). You will also get additional benefits such as valuables coverage, emergency cash, emergency home assistance and tenant's liability.
However, we found that it may not always be the most appealing plan on the market for tenants. For example, AXA's tenant home insurance beat out Tiq Home Insurance both in coverage and price. Additionally, AXA's higher valuable item sub-limit makes it more appealing to tenants with expensive belongings. Nonetheless, because AXA tends to change their promotion drastically and quite often, Tiq Home Insurance may end up a better choice for consumers who prefer consistently priced, good value plans.
| Housing Type | Content Coverage | Premium |
|---|---|---|
| 3-Room HDB | S$35,000 | S$51.56 |
| 4-Room HDB | S$45,000 | S$56.81 |
| 5-Room HDB | S$60,000 | S$62.55 |
| 2-Bedroom Condo | S$30,000 | S$60.43 |
| 3-Bedroom Condo | S$60,000 | S$92.62 |
| 4-Bedroom Condo | S$90,000 | S$124.81 |
| Housing Type | Content Coverage | Premium |
|---|---|---|
| 3-Room HDB | S$35,000 | S$51.56 |
| 4-Room HDB | S$45,000 | S$56.81 |
| 5-Room HDB | S$60,000 | S$62.55 |
| 2-Bedroom Condo | S$30,000 | S$60.43 |
| 3-Bedroom Condo | S$60,000 | S$92.62 |
| 4-Bedroom Condo | S$90,000 | S$124.81 |
Policy Excess
Some insurers require policyholders to pay an excess, which is the amount you have to pay before the insurer takes over the claim. Tiq does not have any policy excesses.
Claims & Contact Information
To submit a claim for Tiq Home Insurance, you can log onto TiqConnect or contact Etiqa's customer care hotline (listed below). You should make sure you have the correct documents, including receipts of the articles/property, coloured photos or CCTV photos showing how the damage occurred and the extent of damage, 3 quotations for repair of lost or damaged property, correspondence between you and third parties (for liability claims) and a police report.
| Contact Information | |
|---|---|
| Emergency Assistance Hotline | 6702 2662 |
| Claims & Customer Service Hotline | 6887 8777 |
| Customer service E-mail | [email protected] |
| Customer Care Centre | 16 Raffles Quay, Hong Leong Building #01-04A |
Tiq Home Insurance Summary
Getting the right coverage for your home means you'll be prepared if disaster strikes. Below, you'll find a summary of benefits for Tiq home insurance. If you want to compare Tiq to other plans on the market, you can read our guide to the best home insurance plans in Singapore.
| Premiums & Benefits | HDB | Condo | Extra Cost |
|---|---|---|---|
| Home Contents | S$15,000-S$120,000 | S$50,000-S$150,000 | N/A |
| Renovations | S$20,000-S$180,000 | S$100,000-S$1,000,000 | N/A |
| Building | S$19,300-S$98,200 | S$300,000-S$2,000,000 | N/A |
| Item Sub-limits | S$200-S$1,000 | S$200-S$1,000 | N/A |
| Emergency Cash Allowance | S$2,500-S$5,000 | S$2,500-S$5,000 | N/A |
| Conservancy Charge | S$500 | S$500 | N/A |
| Professional Fees | 10% of Bldg/Reno Sum | 10% of Bldg/Reno Sum | N/A |
| Removal of Debris | 10% of Reno Sum | 10% of Reno Sum | N/A |
| Unauthorised ATM/Credit Card Transactions | S$1,000 | S$1,000 | N/A |
| Mirrors/Fixed Glass Breakage | S$1,000 | S$1,000 | N/A |
| Money Theft | S$750 | S$750 | N/A |
| Family Accidental Death | S$50,000 | S$50,000 | S$6.60 |
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Protected up to specified limits by SDIC. This is only product information provided. You may wish to seek advice from a qualified adviser before buying the product. If you choose not to seek advice from a qualified adviser, you should consider whether the product is suitable for you. Buying an insurance product that is not suitable for you may impact your ability to finance your future financial needs. If you decide that the policy is not suitable after purchasing the policy, you may terminate the policy in accordance with the free-look provision, if any, and the insurer may recover from you any expense incurred by the insurer in underwriting the policy.