Singapore, 25 April 2015 - AIG Asia Pacific Insurance Pte. Ltd. (“AIG Singapore”), one of Singapore’s leading general insurance companies, today announced complimentary home contents insurance to celebrate Singapore’s 50th birthday. The first 8,000 home owners who receive the keys to their new or resale HDB flats in 2015 are eligible for the complimentary one-year home contents insurance – the Enhanced Public Housing Contents Insurance (EPHCI) from AIG Singapore.
Chief Executive of AIG Singapore, Mr Matt Harris, said that AIG Singapore wanted to make a meaningful contribution to celebrate the SG50 milestone.“Housing is a key pillar of Singapore’s nation building, and a home is one’s first and biggest asset. Helping owners to protect their homes from day one is part of AIG Singapore’s commitment to safeguard the community here,” said Mr Harris.
“While fire insurance is an important aspect for home owners, there are also many other areas they need to consider when it comes to protecting their homes and keeping them safe.These include valuables and treasured personal items. Making sure your home contents are well protected also secures it for future generations,” added Mr Harris.
Generally, many home owners purchase the HDB basic fire insurance, which covers the cost to rebuild the interior structure or damage to fixtures provided by HDB, in the event of a fire. However, this does not insure them for unexpected events, such as thefts or fires within their own homes.
AIG Singapore’s data shows that of the HDB flats that it currently covers, about two-thirds of the claims are for fire, water damage and theft. The highest EPHCI payout to date is approximately over $90,000 for a fire which occurred because of an electrical fault. The payout covered major renovation works, home contents and alternative accommodation, to name a few. If the home owner did not have home contents insurance coverage, he would have been left significantly out of pocket.
First-time homeowners Andre Loh and Grace Wong, who have just moved into their HDB flat in Clementi, are the first recipients of AIG Singapore’s complimentary home contents insurance. They shared, “SG50 is such a significant celebration for Singapore and it is great that AIG Singapore has chosen to commemorate this occasion by supporting new home owners like ourselves. Buying a home is a very big commitment for us, and having this complimentary home insurance cover means that we won’t need to worry about the unexpected and can just enjoy living in our first home.”