|
 |
- What is SafeHOME?
- What is a First-Loss Insurance policy?
- Can private homeowners purchase this insurance?
- Does the policy cover both the building structure and the contents?
- Does the coverage under the Personal Liability and the Personal Accident benefits restrict to the Insured and/or spouse?
- How are claims settled?
- Is loss of notebook, mobile phone, pager and personal digital assistant covered under the policy?
- Is the loss of money covered under the policy?
- Do the Medical Expenses pay for treatment by the Traditional Chinese Medicine (TCM) practitioners?
- Do the Medical Expenses pay for injuries sustained anywhere in Singapore and worldwide?
- Is premium refund allowed when the house is sold or when the policy is cancelled?
- What is the maximum amount of extra coverage that I can top-up for the building and home contents?
- I already have an existing fire policy with OAC which already insures the building. Can I still buy SafeHOME?
- If I have 2 home insurance plans with OAC, can I claim against both policies?
- I already have an existing fire policy with another insurance company to insure the building. Can I still buy SafeHOME?
- If I have 2 home insurance plans, one plan with OAC and one plan with other insurance company, can I claim against both policies?
- If my friend or relative gets injured in my flat due to my negligence, can I claim under Worldwide Personal Liability?
- If my aunt, who is staying with me in the same household, gets injured in my flat due to my negligence, can I claim under Worldwide Personal Liability?
- Who can I contact at Overseas Assurance Corporation Ltd for more information?
- How do I apply for SafeHOME?
- Can I apply SafeHOME for a third party?
- Can I start the period of insurance before today’s date?
- Can I start the period of insurance 6 months later as my house is undergoing renovation?
- After I submit the application, when can I receive the policy contract?
- Are there any age criteria in applying SafeHOME?
- How do I make a claim?
- Do I have to renew the policy every year?
|
| | | Ans: SafeHOME damage to your HDB/HUDC flats as well as private apartment and condominiums from the following perils:
• Fire, lightning and explosion
• Bursting or overflowing of domestic water tanks or pipes
• Impact by road vehicles, aircraft or other aerial devices
• Earthquake, volcanic eruption, flood, windstorm and typhoon
• Theft by forcible and violent entry
• Riots, strikes, civil commotion and malicious damage
It is a First-Loss insurance policy.
|
|
| 2: | What is a First-Loss Insurance policy? |
| | | Ans: It is a policy where the Insurer will pay the losses up to the sum insured without consideration of the actual total value at risk. In other words, it is an agreed underinsurance. Example: If you have bought the basic coverage for SafeHOME, the sum assured for contents is $30,000. There was a theft and the loss for contents is $40,000 (actual value). OAC will compensate you $30,000 as it is a first loss insurance policy. Should it be an average loss policy (which most home cover in the market is), the amount payable will be $22,500 ($30,000/$40,000 * $30,000).
|
|
| 3: | Can private homeowners purchase this insurance? |
| | | Ans: This plan caters to the HDB/HUDC flats owner primarily.
• For private apartment and condominium homeowners Yes, we have extended the plan to cover private apartments and condominium units.
• For any other private property homeowners (e.g Terrace, Semi-Detached, Landed-properties etc) No, landed property owners are not able to purchase SafeHOME plan.
|
|
| 4: | Does the policy cover both the building structure and the contents? |
| | | Ans: Yes. The policy covers the building structure, renovations, fixtures and fitting as well as the household contents. You can also choose to top-up the coverage for the building and the contents. |
|
| 5: | Does the coverage under the Personal Liability and the Personal Accident benefits restrict to the Insured and/or spouse? |
| | | Ans: Yes. The coverage under the Personal Liability and the Personal Accident benefits is restricted to the Insured and/or Spouse ONLY. No other member of the family is covered in the plan.
If the insured is single, then the coverage is solely on the insured only.
|
|
| 6: | How are claims settled? |
| | | Ans: Claims can be settled by payment in cash, reinstatement, replacement or repair against loss or damage. As the policy is on first-loss basis OAC will pay losses up to the Sum Insured without the application of average. |
|
| 7: | Is loss of notebook, mobile phone, pager and personal digital assistant covered under the policy? |
| | | Ans: Yes. OAC will indemnify the Insured for the full value of these items up to an amount not exceeding S$2,500. The loss or damage must be caused by any of the insured perils and in the Building. |
|
| 8: | Is the loss of money covered under the policy? |
| | | Ans: Yes. Up to a limit of S$500. |
|
| 9: | Do the Medical Expenses pay for treatment by the Traditional Chinese Medicine (TCM) practitioners? |
| | | Ans: Yes. The TCM practitioners must be legally registered with and licensed by the Traditional Chinese Medicine Practitioners Board, Singapore. |
|
| 10: | Do the Medical Expenses pay for injuries sustained anywhere in Singapore and worldwide? |
| | | Ans: No. Medical expenses are paid only for injuries caused by any of the insured perils and whilst in the home. |
|
| 11: | Is premium refund allowed when the house is sold or when the policy is cancelled? |
| | | Ans: Yes. The refund will be calculated as follows:-
a) 1-14 days (Free-look period): Full refund
b) Within 3 months: 60% of the annual premium
c) 3 months or more: No refund
No premium will be refunded if a claim has been made on the policy.
|
|
| 12: | What is the maximum amount of extra coverage that I can top-up for the building and home contents? |
| | | Ans: We do not impose a maximum limit for extra coverage. |
|
| 13: | I already have an existing fire policy with OAC which already insures the building. Can I still buy SafeHOME? |
| | | Ans: Yes, because SafeHOME provides protection on both the building and home contents. It also offers other extended benefits. |
|
| 14: | If I have 2 home insurance plans with OAC, can I claim against both policies? |
| | | Ans: If you have 2 home insurance plans with OAC, we would pay the claims from the policy that gives you a better compensation. |
|
| 15: | I already have an existing fire policy with another insurance company to insure the building. Can I still buy SafeHOME? |
| | | Ans: Yes, because SafeHOME provides protection on both the building and home contents. It also offers other extended benefits. |
|
| 16: | If I have 2 home insurance plans, one plan with OAC and one plan with other insurance company, can I claim against both policies? |
| | | Ans: If you have an existing home insurance plan with another insurance company, OAC and the other insurance company will share the loss in proportion to the sum insured. |
|
| 17: | If my friend or relative gets injured in my flat due to my negligence, can I claim under Worldwide Personal Liability? |
| | | Ans: You and/or your spouse are indemnified up to the limits for Worldwide Personal Liability against all sums that you and/or your spouse are legally liable to any third party, including friends and family members, who do not stay in the same household. |
|
| 18: | If my aunt, who is staying with me in the same household, gets injured in my flat due to my negligence, can I claim under Worldwide Personal Liability? |
| | | Ans: You and/or your spouse are not indemnified to any third party, including friends and family members, who stay in the same household. |
|
| 19: | Who can I contact at Overseas Assurance Corporation Ltd for more information? |
| | | Ans: You can contact our Customer Service Officers at Overseas Assurance Corporation Ltd at 6248 2662 from Monday to Friday, 9am to 5pm. Alternatively, you can email to csbancassurance@oac.com.sg.
|
|
| 20: | How do I apply for SafeHOME? |
| | | Ans: You need to have an existing account (Deposit/ Credit Card/EasiCredit) to apply SafeHOME online. You need to:
• Fill up your particulars and the details of the insured property in the online application form.
• Select the insurance plan you wish to purchase.
• Enter your promotional code, if you have any, to enjoy additional discount off your premium.
• Select the account for the premium amount to be debited from. Please ensure that the account selected has sufficient balance for premium debiting.
• Click on the "preview" button to proceed.
• Once you have confirmed that all information provided is correct, click on "submit" to apply.
Upon successful submission, your application for SafeHOME is completed and OAC.
|
|
| 21: | Can I apply SafeHOME for a third party? |
| | | Ans: You can only apply SafeHOME if the property to be insured is owned by you or your parents. |
|
| 22: | Can I start the period of insurance before today’s date? |
| | | Ans: We do not allow back-dating of the period of insurance. |
|
| 23: | Can I start the period of insurance 6 months later as my house is undergoing renovation? |
| | | Ans: The period of insurance can only be within 30 days from the day after the application date. |
|
| 24: | After I submit the application, when can I receive the policy contract? |
| | | Ans: You will receive the policy contract and documents 5 working days after the submission date. |
|
| 25: | Are there any age criteria in applying SafeHOME? |
| | | Ans: There are no age criteria to apply SafeHOME. However, please note that the benefits on Worldwide Personal Accident will be automatically terminated upon the insured attaining 70 years old. |
|
| 26: | How do I make a claim? |
| | | Ans: To make a claim, you can contact our Customer Service Officers at Overseas Assurance Corporation Ltd at 6248 2628 from Monday to Friday, 9am to 5pm. |
|
| 27: | Do I have to renew the policy every year? |
| | | Ans: This is an automatic renewal policy. As long as the annual premium can be debited from the nominated OCBC account upon the anniversary date, the policy will be renewed. Hence, you are advised to ensure that the designated OCBC account has sufficient balance for debiting upon renewal. |
|
|
|
