FWD Insurance Singapore has released a new home insurance product which can be bought online with premiums starting at US$31 annually.

According to Abhishek Bhatia, FWD Singapore’s chief executive officer, the insurer made a considerable effort evaluating the needs of Singaporeans, including determining the leading causes of damage to property and contents. The research revealed that burst pipes were the leading cause of home insurance claims at 48%, followed by break-ins at 38%.

Furthermore, the Singapore Civil Defence Force’s fire incident report showed that there were 3,871 fire calls in 2017, while the number of fires caused by electric scooters and other personal mobility devices increased by 344.4% from 2016.

Many Singaporeans think that mortgage or fire insurance will also cover loss of home items. However, this is not true, as basic fire insurance covers only the structure and basic fixtures, excluding furniture and appliances. The building is also not covered against flooding, break-ins, or vandalism.

Bhatia said that FWD’s home insurance policy has three unique features absent from those of competitors: zero excess, incidental expenses, and workmanship coverage. These mean that no excess is required for a claim due to burst pipes or fire. The insurer also covers incidental expenses such as meals and even laundry to help customers recover from the home mishap quicker. It also guarantees any repairs or renovations done (resulting from an insured event) by their recommended contractors for up to six months from the date of completion of the repairs or renovations.