HouseSurance
Under the terms of your loan agreement, you are required to apply for a Mortgage’s Interest Insurance. As such, we have arranged with HSBC Insurance (Singapore) Pte Ltd to offer you free first-year coverage on HouseSurance which protects the Bank’s financial interest if the mortgaged property is damaged by the following:
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Fire, lightning and explosion
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Water damage from overflowing of tanks or burst pipes
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Theft
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Riot strike and malicious damage
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Impact by any road vehicles
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Aircraft and falling trees
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Hurricane, cyclone, typhoon, windstorm, flood, earthquake and volcanic eruption
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Accidental leakage/spillage of any gas, vapours, liquid (other than water) or molten materials
The plan also covers:
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Loss of rent or cost of alternative accommodation of up to 15% of the building sum insured
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Personal liability cover of up to S$500,000 against acts of negligence causing accidents resulting in injuries or property damage to others
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Removal of debris
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Fire extinguishment expenses
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Professional accountants’ charges
HouseSurance is renewable from the second year onwards at affordable premium rates.
All the above are subject to terms, conditions and exceptions of the Policy.
Important notes: If the mortgage property is Strata Titled, HouseSurance does not pay you for repairs and reinstatement. You should buy supplementary Fire & Extraneous Perils insurance to cover your renovations and improvements, and to complement your Management Corporation's insurance. Contact us for a quotation.
Savings on these optional plans:
HomeSurance Classic is a comprehensive and affordable way to insure your family and home contents against accidental loss and/or damage.
It covers against any loss/damage arising from external and accidental causes, for example fire, theft, water damage or soot damage.
You can choose among three levels of comprehensive coverage, each at an affordable premium.
This is available to private and HDB home owners/tenants.
As an HSBC home loan customer, you will enjoy free first-month coverage when you purchase a 12-month HomeSurance Classic plan.
MortgageProtector is an insurance plan tailored to take care of unpaid mortgage in the event of total permanent disability or death.
Premiums start from S$30 a month (for regular premium only). You can opt for single or regular payment depending on what suits you best.
As an HSBC home loan customer, the first-month premium will be waived when you enrol on MortgageProtector.
For more information, call our 24-hour Customer Service
Hotline on
1800-HSBC NOW (4722 669)
Insurance products are underwritten by HSBC Insurance (Singapore) Pte. Limited, 10 Eunos Road 8, #11-01 Singapore Post Centre, Singapore 408600 (address effective 9 April 2007). It is not an obligation of, deposit in or guaranteed by The Hongkong and Shanghai Banking Corporation Limited.
This marketing material contains only general information. It does not constitute an offer to buy or sell an insurance product or service. It is also not intended to provide any insurance or financial advice. A person interested in the products should read and consider the Product Summary/Specimen and Benefit Illustration in deciding whether to buy this product. You can ask for the Product Summary/Specimen from our authorised agents or distributors, including The Hongkong and Shanghai Banking Corporation Limited.
Buying a life insurance policy is a long-term commitment. An early termination of the policy usually includes high cost and the surrender value payable may be less than the total premiums paid.
HSBC Insurance (Singapore) Pte. Limited’s authorised agents or distributors, including The Hongkong and Shanghai Banking Corporation Limited (together “the Agents”) are neither underwriter nor broker for the customer. To the fullest extent permissible pursuant to applicable law, the Agents make no warranties or representation as to the accuracy, correctness, reliability or otherwise of the content of this marketing material. Under no circumstances, including, but not limited to negligence, shall the Agents or any party involved in creating, producing or delivering the marketing material be liable to you for any direct, incidental, consequential, indirect, or punitive damages that result from the use of, or the liability to use, the information in this marketing material, even if the Agents have been advised of the possibility of such damages.
The Agents and/or their employees will receive a commission from HSBC Insurance (Singapore) Pte. Limited in respect of this transaction. The Agents are not supplier of the products and services and will not accept liability in relation thereto.
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