Frequently Asked Questions - Property

Fact: The kind of coverage you get depends on your insurer and policy. There are normally two types of coverage – Insured Perils and All Risks. Regular insured perils are:

• Fire

• Lightning

• Explosion

• Impact by road vehicles

• Bursting or overflowing of water tanks or pipes

• Theft by violent or forcible entry

• Specified natural disasters such as floods, windstorms, earthquakes and volcanic eruptions

• Riots and strikes

Any loss or damage that is not caused by the above is not covered. Offering a wider but more expensive cover is the all risks policy. Although it includes accidental damage, it can have a longer exclusion list as compared to an insured perils policy, despite being termed “all risks”.

Fact: The purchase price of your property includes land costs and seller’s profit. Your policy only covers replacement cost, i.e. the cost to rebuild your home. You should engage a property valuator or quantity surveyor to determine the sum insured.


Fact: If you have an outstanding mortgage loan with HDB or any financial institution, you are required to buy fire insurance. However, the cover is very basic as the insured value is limited to either the outstanding loan amount or the cost of reinstating the building structure. The former benefits financial institutions by protecting their loans to home owners. Therefore, a separate policy is needed for the building, as do your renovations and contents (e.g., furniture, household appliances and personal effects)


Fact: Home insurance premium is low compared to your property cost. Depending on the coverage, premiums range from $50 to $350 per $100,000. Insurers often bundle a variety of benefits and term it free covers. The truth is, these are factored into the premiums. Examine your policy and risk exposure carefully when choosing an insurer.

GIA Internship Programme

The GIA Internship Programme (or GIP as it is commonly known) is an annual talent development initiative introduced in 2008 to provide undergraduates across all disciplines with the opportunity to experience the dynamic general insurance industry.

Interns are attached to participating host companies for a period of 10-12 weeks, working under the guidance of a mentor. The GIP is typically held during the May-August semester break each year. 

A testament to the success of the GIP, over 300 interns from across Singapore's various universities have benefitted from the programme, establishing its positions as a world-class internship programme.

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