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Why should my share of Home Protection Scheme cover minimally match my share of responsibility to service the housing loan?

Home Protection Scheme (HPS) claims are paid based on the insured sum of the insured. If you are covered for less than your share of responsibility in servicing the housing loan and a claim event happens, the HPS payout will not be enough to cover your share of the outstanding housing loan, and your co-owner might not have the financial means to continue to service the remaining housing loan.

If you are 100% responsible for servicing the loan and you are only covered for 50% HPS share of cover, in the event of a claim, we will pay only 50% of your outstanding housing loan up to the insured sum. Your co-owner will need to continue servicing the remaining housing loan.


To avoid this situation, both you and your co-owner may each choose to be covered for 100% HPS share of cover of the outstanding housing loan. In the event of a claim, we will settle 100% of your outstanding housing loan up to the insured sum, terminate your co-owner’s HPS cover which is no longer necessary, and refund any unused premium to his/her Ordinary Account.