What Chubb Masterpiece covers that a standard home policy does not
By Charles Ong · October 2026
Most home policies in Singapore are packaged products built for the average home. Masterpiece is written for higher-value homes, contents and collections. These are the differences that matter most when you actually make a claim, taken from the Masterpiece policy wording.
Broad cover, not a list of named events
Masterpiece covers physical loss or damage to your home, contents and valuables, subject to the exclusions in the policy. Many standard home policies only pay for the events they list, such as fire or burglary, so anything not on the list is not covered.
Rebuilding can cost more than your sum insured
Where your policy uses the extended replacement cost basis, Chubb pays the cost to rebuild your home up to 200% of the house sum insured. The condition is that you keep the agreed sum insured, including any adjustments from Chubb's appraisals and revaluations, and tell Chubb about renovations.
Contents covered worldwide, with no depreciation
Your contents are covered anywhere in the world, not only at home. Claims are paid at replacement cost, meaning the full cost to replace or repair, without any deduction for depreciation.
No deductible on large losses
The deductible on your house and contents does not apply to a covered loss above $50,000. For your house, this waiver does not apply if the 5% vacant house deductible applies. When one event damages both your house and contents, only one deductible applies, and it is the higher of the two.
Agreed value for your listed valuables
If a valuable you have listed on the policy is lost or destroyed, Chubb pays its sum insured. For fine art with a professional valuation dated within the last three years, Chubb can pay the market value before the loss, up to 150% of the sum insured or the sum insured plus $250,000, whichever is lower. If a listed piece is damaged, Chubb pays to restore it without deducting for wear and tear, up to its sum insured. If it cannot be fully restored, Chubb also pays the loss in market value, within the same limit.
Somewhere to live while your home is repaired
If a covered loss makes your home unliveable, Masterpiece pays the increase in living costs needed to keep your household's usual standard of living, with no deductible. This runs for the reasonable time needed to restore your home, or if you move permanently, the shortest time needed to settle elsewhere.
Liability cover for the whole family, worldwide
Masterpiece includes personal liability cover for you and your family members anywhere in the world, subject to the policy terms.
What to watch out for
- List your important jewellery and watches. Under general contents, jewellery and watches that are lost, misplaced or stolen are limited to $25,000 per loss. Listing them as valuables gives each piece its own cover.
- Follow any vault or safe condition. Jewellery listed as “in-vault” or “in-safe” is not covered while out of the vault or safe, unless Chubb agrees in advance.
- Repair promptly. For partial damage to your house, repairs should start within 180 days of the loss. Otherwise Chubb pays the rebuilding cost less depreciation.
- Tell Chubb if the home will be empty. If your home has been empty of furnishings for more than 60 days and Chubb was not told, the deductible rises to 5% of the sum insured.
- Report new purchases within 90 days. If you already list items in a category, newly bought fine art, jewellery and watches in that category are covered automatically for a limited amount, but you must ask Chubb to add them within 90 days.
Want to know how your current home policy compares? Send Charles your policy schedule and he will point out the gaps.
Based on the Chubb Masterpiece policy wording (Singapore, September 2025). This guide is general information only and does not take into account your specific needs. Cover is subject to the terms, conditions and exclusions of the policy, and the policy wording prevails over this summary.