Compare Home Insurance Policies in Singapore

Home insurance protects your home and valuables against unexpected dangers such as fire, floods, and theft. Compare and apply for the best home insurance policies from Singapore’s top insurers with MoneySmart.sg.

What home insurance coverage should you look out for?

Not to be confused with HDB Fire Insurance, there are actually a lot of coverage and benefits you can look out for to make the most out of your premiums.

Insured Peril vs All-Risk

Insured Peril vs All-Risk

A named peril insurance policy covers only what is specifically noted in the policy (e.g. fire), whereas an all-risk policy covers everything except what is specifically excluded in the policy (e.g. war is typically an excluded risk). An all-risk policy has a much wider coverage but is usually more costly than an insured peril policy.

Building, Fixtures and Fittings (and Renovation)

Building, Fixtures and Fittings (and Renovation)

This is what most people know as Fire Insurance, and it is usually compulsory if you take a home loan to purchase a property in Singapore. This is coverage for rebuilding the building structure as well as any fixture and fittings which comprise part of the building. A point to note - the current HDB mandatory Fire Insurance is provided by Etiqa insurance and it doesn't cover renovations.

Content

Content

A typical compulsory Fire Insurance doesn't cover the contents of your home. As the name suggests, content coverage insures against loss or damage to household items belonging to you, your family or your domestic helpers which you are responsible for. However, it has some exclusions like securities, certificates and pets!

Personal Liability

Personal Liability

Apart from covering the building structure and contents, home insurance also provides coverage for situations in which you might be legally held responsible for. For instance, if a visitor trips over a carpet while walking in your home, you might be held responsible for the accident as an owner. Personal liability coverage is especially important for renters, as you might be responsible as a tenant if, for example, you break a vase that belongs to your landlord.

Alternative Accomodation

Alternative Accomodation

If your home is uninhabitable due to a major incident, this coverage helps you ease the financial burden of a temporary accomodation.This coverage typically has a daily benefit limit and covers you up to a certain number of days.

Personal effects, loss of money and valuables

Personal effects, loss of money and valuables

Low crime doesnt mean no crime. Even though house break-ins are on the decline, one can never be too sure. This coverage insures physical money, valuables and personal belongings against theft and forceful entry. Bear in mind there is always a benefit limit to each category (e.g. loss of money capped at $500)

Best Home Insurance Policies Recommended by MoneySmart

Here are the best home insurance policies for your needs. Please select your preferred option and provide us with the necessary details. Our qualified insurance specialists will then reach out to you to help you complete the application process.

Etiqa eProtect Home Standard Plan

Etiqa eProtect Home Standard Plan

Etiqa eProtect Home Standard Plan

$50,000

Building Coverage

$30,000

Content Coverage

$500,000

Personal Liability

$61

Premium

MSIG Enhanced Home Plus Standard Plan

MSIG Enhanced Home Plus Standard Plan

MSIG Enhanced Home Plus Standard Plan

$75,000

Building Coverage

$50,000

Content Coverage

$1,000,000

Personal Liability

$119

Premium

SOMPO Homebliss Cosy Plan

SOMPO Homebliss Cosy Plan

SOMPO Homebliss Cosy Plan

$80,000

Building Coverage

$20,000

Content Coverage

$750,000

Personal Liability

$96

Premium

AXA SmartHome Essential Standard Plan

AXA SmartHome Essential Standard Plan

AXA SmartHome Essential Standard Plan

$50,000

Building Coverage

$15,000

Content Coverage

$250,000

Personal Liability

$54

Premium

HLAS Home Protect 360 Silver Plan

HLAS Home Protect 360 Silver Plan

HLAS Home Protect 360 Silver Plan

$100,000

Building Coverage

$100,000

Content Coverage

$500,000

Personal Liability

$384

Premium

Making a Home Insurance Claim

The process for specific types of claims may differ between insurers. However, policies offered by popular insurers such as AXA or MSIG generally have similar Home Insurance Claims procedures. Here are some things that you should take note of when making an insurance claim.

Fact #1

Do not wait too long

Most insurers will require you to make the claim within 30 days of the occurrence. Given that it will take some time to process your claim, you would want to submit your claims form as soon as possible.

Fact #2

Keep originals of everything

  • Police report / investigation results & incident report for Theft
  • Assessment report from repairer on the cause and extent of the damaged property for building claims
  • Invoices / purchase receipts of lost or damaged property
  • Photographs of damage for content claims
  • Letters, writ of summons from third party for liability claims

Fact #3

Don't pester the loss adjuster

Insurers usually hire loss adjusters to assess the damages; so it is important that you cooperate and assist them.

Singapore Home Insurance Tips

Here are some Home Insurance tips that can help you select a great policy and give you peace of mind when purchasing your dream home in Singapore!

Tip #1

Buy the coverage you need! Apart from the standard packages, there are customized ones as well. Most of us would already have the compulsory fire insurance which provides coverage for the building, thus it might make sense to look out for a customized home insurance plan which allows you to skew your coverage (and premiums!) towards insuring your home content and renovations.

Tip #2

Did you know that some insurers allow for a discount when you sign up for a longer duration plan? Etiqa provides a discount when you sign up for a 5-year period.

Tip #3

Don't underinsure when it comes to home insurance! Unlike life insurance, home insurance protects assets that have a paper value, and insurance companies expect your coverage to match the value of your properties. If your policy's coverage is significantly lower than what is actually covered, insurance companies can penalize you in form of reduced reimbursement when you file a claim.

Frequently Asked Questions

What is the difference between HDB Fire, Mortgage and Home Insurance?

HDB Fire Insurance is a compulsory home insurance policy which only insures the internal building structure, fixtures and fittings.

Mortgage insurance is a policy which insures the mortgage (home loan) in event of death of the breadwinner - It provides the surviving spouse with peace of mind, knowing the mortgage will be fully paid up.

Home Insurance provides coverage for the building, fixtures, fittings as well as renovations and your household content. Hence, its a good idea to pair the compulsory HDB Fire Insurance with a home insurance plan so that there's comprehensive coverage for your home

How much building and content coverage would i need?

To prevent under insurance, we would have to know how to access how much coverage is necessary

  • For building, the coverage needed should be the total cost to rebuild or reinstate the property plus the professional fees and removal of debris. You can find an example of the calculation here
  • As for household contents, the replacement value or worth at the time of the inception of the policy may be taken as the coverage needed

Can i purchase home insurance if i am going to rent out my home?

Yes, but it’s worth noting that certain risks such as malicious or deliberate damage by tenants are not covered under the policy. Alternatively, some insurers have landlord home insurance policies catered for this need.

Will I ever need to change my home insurance coverage?

You should review your coverage at least once a year or whenever there’s a significant change in your home or its contents. For example, if you’ve just built your dream walk-in wardrobe or if you’ve just kitted out your living room with a home theatre system, you should probably consider reviewing your current policy to ensure your existing tier of coverage is enough to cover the cost of replacing some of your new big-ticket items.

How do I compare home insurance policies?

With so many home insurance plans out there in the market, choosing the right plan can be a challenge. We recommend that you first determine the kinds of coverage that are relevant to you. Then, estimate the adequate amount of coverage you need, while making sure you are not under-insuring your property. We reiterate this point because under-insurance can cost you a lot. For example, if you purchase a S$20,000 coverage on a S$40,000 home, your insurance company will determine that your property is under-insured by 50%. In this case, you will get paid only S$2,000 even if you file for a claim for a loss of S$4,000, because you will be responsible for the remaining portion (50%) of the claim. Finally, we recommend that you single out policies that delivers high value, suits your situation, and offers high sub-limits on items that are important to you.

Compare Home Insurance Plans on MoneySmart to find the one with the best price and coverage level for you!

More From The MoneySmart Blog

Check out our blog for more personal finance tips and insights.

DISCLAIMER: MoneySmart.sg is an insurance comparison platform that helps you discover the best insurance quotes from multiple insurers according to your needs. MoneySmart Financial is a licensed Broker governed by the Monetary Authority of Singapore. We set out to carefully provide you assistance regarding any General Insurance related advice or purchase.