Best Home Insurance Plans For Private Housing In Singapore: Condo & Landed Properties
From home insurance plans with cyber fraud coverage to plans which are linked to broadband subscriptions, one may be spoilt for choice when it comes to picking a suitable plan from the vast array of choices available on the market now.
Whether it is a private condominium or landed property that you’re buying, home insurance is definitely one of the essentials that you’ll need to consider getting. Let’s find out which are the top home insurance plans for private properties in Singapore.
Why Is Home Insurance Important For Your Private Property?
The purpose of home insurance is to essentially protect you and your home against a range of risks and unexpected events, including natural disasters, accidents, theft, and liability claims, especially when yours is a private property.
Coverage for fires and other accidental damages
Fires can occur unexpectedly and can lead to extensive damage to your property. Home insurance typically covers damage caused by fires as well as accidental damage, such as a burst water pipe or a kitchen mishap. Having insurance ensures that you're financially protected in these situations.
Protection against theft
Singapore is generally considered safe, but theft and burglary can still occur. Home insurance can cover the loss of stolen items and any damage caused during a break-in.
Liability coverage
Liability coverage is often part of home insurance and it serves to protect you in the event someone happens to get injured on your property, and you are found liable. It can cover medical expenses and legal costs associated with such incidents, helping to safeguard your assets and financial well-being.
Mortgage requirement
When you have a mortgage on your private property, the bank you're getting a housing loan from may require you to have home insurance as part of the loan agreement. Moreover, if you consider your property an investment, insurance is crucial to protect your financial stake in the property and ensure that it remains a valuable asset over time.
Legal requirements by some private companies
While not mandatory by law in Singapore, some condominiums or housing estates may have by-laws that require homeowners to have insurance coverage.
Additional benefits
Some home insurance policies offer additional benefits, such as coverage for any mishaps involving contractors, and any damage to walls, floors, or fixtures during renovations, or personal liability protection even right outside or nearby your home.
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Is Home Insurance Compulsory In Singapore?
Home insurance is not compulsory for private property homeowners in Singapore, and this gives property owners here the freedom to decide if they really need one. While some homeowners may want to keep costs down and consider home insurance as an additional cost, others choose not to get it due to other reasons like being already covered for fire insurance by their bank or by the building's management corporation.
Despite these reasons, most homeowners still get home insurance plans as it is highly recommended and the benefits outweigh the costs greatly.
Best Private Home Insurance In Singapore
| Best for | Home insurance plan | Estimated annual premium rate (as of 12 October 2023) |
|---|---|---|
| Fire Insurance | FWD Home Insurance - HDB 3 Room, 4 Room and 5 Room plans | From $61 |
| Fuss-free coverage | Singlife Home Lite and Standard plans | From $71 |
| Renovations | Hong Leong Home Protect360 Gold | From $444 |
| Personal liability coverage | MSIG Enhanced HomePlus plans | From $158 |
| Zero excess (for claims due to burst pipes or fire) | FWD Home Insurance - HDB 3 Room, 4 Room and 5 Room plans | From $61 |
| Reimbursement of home cleaning expenses due to infectious disease outbreak | Sompo HomeBliss insurance plans | From $107 |
| Emergency home assistance services and cash allowance | Tiq Home Insurance plans | From $81 |
Simple Steps To Pick The Best Private Property Home Insurance
Here's a quick guide to choose a suitable home insurance plan for your private condominium or landed property.
Assess your needs
Determine the coverage you need, including for the building, your property's contents, or both, and also consider any specific risks or valuable items in your home.
Research on insurance providers
Read reviews and compare both the reputation of home insurance providers and the home insurance plans that they provide, including the coverage and premiums so that you know what are available out there in the market and find out which one suits you and your home the best.
Besides comparison platforms like those which Moneysmart provides, tap on consumer forums such as "HardwareZone" and "Singapore Expats Forum" for insights, ratings and feedback from fellow consumers who share their experiences with certain home insurance providers.
Understand the different policy types
Understand about the different
, like basic fire insurance or comprehensive coverage, so that you can make a better decision when deciding on the one that aligns with your needs and budget and won't end up overpaying for your home insurance or having insufficient coverage.Compare various coverages
Examine what each policy covers, including fire, theft, natural disasters, and personal liability and assess if the coverage is suitable and sufficient for you and your property type and size. Do make sure that it covers replacement costs and temporary living expenses too, if your home becomes uninhabitable.
Review policy exclusions
Pay attention to what is not covered by the policy, such as pre-existing damage or certain types of accidents, and clarify any doubts with your insurance provider.
Get quotes and do a comparison
Request quotes from multiple insurers to find the best deal. You can even tap on free resources like MoneySmart’s Home Insurance comparison page and the expertise of our home loans specialists. If you need more personalised insurance plans, opt for customisation to your policy by adding or removing coverage options to suit your requirements.
Frequently Asked Questions About Home Insurance For Private Properties
Why should I get home insurance for my private condominium or landed property?
- Private property home insurance provides your home with certain levels of protection. As most private properties tend to be more expensive than HDB flats and Executive Condominiums (ECs ) and high-value home insurance plans are often recommended, as such plans will provide adequate coverage with regards to certain aspects such as the size and scale of your private property, and can help you be better prepared for various contingencies that may arise during homeownership, and have sufficient payouts.
Is home insurance compulsory for private properties in Singapore?
- No. While it is not mandatory by law in Singapore to buy home insurance for private property homeowners in Singapore, some condominiums or housing estates may have by-laws that require homeowners to have insurance coverage.
Should I get renovation cover for my private property home insurance plan?
- Yes, it is highly recommended although it is not a must. It should only be considered if you’re planning to do renovations for your private condominium or landed property so as to have protection against any mishaps involving contractors, and any damage to walls, floors, or fixtures.