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Types Of Home Insurance In Singapore: Which Is Better For Your Home?

Your home likely stands as one of your most valuable assets, making it prudent to safeguard it through the purchase of home insurance. While not legally obligatory, unlike fire insurance for HDB flat owners, it is highly advisable to secure your home with a suitable insurance plan. As Singapore sees an increase in residential developments, especially HDB/BTO flats, the demand for property insurance is expected to rise according to GlobalData’s latest report

 

Explore this guide for insights into home insurance and find the best plans in Singapore based on your property type.

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Key Differences In Home Insurance For HDB & Private Properties In Singapore

HDBECsPrivate Condominiums Landed Homes or Private Property without Strata Title
Mandatory insuranceHDB fire insuranceHome insurance and fire insurance are optionalHome insurance and fire insurance are optionalHome insurance and fire insurance are optional
Building coverageUsually covers damage to the building structure only

Regular or high-value insurance plans are often adequate for such properties

High-value insurance plans

High-value insurance plans are usually more suited for such properties and the building coverage limits are often higher than the regular homeowner's insurance policies
Perils coverageTypically covers specific basic perils like lightning and fire as defined in the HDB fire insurance policy

Regular home insurance coverage offers a wider range of perils than HDB fire insurance, including burglary, water damage, and personal accident coverage

High-value home insurance plans offer a wider range of perils than regular plans, including burglary, water damage, and personal accident coverageHigh-value home insurance plans offer a wider range of perils than regular plans, including burglary, water damage, and personal accident coverage
Contents coverageTypically excludes coverage for personal belongings or home contents, unless homeowner opts for regular home insurance which is more comprehensive than just HDB fire insuranceRegular home insurance coverage includes personal property, but limits may be lower and may require additional endorsements for high-value itemsHigh-value home insurance provides higher limits for personal property, including valuable art, jewelry, antiques, and collectiblesHigh-value home insurance provides higher limits for personal property, including valuable art, jewelry, antiques, and collectibles
Cost of premiumsGenerally has a low premium cost, as it provides very limited coverageAlthough higher than HDB fire insurance, regular insurance plans offer affordable premiums, which are suitable for standard homes and possessionsHigh-value home insurance plans charge higher premiums due to increased coverage limits and additional protection for highly valuable assetsHigh-value home insurance plans charge higher premiums due to increased coverage limits and additional protection for highly valuable assets
Personal liability coverageDoes not usually include personal liability coverageRegular and high-value home insurance provide personal liability coverage, protecting against third-party claims, however regular home insurance have lower limits than high-value home insurance plansTypically offers higher liability coverage limits, essential for high net worth individualsTypically offers higher liability coverage limits, essential for high net worth individuals
DeductiblesNoneTypically offers standard deductiblesHigher deductibles may be available, which can help lower premiums for those willing to assume more riskHigher deductibles may be available, which can help lower premiums for those willing to assume more risk
Appraisal requirementsDetermined by HDBAppraisals may be necessary for very high-value items, but not as commonMay require appraisals for high-value items to establish their worth accuratelyMay require appraisals for high-value items to establish their worth accurately
Risk assessmentsStandard risk assessment based on regulations determined by HDBStandard risk assessment based on typical home insurance factorsTailored risk assessment considering the unique risks associated with high-value propertiesTailored risk assessment considering the unique risks associated with high-value properties

What To Consider When Buying Home Insurance in Singapore?

Types of coverage

Structural Protection and contents coverage are the two key types of coverage. Do verify that your policy includes coverage for your home's physical structure against perils like fires, floods, and natural disasters, as well as coverage to safeguard your personal possessions, such as furniture, electronics, and valuable items, against theft, damage, or loss.

Personal liability coverage

This insurance extends protection in situations where you might be held responsible for injuries or property damage to others on your premises.

Policy exclusions

Take note of any exclusions outlined in the policy. Common exclusions might encompass damages resulting from wear and tear, acts of terrorism, and specific natural disasters.

Coverage for special items

If you own valuable assets like art pieces, antiques, or high-end electronics, investigate whether additional coverage is necessary for these items.

Deductibles

Comprehend the deductible amount, which represents the sum you're responsible for before your insurance coverage becomes effective.

Higher deductibles can lower your premium

but raise your out-of-pocket expenses.

Replacement cost vs. Actual cash value

Determine whether the policy offers replacement cost coverage (replacing items at their current market value) or actual cash value coverage (considering depreciation). Replacement cost coverage is typically more comprehensive but may come with a higher premium.

Additional coverages

Investigate available supplementary coverages tailored to your requirements, such as coverage for loss of use (covering additional living expenses when your home is uninhabitable), medical payments, and protection for home systems.

Discounts

Inquire about any available discounts, including multi-policy discounts, security system discounts, or rewards for being claims-free, which can contribute to lowering your premiums.

Claims process

Grasp the process of filing a claim, encompassing how to report a claim, the necessary documentation, and the anticipated timeline for claim resolution.

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Best Home Insurance Plans In Singapore

Free 24/7 Home Assistance for Everyday Emergencies
Free 24/7 Home Assistance for Everyday Emergencies

AIG Homes Complete

Building Coverage
NA
Household Contents
S$100,000
Personal Liability within Singapore
S$200,000
Annual Premium
annual-premium
MoneySmart Exclusive
EARN SMARTPOINTS OR CASH
MoneySmart Exclusive
EARN SMARTPOINTS OR CASH

MSIG Enhanced HomePlus - Standard

Building Coverage
Optional Add-on
Content Coverage
S$125,000
Worldwide Personal Liability
S$1,000,000
Annual Premium
Annual PremiumS$120.9920% Off
S$96.79

[Receive cash as fast as 30 days*]
  
• Enjoy 20% off your policy premium.
• Get up to S$50 via PayNow with eligible MSIG Enhanced HomePlus plan purchased.  T&Cs apply.

Valid until 17 Jul 2024
MoneySmart Exclusive
Building Coverage
S$60,400
Content Coverage
S$20,000
Worldwide Personal Liability
S$500,000
Annual Premium
Annual PremiumS$61.1630% Off
S$42.81

[Receive cash as fast as 30 days*]
  
• Enjoy 30% off your policy premium.
• Get S$10 via PayNow with any FWD Home Insurance plan purchased. T&Cs apply.
  
PLUS, get an additional S$30 eCapitaVoucher from FWD with any 3-year plans purchased. T&Cs apply.

Valid until 31 Jul 2024
Online Promo
All Risk Cover
Online Promo
All Risk Cover

Hong Leong Home Protect360 - Gold

Building Coverage
NA
Household Contents
S$200,000
Worldwide Personal Liability
S$500,000
Annual Premium
Annual PremiumS$42015% Off
S$357
Online Promo:
Enjoy 15% off any Home Protect360 policy premium.

PLUS, enjoy FREE Home Concierge Services for - Electrician, Locksmith, Plumber, Pest Control and Air-con Repair. T&Cs apply.
Valid until 31 Dec 2024
Building Coverage
S$80,000
Content Coverage
S$20,000
Worldwide Personal Liability
S$750,000
Annual Premium
S$107.91

Frequently Asked Questions

Should I get home insurance?

It is highly recommended to get home insurance as home insurance provides your home with certain levels of protection against fire/water damage, vandalism and related risks, coverage for loss/damage or theft of personal belongings, personal liability coverage, temporary housing benefit, and for the fulfilment of certain mortgage requirements.

Does HDB fire insurance cover home contents?

No. HDB fire insurance has limited coverage unlike regular or high-value home insurance plans, thus HDB fire insurance typically excludes coverage for personal belongings or home contents, unless the homeowner opts for regular or high-value home insurance which is more comprehensive than just HDB fire insurance.

What is personal liability coverage in a home insurance plan?

Personal liability coverage is one of the aspects which is often included in home insurance plans. Personal liability coverage protects you and your family members/joint occupiers if you're legally responsible for injuries to others or damage to their property that occurs within your HDB flat or EC or private property.