As a prospective homeowner in Singapore, you’ve likely done your homework on home financing and browsed renovation ideas. But you might not have given much thought to buying home insurance.
Home insurance is not the same as fire insurance. For example, HDB fire insurance only covers the external structure of your flat and the areas built and provided by HDB. If you only have fire insurance and a fire breaks out, everything in your home, and the chances of making any recovery claims will literally go up in flames.
For those of you who are not sure where to start, we’ve scoured the internet and curated a list of home insurance packages you can consider. We’ll also cover the basics of what you need to know about buying home insurance in Singapore.
What is home insurance in Singapore?
Home insurance in Singapore is a broad coverage plan that protects your home, the building it occupies, and its contents against unexpected incidents. Under most home insurance plans, you should be covered for incidents such as fire, floods, and burglary.
Alongside renovation works you have done, items such as your furniture, home appliances, personal items, and audio-visual equipment are typically covered under home insurance. Depending on the policy, you could even get covered for the accidental loss or death of a pet as a result of the named incidents.
Is home insurance a must-have in Singapore?
It’s not a legal requirement to have home insurance coverage, but homeowners intending to take a bank loan to finance their home may be required by the bank to buy home insurance. Other developments or estates may also have by-laws requiring homeowners to have home insurance coverage.
Even if you don’t encounter these issues, it is a good bet to have home insurance. The pros of being insured outweigh the cons. Plus, home insurance premiums are a fraction of what you paid for your property.
How much does home insurance cost?
Factors such as your ownership status and the property’s type, value, and size will affect the price of your home insurance package, and the coverage included.
For a personalised quote, it is best to get in touch with the home insurance provider directly. While you wait for insurance companies to get back to you, you can use online comparison tools to get a price estimate.
These tools are also a good way to browse the various home insurance packages on the market. Sometimes, you may also find discounts and promotional freebies through these websites.
Which insurance company is best for home insurance?
Before you pick a home insurance provider, read reviews and be clear on the extent of the coverage included. To get you started, we’ve provided information on building, renovation, and home contents coverage for 6 home insurance providers in Singapore.
Note that the information and prices listed are non-promotional and accurate as of 8 March 2024. Due to the nature of home insurance products, the reflected prices may change and/or vary accordingly.
1. AIG Singapore home insurance
If you choose to insure an HDB flat with AIG Singapore, you’re going to look at their Enhanced Public Housing Contents Insurance (EPHCI). If you own a private property, you’ll be looking at the Classic, Superior, or Premier plans under the Homes Advantage Plan.
These plans cover everyday emergencies so you can get complimentary aircon repair, locksmith, electrician, plumber and pest control services – up to $150 per visit, up to thrice yearly.
| Property type | Annual home insurance premium | Coverage for building | Coverage for renovation | Coverage for contents |
| HDB flat | $75.76 for all flat types | Varies according to flat size; up to $100,000 | Not available | Varies according to flat size; up to $150,000 |
| Private property | Varies according to plan; from $203.56-$401.94 | Varies according to plan; up to $225,000 | Not available | Varies according to plan; up to $50,000 |
2. FWD Singapore home insurance
FWD Singapore’s home insurance plan offers complimentary cyber coverage and home assistance services, with 1- and 3-year plans available. Aside from being one of the better packages on the market for fire insurance, there is also personal accident cover for dogs and cats.
| Property type | Annual home insurance premium | Coverage for building | Coverage for renovation | Coverage for contents |
| HDB flat | $61.16 for 3-room, $61.42 for 4-room, $67.87 for 5-room | $48,700-$106,000 | $20,000-$100,000 | $20,000-$100,000 |
| Private property | $117.66 for 1-room condo, $130.19 for 2-room and 3-room condo | Not available for condo; $200,000-$1,000,000 for landed property | $20,000-$100,000 | $20,000-$100,000 |
3. MSIG Insurance Singapore home insurance
MSIG Insurance Singapore offers the best personal liability coverage of up to $1,000,000. Another uncommon benefit included in their plans is being insured for dishonesty or fraud by your domestic helpers.
You can choose from their Standard, Superior, or Ultimate MSIG Enhanced HomePlus plans. You can choose to have additional coverage for your building at $4.36 per $10,000 of the sum insured, with a minimum of $50,000.
| MSIG Enhanced HomePlus plan | Annual home insurance premium | Coverage for building | Coverage for renovation | Coverage for contents |
| Standard | $120.99 | Not available; additional cover available | $75,000 | $50,000 |
| Superior | $179.85 | Not available; additional cover available | $115,000 | $80,000 |
| Ultimate | $237.62 | Not available; additional cover available | $150,000; additional cover available | $120,000; additional cover available |
4. Singlife home insurance
A smooth, fuss-free payout experience via PayNow is a key selling point for Singlife. Their plans include emergency cash allowances, and up to $500 coverage for loss or damage to freezer-stored foods during power outages.
Singlife offers Lite and Standard home insurance in 1- and 3-year plans. You can get 15% off if you pick a 3-year plan. Coverage is the same across all property types for Singlife.
| Singlife home insurance plan type | Annual home insurance premium | Coverage for building | Coverage for renovation | Coverage for contents |
| Singlife Home Lite | From $70.68 | Not available | $75,000 | $35,000 |
| Singlife Home Standard | From $119.69 | Not available | $100,000 | $50,000 |
5. Sompo Insurance Singapore home insurance
Sompo Insurance Singapore offers HomeBliss Cosy, Serene, and Luxury plans. One of the highlights of their plans is that they reimburse you for home cleaning expenses incurred after an infectious disease outbreak in the house. A worldwide family personal liability sum of $750,000 is available across all plan types.
| Sompo HomeBliss insurance plan | Annual home insurance premium | Coverage for building | Coverage for renovation | Coverage for contents |
| Cosy | $107.91 for standard plan, $152.60 for enhanced plan | $80,000 | $75,000 | $50,000 |
| Serene | $168.95 for standard plan, $216.91 for enhanced plan | $120,000 | $115,000 | $80,000 |
| Luxury | $253.97 for standard plan, $325.91 for enhanced plan | $200,000 | $150,000; additional cover available | $120,000; additional cover available |
6. Tiq Singapore home insurance
Tiq Singapore has 1-, 3-, and 5-year home insurance plans. Under its policies, you can get an emergency cash allowance of up to $5,000 to cover unauthorised transactions made on your stolen ATM or credit cards. They also provide 24-hour emergency home assistance services for electricity, locksmith, plumbing, and pest control issues.
| Property type | Estimated annual home insurance premium | Coverage for building | Coverage for renovation | Coverage for contents |
| HDB flat | $81.22 for 3-room, $93.53 for 4-room, $106.52 for 5-room | $29,000-$106,200 | $20,000-$180,000 | $15,000-$120,000 |
| Private property | $169.14 for condo | $300,000-$2,000,000 | $100,000-$1,000,000 | $50,000-$150,000 |
Buying home insurance in Singapore
While this article primarily focuses on home insurance for homeowners, those who rent can also consider buying home insurance.
Similarly, you are not required to be insured, and there’s a good chance your landlord already has coverage in place. However, you can look into buying tenant-specific home insurance, which covers the loss or damage to your personal items and home contents.
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