Latest Home Insurance News
The latest home insurance promotions, tips and news about home insurance in Singapore.
Compare The Best Home Insurance Plans 2025 by Insurance Provider
|
Product Name |
Home Contents Coverage |
Building Coverage |
Premium |
|
FWD Home Insurance |
S$ 20,000 |
S$ 82,000 |
S$ 39.92 |
|
Singlife Home Lite |
S$ 35,000 |
S$ 0 |
S$ 64.97 |
|
TIQ Home Insurance |
S$ 45,000 |
S$ 117,000 |
S$ 71.92 |
|
MSIG Enhanced HomePlus - Standard Plan |
S$ 125,000 |
S$ 0 |
S$ 95.90 |
|
AIG Enhanced Public Housing Contents Insurance – For HDB only |
S$ 150,000 |
S$ 69,500 |
S$ 68.18 |
|
AIG Homes Advantage Package |
S$ 20,000 |
S$ 85,000 |
S$ 203.56 |
Navigating Home Insurance Singapore 2025
Home ownership is an important milestone for residents of Singapore. Whether you're a local homeowner, an expatriate settling down or a financial planner advising clients, understanding home insurance in Singapore is crucial. This guide will walk you through the best home insurance options available so that you can make informed decisions to protect your asset.
Understanding Home Insurance Singapore
What is Home Insurance?
Home insurance is a form of property insurance designed to cover private residences. It provides financial protection against disasters that may damage your home or possessions within it.
Home insurance in Singapore typically covers the building structure, fixtures, fittings and contents within the home. Policies vary significantly, so it's essential to know what your policy includes. Such coverage can protect you from the financial burden of repairing or replacing damaged parts of your home.
Understanding what home insurance covers is vital when selecting a policy. Each policy offers different levels of protection, so being clear about your needs and expectations is paramount. Whether you're securing a new home or reevaluating your current coverage, knowing the ins and outs of home insurance can save you time, hassle and money.
Key Benefits of Home Insurance
One of the primary benefits of home insurance is peace of mind. Knowing that your home and valuables are protected against unforeseen events ensures stability and security for your family. This safety net can be a comfort, especially in a fast-paced city like Singapore.
Another advantage is financial coverage. Home repairs can be expensive, and having insurance helps mitigate these costs. It covers damages caused by natural disasters, fires, theft and even accidents like burst pipes or electrical faults.
Finally, many insurers offer additional services such as emergency assistance. This could be anything from locksmith services when you're locked out, to temporary accommodation if your home becomes uninhabitable. These added benefits can prove invaluable in times of crisis.
What Does Home Insurance Cover?
Home insurance policies in Singapore cover a range of events and items, but specifics can vary between providers. Typically, these policies protect the home's structure, including walls, roofs, and floors, against damages from natural calamities or accidents.
Contents coverage is another critical aspect. This refers to the protection of personal belongings such as furniture, electronics, and clothing. In case of incidents like theft or fire, contents insurance can fund replacement costs.
Liability coverage is often included as well. This protects homeowners from legal claims if someone is injured on their property. With medical and legal fees potentially running high, liability insurance shields you from financial strain during such events.
How Does It Work?
Home insurance operates on a premium-based system, where policyholders pay an annual fee to the insurer. This fee depends on the property value, coverage extent and risk factors such as location or construction type.
When a covered event occurs, the policyholder files a claim with the insurance company. The insurer assesses the claim, verifying details and damage extent. If valid, they provide compensation or arrange repairs.
Understanding this process is key to maximising your policy's benefits. Familiarising yourself with terms and conditions ensures you're aware of your rights and responsibilities.
Best Home Insurance Plans in Singapore
Top Insurance Providers and Their Offerings
When choosing home insurance in Singapore for 2025, several providers stand out. Companies such as FWD, AIG and Great Eastern offer comprehensive plans catering to various needs and budgets.
FWD Home Insurance provides home protection from as low as S$39 per annum (after discount). The plan includes zero upfront payment for claims, flexible coverage options and workmanship guarantees on repairs. This premium rate is among the more affordable options currently available in the market.
AIG Homes Essential plan is another excellent option, with premium starting from S$75 per annum. The policy features worldwide personal accident coverage, general personal accident protection and assistance with water leakage source detection. This coverage helps homeowners address both personal safety and property maintenance needs.
Great Eastern's Great Home Protect Superior Plan covers green appliances with enhanced benefits. There's no reduction in claims due to under-insurance, and environmentally-friendly homes qualify for additional discounts. The plan supports sustainable home ownership while providing standard property protection.
Comparing Policies and Finding the Right Fit
Choosing the right home insurance policy requires careful comparison of different offerings. Evaluate factors such as coverage scope, premium cost and add-on services to determine which plan best suits your needs and preferences.
Use online comparison tools to streamline the process. These platforms allow you to input specific criteria and receive tailored recommendations, saving time and effort while ensuring informed decision-making.
Key Differences Between Home Insurance for HDB Flats and Private Properties
Coverage Variations and Considerations
Home insurance coverage can differ significantly between HDB flats and private properties in Singapore. Understanding these differences is essential for securing appropriate protection for your home, regardless of its type.
HDB flats generally require less structural coverage since the Housing & Development Board (HDB) maintains the building structure. Home insurance for HDB flats typically focuses on contents and renovations, protecting personal belongings and interior modifications.
Private properties, conversely, need comprehensive structural insurance. Homeowners must ensure their coverage includes the building's physical structure to safeguard against damages and repair costs, providing a more extensive protection plan.
Tailoring Insurance to Property Type
Tailoring your insurance policy to your property type can enhance coverage effectiveness and cost efficiency. For HDB flat owners, prioritising content coverage and add-ons like renovation protection can ensure comprehensive support for personal assets.
Private property owners should focus on securing robust structural coverage, ensuring complete protection for their homes. Additionally, considering optional riders like flood insurance can provide extra peace of mind, particularly in flood-prone areas.
Cost Implications and Value
Understanding cost implications is crucial when selecting a home insurance policy. HDB flat insurance tends to be more affordable due to limited structural coverage requirements, offering value through cost-effective contents and renovation protection.
Private property insurance can be costlier, reflecting the need for extensive structural coverage. However, the investment is justified by the comprehensive protection it affords largely because it safeguards your valuable asset and provides financial security in times of need.
How HDB Fire Insurance Differs from Home Insurance
Purpose and Scope
HDB fire insurance is a mandatory policy for HDB homeowners, covering damages to the building structure caused by fire. It provides a basic safety net, ensuring the building's physical integrity is maintained after fire-related incidents.
Home insurance, on the other hand, offers broader protection. It encompasses not only fire damage but also additional risks like theft, vandalism and natural disasters, covering both the building and its contents.
Understanding these distinctions is critical for HDB homeowners. While fire insurance is compulsory, complementing it with home insurance ensures comprehensive coverage, protecting both the building and personal assets from various risks.
Coverage Limitations
HDB fire insurance has specific limitations. It only covers structural damages caused by fire, excluding contents and renovations. Homeowners must bear the cost of repairing interior fixtures or replacing personal belongings damaged in a fire.
Home insurance fills this gap, offering contents and renovation coverage alongside structural protection. By combining both policies, homeowners can ensure complete financial support in the event of fire-related incidents.
Things to Consider Before Purchasing Home Insurance in Singapore
Evaluating Your Coverage Needs
Before purchasing home insurance, it's essential to evaluate your coverage needs. Consider factors such as property type, location and personal asset value to determine the level of protection required.
Assess potential risks specific to your area, such as flood or theft, and ensure your policy includes coverage for these events. This proactive approach ensures comprehensive support and minimises exposure to unexpected costs and damages.
Comparing Policy Options
Comparing policy options is crucial for finding the best home insurance in Singapore. Evaluate factors like coverage scope, premium cost and customer service reputation to select a provider that meets your needs and expectations.
Online comparison tools can simplify this process, providing tailored recommendations based on your specific criteria. Additionally, consulting an insurance advisor can offer valuable insights on policy details.
Understanding Terms and Conditions
Understanding the terms and conditions of your policy is vital for maximising its benefits. Familiarise yourself with key aspects like coverage limits, exclusions and claims procedures to ensure you're aware of your rights and responsibilities.
Review policy documents thoroughly and seek clarification on any unclear points. This diligence ensures transparency and prevents misunderstandings.
FAQs About Home Insurance in Singapore
How much does Home Insurance cost in Singapore?
The cost of home insurance in Singapore varies based on factors like property type, coverage extent and personal asset value. On average, premiums range from S$60 to over S$200 annually, offering affordable protection for homeowners.
Factors like location and property age can also influence costs. Homes in flood-prone areas or older buildings may face higher premiums due to increased risk, while newer properties in safer locations may enjoy lower rates.
Comparing policy options and tailoring coverage to your specific needs can help optimise costs, ensuring comprehensive protection at a price that fits your budget.
What is Home Insurance?
Home Insurance (also known as Home Content Insurance or Homeowners Insurance) is a type of property insurance that covers a residence and helps in paying for repair or replacing one’s belongings if they are damaged by perils such as fires, vandalism, burglary and more. It also covers accidental damage to another individual’s property or injury to a visitor at your home.
Do I need Home Insurance in Singapore?
While home insurance is not legally required in Singapore, it is highly recommended for homeowners and tenants alike. It provides valuable financial protection against unforeseen events, minimising the impact of damages and repairs on your finances.
Home insurance covers a range of risks, from natural disasters to theft, protecting both your property and personal belongings. This comprehensive coverage ensures peace of mind, enabling you to enjoy your home without concern for unexpected costs.
What is Home Fire Insurance?
Home fire insurance provides coverage for damages caused by fire-related incidents. It typically includes protection for the building structure, ensuring its integrity is maintained after fire damage.
In Singapore, HDB fire insurance is mandatory for HDB homeowners, covering structural damages caused by fire. However, it excludes contents and renovations, requiring homeowners to secure additional home insurance for comprehensive protection.
Complementing fire insurance with home insurance offers complete coverage, safeguarding both the building and personal assets from various risks and ensuring financial security in times of need.
How does Home Insurance work?
Home insurance helps you manage risk by reducing the amount you have to pay out of your own pocket should something unforeseen happen to your home. Home insurance protects your home from fire, loss of or damage to the contents of your home as well as cover renovations. Home insurance also provides you with liability protection.
What is covered in Home Insurance?
Home insurance covers the contents of your unit, if they are damaged or lost as a result of an insured peril. This could include:
- Home contents (e.g. furniture, appliances, electronic gadgets, jewellery, clothes, money etc.)
- Renovation, fixtures and fittings that do not form part of the building
- Personal liability
- Accidental glass breakage
- Alternative accomodation costs
- Loss of personal money or credit cards
Home insurance also tends to provide 24/7 emergency home assistance. Some plans provide more coverage than others, typically at an additional cost. You can refer to the FAQ below for more information about the type of household contents you are covered for.
Is it necessary to have Home Insurance?
In Singapore, as long as you are servicing a housing loan from HDB, it is compulsory to buy and renew the HDB Fire Insurance for your home. This HDB Fire Insurance covers the cost of repair work in the event of a fire.
Besides having the HDB Fire Insurance, it is possible to own a home legally without Home Insurance. However, HDB Fire Insurance does not provide coverage for the contents of your home. The damage to your home and personal belongings could be costly to replace. Hence, having home insurance is important as it can help to reduce the financial burden incurred should there be damage to your home and the contents of your home.
What are the benefits of Home Insurance?
With home insurance, your home as well as the contents in your home will be protected, financially. You enjoy peace of mind knowing that the policy will reimburse you for the cost you incur when paying for repair or replacing your belongings if they are damaged. It also covers accidental damage to another individual’s property or injury to a visitor at your home. There are also other benefits of home insurance, such as coverage for loss of rent, emergency cash allowance and 24-hour emergency home assistance for home repairs like plumbing, locksmith, pest control and many more services.
Do I need both HDB Fire Insurance and Home Insurance?
HDB Fire Insurance and Home Insurance are two different types of insurance policies that go hand in hand to help you protect your home. HDB Fire Insurance helps HDB flat owners relieve the financial burden of repair work in the event of a fire. It covers the cost of repairing damaged internal structures, fixtures, as well as areas built and provided by HDB. Home Insurance protects the contents of your home.
How much coverage should I have for Home Insurance?
While the appropriate coverage depends on the type, size and contents of your home, this coverage should be an amount that you are comfortable with. This coverage is based on a few key factors:
- Household contents: Coverage for the loss or damage of the contents of your home, such as furniture, clothing and appliances
- Renovation, fixtures and fittings: To cover the cost of renovation, fixtures and fittings done to your home, such as built-in wardrobes and air conditioners
- Building cover: To cover for loss or damage to the building
- Personal legal liability: To protect against third party legal liability caused by you
You can do a quick calculation of the cost of your renovations and contents of your home to get a better idea of the amount of coverage you require. For example, if your home has expensive furniture, kitchenware, laptops and more, you might be more comfortable purchasing a policy that provides higher coverage.
How do I choose Home Insurance?
The home insurance that suits you most would depend on the level of coverage that you require as well as the price you are willing to pay. You can compare different home insurance policies from different insurance providers. On the SingSaver site, you can compare by: Premium, Building coverage, Maximum household contents cover or Personal liability.
Try not to under-insure your assets. You can do a quick calculation of the cost of your renovations and contents of your home to get a better idea of the amount of coverage you require for your home. You should also keep a lookout for incentives such as discounts and promotions for specific providers or plans.
Can I get Home Insurance if I decide to rent out my own house?
Yes, you can still get Home Insurance even if you are renting your property. You can get home insurance if you are:
- The owner of a house or
- The landlord (renting out your house) or
- A tenant of a house
However, there are exclusions in the home insurance policy that you should keep in mind. For example, deliberate or malicious damage by tenants might not be covered.
Is Home Insurance and homeowners insurance the same?
Home Insurance is also known as Home Content Insurance or Homeowners Insurance.
What is the difference between HDB Fire and Home Insurance?
HDB Fire Insurance Scheme helps HDB flat owners relieve the financial burden of repair work in the unfortunate event of a fire. It covers the cost of repairing damaged internal structures, fixtures, as well as areas built and provided by HDB. However, this does not include home contents such as furniture, renovations and personal belongings. This is where Home Insurance comes in.
Home Insurance protects the contents of your home. This could include renovation works, built-in fixtures, furnishings, home decor, valuable personal belongings such as your jewellery, luxury watches, money and more.
How to compare Home Insurance policies?
On aggregator sites such as SingSaver, you can compare home insurance policies across different providers. You can sort the policies based on:
- Premium
- Building coverage
- Maximum household contents cover
- Personal liability
- Provider
You can also read our guide to help you figure out what home insurance plan you require.
How do I qualify for Home Insurance?
Firstly, you have to be the owner of a house, the landlord (renting out your house) or the tenant of a house. To apply for home insurance, you have to be a Singapore citizen, Permanent Resident of Singapore or foreigner with a valid Work Pass, Student Pass, Dependent’s Pass or Long-Term Visit Pass. You will also have to be at least 18 years old.
What type of household contents am I covered for?
Household contents you are covered for could include:
- Furniture
- Ornaments
- Appliances
- Kitchenware
- Locks and keys
- Breakage of glass
- Renovation, fixtures and fittings that do not form part of the building
- Electronic gadgets (e.g. mobile phone, laptops, cameras)
- Jewellery
- Clothes
- Books, toys
- Personal money or credit cards
You can also opt for add-ons for extra protection. Add-ons can help to cover for contents such as bicycles, home security appliances, injury to pets, removal of debris and more. Keep in mind that in the event of an insured loss, you will have to submit details of your belongings and proof of their existence.
What is not covered by a standard Home Insurance?
Your home is usually covered against insured perils such as fire, lightning, theft by violent or forcible entry, natural disasters, and more. However, if your home is damaged by perils outside of the insured perils specified by your insurer, it will not be covered (unless you purchase an all-risk home insurance that covers all risks that are not specifically excluded). For example, if your home was damaged due to a deliberate and malicious act by your tenant. There are also optional add-ons you can include in your home insurance purchase that can cover you for additional components.
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.
Factors to consider when purchasing Home Insurance?
Here are a few things to consider:
- Price / cost of premiums
- Building coverage
- Household contents coverage
- Personal liability
- Duration of coverage
- Add-ons (optional)
- Current promotions, discounts, promo codes, referral codes
Read our guide to help you figure out what home insurance plan you require.
