All About Home Insurance Quotes and Costs in Singapore

Home insurance quotes are estimates of how much it will cost to insure your home. These house insurance quotes matter significantly because they allow you to compare different home insurance policies effectively, ensuring you find the best coverage that aligns with your needs and budget, all while staying within your financial means.

Comparing policies online in Singapore is easier than ever, offering a convenient way to find suitable options for cheap home insurance, and you can use SingSaver’s comparison tools to find potential savings and secure competitive deals!

There are many places to get home insurance quotes in Singapore, and it really depends on your comfort level, the complexity of your needs, and how much time you want to spend comparing options. Some people choose to get quotes from multiple sources to ensure they see all the available options and make the most informed decision. Here are some of the common places to get house insurance quotes:

Online comparison sites, like SingSaver, are digital platforms that allow you to view and compare many different home insurance plans from various providers all at once, in a single location.

Excellent for: Simple, fast, and easy comparison of various home insurance plans, especially for those seeking standard coverage.

Less suitable for: Those needing highly customised or complex coverage arrangements or who prefer personalised advice.

Captive insurance agents are insurance professionals who represent a single insurer, meaning they only sell the products of that specific company. This is a popular choice for many homeowners in Singapore who prefer to work directly with a representative from a specific insurer. Some popular providers in Singapore include AIG, Singlife, and FWD.

Excellent for: Those who prefer direct, personalised service and guidance from a specific insurer.

Less suitable for: People who want to compare a wide range of options from different insurers quickly.

Independent insurance brokers are insurance professionals who represent multiple insurers, offering a wider range of options and policy choices than captive agents. This is a popular choice for Singaporeans seeking tailored advice and a broader selection of home insurance plans.

Excellent for: Custom policies, complex coverage needs, and those with high-value homes

Less suitable for: People looking for the most basic, straightforward, and quick insurance options.

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When you start shopping for home insurance quotes, insurers will have questions about you and your home to assess the risk and determine appropriate coverage. It’s best to gather all this information first to ensure a smooth, efficient, and accurate quoting process:

• Property type (HDB, condo, landed)

• Size of the home

• Renovation value

• Contents to be insured

• Claims history

You should also have an estimate of how much insurance coverage you need before you start comparing home insurance quotes. If you already have existing insurance, you can use that as a benchmark to see if your needs have changed, if your current coverage remains adequate, and if your premium is still affordable with your current financial situation.

For example, have you done major renovations that increased the value of your property, or have you acquired valuable items that require additional protection? This will guide you in making informed decisions about the level of home insurance coverage required and help you avoid underinsuring your home. You should also search for discounts or promotions for home insurance plans to ensure your home is protected while staying within your budget.

Whether you’re working with an agent or shopping for insurance on your own, it's usually advised to plan to get at least three house insurance quotes from different providers. That way, you can feel confident you’re getting a good price and that you're comparing a sufficient range of options. When comparing quotes, check that each policy has similar deductibles and coverage limits to ensure you're making an apples-to-apples house insurance comparison. Here are a few key issues to look out for:

Homeowners typically need enough home insurance coverage to repair or replace their home and its contents in case of common damage, such as fire, flood, or theft. This coverage helps protect you financially in the event of unexpected events that can cause significant financial strain.

It’s also important to understand the difference between structural and renovation coverage. Structural coverage covers the cost of rebuilding your home's basic structure, while renovation coverage protects the financial investment you've made in any renovations or improvements to your home.

Contents insurance covers your personal belongings within the home, such as furniture, electronics, clothing, and other valuables. High-value items like jewellery, artwork, and tech gadgets may need extra coverage or specific riders. Homeowners with significant collections or valuable possessions should look for this type of home insurance cover to ensure their prized possessions are adequately protected.

Personal liability insurance covers injuries to guests who are visiting your property or damage to your neighbours' property that you are legally responsible for. This coverage is important because accidents can happen, and you could be held liable for medical expenses or repair costs. You can also consider home insurance plans with personal accidents included for added protection.

Deductibles are the amount you pay out-of-pocket before your insurance coverage kicks in and the insurance company begins to pay for a claim. Higher deductibles result in lower premiums, as you are taking on more of the initial cost of a claim, and vice versa.

There are various homeowners insurance deductible options available in Singapore, so you can choose a level that aligns with your financial comfort and risk tolerance. This includes deductibles specific to certain types of claims (such as household disasters), options for no deductible coverage at a higher premium, and a low deductible for smaller out-of-pocket expenses.

» MORE: Best home insurance in Singapore (2025)

If you're unsure how to begin comparing home insurance plans, here's an example to show you how you can assess different quotes and find the best fit for your needs.

Let's analyse these sample quotes. Insurer A offers the most comprehensive cover for home contents at $150,000, which is significantly higher than Insurers B and C, both offering $50,000. For homeowners with valuable possessions, such as art collections, antiques, or extensive renovations, this higher cover from Insurer A might be crucial. However, the premium is also the highest at $75.00.

Insurer B presents the lowest premium at $47.00, but its home contents coverage is only $50,000. This might be suitable for those with fewer valuable items or a smaller property or those who prioritise cost savings. It's important to consider your personal risk tolerance. Everyone has a different level of comfort when it comes to potential loss.

Insurer C has the highest personal liability cover at $1,000,000, which is beneficial for homeowners concerned about potential liability claims, such as injuries occurring on their property. This is especially important for those who frequently entertain guests or own property features that might pose a risk. However, its building cover is the lowest at $40,000, and the premium is $97.00.

Family structure also plays a role in determining the appropriate cover. For example, families with young children in Singapore might prioritise higher personal liability cover to protect against potential accidents. Property type and location in Singapore also influence insurance needs. 

Similarly, landed properties might require higher building cover due to their larger size and structural complexity, whilst HDB flats might have different requirements. Property value in different areas of Singapore can also vary significantly, affecting the cost of rebuilding or repairing.

It's important to remember that these are just examples, and quoted premiums are not always confirmed. If you're leaning towards Insurer A but find the price a bit high, it's worth asking your insurance agent whether you might be eligible for any discounts. If you're drawn to Insurer B's lower price but concerned about the home contents coverage, a good agent may be able to help you tailor your policy until you're satisfied with the coverage and price.

If you're shopping online and don't have the option to adjust your cover, call the company to discuss your needs. It's also crucial to understand how the actual cash value is defined in each policy, as this will impact the amount you receive in a claim.

Let's analyse these sample quotes. Insurer A offers the most comprehensive cover for home contents at $150,000, which is significantly higher than Insurers B and C, both offering $50,000. For homeowners with valuable possessions, such as art collections, antiques, or extensive renovations, this higher cover from Insurer A might be crucial. However, the premium is also the highest at $75.00.

Insurer B presents the lowest premium at $47.00, but its home contents coverage is only $50,000. This might be suitable for those with fewer valuable items or a smaller property or those who prioritise cost savings. It's important to consider your personal risk tolerance. Everyone has a different level of comfort when it comes to potential loss.

Insurer C has the highest personal liability cover at $1,000,000, which is beneficial for homeowners concerned about potential liability claims, such as injuries occurring on their property. This is especially important for those who frequently entertain guests or own property features that might pose a risk. However, its building cover is the lowest at $40,000, and the premium is $97.00.

Family structure also plays a role in determining the appropriate cover. For example, families with young children in Singapore might prioritise higher personal liability cover to protect against potential accidents. Property type and location in Singapore also influence insurance needs. 

Similarly, landed properties might require higher building cover due to their larger size and structural complexity, whilst HDB flats might have different requirements. Property value in different areas of Singapore can also vary significantly, affecting the cost of rebuilding or repairing.

It's important to remember that these are just examples, and quoted premiums are not always confirmed. If you're leaning towards Insurer A but find the price a bit high, it's worth asking your insurance agent whether you might be eligible for any discounts. If you're drawn to Insurer B's lower price but concerned about the home contents coverage, a good agent may be able to help you tailor your policy until you're satisfied with the coverage and price.

If you're shopping online and don't have the option to adjust your cover, call the company to discuss your needs. It's also crucial to understand how the actual cash value is defined in each policy, as this will impact the amount you receive in a claim.

» MORE: Home insurance 101: how it works and tips on saving

There are numerous home insurance providers in Singapore, each offering diverse plans with varying coverage and costs. To help you narrow your search, below are some of the popular choices for Singaporeans across a range of home types that you can consider.

For a more complete list of home insurance providers and quotes, see our list of the best home insurance companies in Singapore.

If you’re still deciding between different home insurance options, why not check out our review of home insurance plans to help you make an informed decision.

The average home insurance cost is roughly $119.41 per year. However, naturally, different plans have different benefits and coverage levels, which will influence the price. More benefits and higher coverage often mean a more costly premium, but also more peace of mind and greater financial protection. Here is the average home insurance cost of different housing types in Singapore, based on owners living in the property and for 1-year plans.

Your home insurance quote may be higher or lower than the average depending on the other benefits, coverage limits, and add-ons that you choose to add or opt out of. In general, the cheapest homeowners insurance plans will offer basic coverage with minimal add-ons. However, you need to ensure adequate home insurance coverage to protect yourself from potential risks and avoid being underinsured.

Like all insurance plans, there are factors that impact the home insurance cost, so to find the best rate and coverage for your needs, it's wise to shop around and compare home insurance quotes from multiple insurers. Here are some of the factors that can significantly affect your homeowners insurance quote:

Property type

Some property types are more expensive to insure because of the inherent value of the home type, the potential for more extensive repairs, and the possibility of more costly renovations, which can increase the overall home insurance cost of replacement or repair in the event of damage. 

Additionally, in Singapore, landed properties are often considered more prone to theft and may also face greater risks from events like falling trees or more extensive weather-related damage. That's why it’s essential to carefully review your home insurance plan when changing properties to ensure adequate coverage for your new residence.

Property location

While property location doesn't vary as much in Singapore due to its relatively small size, it's still important to consider that some areas, like Bukit Timah, may be more prone to flooding or other environmental risks. Homeowners in such areas should take that into consideration, as it may mean higher coverage requirements for flood damage and, consequently, higher premiums.

Value of personal belongings

Past claims history and the value of personal belongings significantly affect the home insurance cost. More frequent past claims and higher-value belongings increase the risk for the insurer, leading to higher premiums, as there's a greater potential for larger payouts in the event of a claim.

» MORE: 5 pieces of home content you can claim under your home insurance (but didn’t know you could)

Shopping around and comparing home insurance quotes is the best way to find the cheap home insurance plans that suit your needs and budget, but you can also try these other tips to find lower homeowners insurance rates.

• Bundle policies: Bundling insurance policies, e.g., home and personal accident insurance, can often be more affordable, as insurers offer discounts for combining multiple insurance products, making it a cost-effective option.

• Choose higher deductibles for lower premiums: Choosing higher deductibles for lower premiums can lower your monthly premiums, but you'll pay more out-of-pocket if you need to make a claim, so it's a trade-off between upfront savings and potential future costs.

• Take advantage of promotions on SingSaver: Take advantage of promotions on SingSaver, which often offers discounts of up to 25% off or other deals, and may also help you build your credit by making regular, timely payments on your credit card used for the premiums.