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Home insurance in Singapore is designed to protect homeowners and renters from potential financial losses due to unforeseen events. It generally covers two main areas - the physical structure of the home or building, and the contents inside the home.
For physical building coverage, it protects the home against damage caused by fires, floods, earthquakes, natural disasters, vandalism or theft. It is often a requirement for homeowners with a mortgage on the property to have physical home coverage insurance. For contents coverage, it generally protects the furniture, appliances and valuables inside the home against damages caused by fire, theft, water damage and natural disasters.
Must I get home insurance in Singapore?
The direct answer is no as it is not mandatory nor is it a legal requirement in Singapore to have home insurance. However, if your home is paid through a mortgage or loan, your lender (HDB or bank) may require you to have one.
Nonetheless, it is highly recommended for both homeowners and tenants to have some form of home insurance to cover the risks and protect your property investment.
The home insurances are quoted based on HDB, 4-room, homeowner simulations, selecting the cheapest options available.
AIG Homes Essential Insurance, $75 per year
| AIG Homes Essential Insurance | Details |
|---|---|
| Policy Term | 1 or 5 years |
| Premiums | 1 year plan: $75.76, 5 year plan: $378.78 |
| Household content & renovations | Up to $150,000 |
| Bill Relief (in case of retrenchment) | Up to $1,200 |
| Alternative Accomodation | Up to $20,000 |
| Personal Liability | Up to $400,000 |
| Personal Accident | Up to $20,000 |
| Building | Up to $100,000 |
| HomeCare Services | $450 per year |
The AIG Homes Essential is rebranded from the former Enhanced Public Housing Content Insurance (EPHCI) and it has now included condominium home owners.
The plan provides a more comprehensive coverage in addition to the basic fire insurance plan. It covers more in depth losses that you wouldn’t think of, but necessary in times of an emergency, such as fire damage to your renovation and the damages to your neighbour’s property should the fire spread.
It also provides complimentary HomeCare services that allow you to receive up to $150 worth of home services such as locksmith, plumbing, electric works, pest control and air-con repairs, for 3 times per year.
The process of applying for the insurance is also very straightforward and easy. You can apply and key in your home details and pay directly online to get the insurance. However, do note that the sum assured and payment is fixed where you have to pay upfront for the policy before it starts and you are also unable to pay additional premiums to increase it.
FWD Home Insurance, $46 per year
| FWD Home Insurance | Details |
|---|---|
| Policy Term | 1 or 3 years |
| Premiums | 1 year: $46.06, 3 years: $117.48 |
| Household content (customisable) | From $20,000 |
| Building | Up to $82,000 |
| Alternative Accomodation Up to $300 per day | Up to $15,000 |
| Incidental Expenses | Up to S$5,000 |
| Personal Liability | Up to $500,000 |
| Loss or damage to your home contents | Up to $500 per item, capped at $5,000 |
| Accidental damage to fixed mirrors and glass | $1,000 |
| Home Assistance services | $400 per year |
| Pet insurance (for cats and dogs, regardless of number of pets), Death or loss | $1,000 |
| Alternative accommodation for pet(s) regardless of number of pets | Up to $50 per day, capped at $5,000 |
| Medical expenses for pet(s) injuries regardless of number of pets | Up to $1,000 |
FWD Home Insurance is one of the most affordable home insurance plans. With just the basic plan, you are not only getting the standard building and home contents coverage, you also get to enjoy coverage for personal liability, home assistance services, incidental expenses and even pet insurance.
You are not only insured for damages caused by insured events such as fire, but also in times of unexpected situations such as loss or damage to your home contents, and accidental damage to fixed mirrors and glass at home.
Compared to AIG, the FWD Home Insurance allows for more flexibility in terms of coverage customisation where you can choose the insured household content amount from $20,000 to $100,000. You can also add-on coverage for renovations to ensure a more comprehensive policy. However, it is also important to note that although the policy is cheap, the coverage amount is also lower in general.
MSIG HomeEasy, $58 - $99 per year
| MSIG HomeEasy | Details |
|---|---|
| Policy Term | 1 year |
| Premiums | Silver plan: $58.42, Gold plan: $99.84 |
| Coverage | Based on Silver Plan |
| Home contents & renovations | Up to $100,000 |
| Alternative accommodation | Up to $10,000 |
| Replacement of locks and keys | Up to $500 |
| Loss of money | Up to $250 |
| Cash allowance in case of home uninhabitable for 5 days or more | Up to $300 |
| Accidental damage of fixed mirrors and glass | Up to $300 |
| Bill Relief | Up to $300, up to 3 months |
| Personal Liability | Up to $1,000,000 |
| Theft of money from phishing or spoof | Up to $2,500 |
| Loss of money from online shopping scam | Up to $2,500 |
MSIG HomeEasy is a home insurance plan that focuses on home contents and renovation, designed for HDB residents. It does not cover the building structure but focuses on the home contents including coverage for money loss through online scams.
Under the HomeEasy plan, there are 2 types - Silver and Gold. Homeowners with 4 rooms or larger are recommended the Gold plan while 3 rooms or smaller are recommended the Silver Plan. You have the convenience of purchasing online and add-on options for family protection which is similar to a personal accident plan, coverage for loss of bicycles and mobility scooter, and worldwide cover for personal effects for the loss or damage of personal items.
However, do note that there are some exclusions and clauses in the policy such as an excess of $100 applies to damage caused by hurricane, typhoon, windstorm, flood, water discharged, overflowing or leaking from pipes and more, so it is important to review the policy terms carefully.
SingLife Home Insurance, $64 - $195 per year
| SingLife Home Insurance | Details |
|---|---|
| Policy Term | 1, 2 or 3 year |
| Premiums (based on 1 year) | Lite: $64.96, Standard: $111.29, Plus: $195.11 |
| Coverage | Based on Lite |
| Household Contents | Up to $35,000 |
| Renovation, Fixtures & Fittings | Up to $75,000 |
| Family Worldwide Liability | Up to $500,000 |
| Alternative Accommodation/ Loss of Rent | Up to $12,000, capped at $1,000 per week, up to 3 months |
| Emergency Cash Allowance | Up to $500 |
| Medical Expenses | $1,000 |
| Loss of Contents Temporarily Removed | $5,000 |
SingLife Home Insurance is available in three different tiers for all property types. Similar to the MSIG HomeEasy, it is also an insurance that focuses more on protecting home contents rather than the building.
The SingLife Home Insurance Lite plan is slightly more expensive than the MSIG Silver plan but it covers $10,000 more for home contents and renovations combined. Payouts are also credited via PayNow for faster and more convenient transfers.
However, SingLife Home Lite lacks coverage on smaller items such as bill relief and theft of money which may come in handy in times of economic downturn. Also, MSIG offers double in terms of personal liability coverage which makes it more attractive for landlords or home-based business owners that often have third parties inside the homes.
Overall, SingLife Home insurance is a basic and affordable insurance plan with sufficient flexibility for customisation, and suitable for those who prefer a higher coverage for home contents and renovations more than anything else.
NTUC Income Enhanced Home Insurance, $74 per year
| NTUC Income Enhanced Home Insurance | Details |
|---|---|
| Policy Term | 1 or 3 years |
| Premiums | 1 year: $74.25, 3 years: $189.34, *premiums are calculated based on customised selections below |
| Coverage | Up to $100,000, This premium was quoted based on selecting yes to building coverage |
| Building (option to add-on) | Fully Customisable, This premium was quoted based on $50,000 for renovation coverage |
| Renovation | Fully Customisable, This premium was quoted based on $30,000 for home contents coverage |
| Home Contents | Up to $8,000, capped at $350 per day |
| Loss of rental income & alternative accommodation expenses | $1,000 |
| Accidental breakage of mirror and fixed glass | Up to $4,500 |
| Loss or damage of content while temporarily removed from premises | $500 |
| Loss or damage to contents belonging to domestic helper | $500 |
| Replacing locks and keys | $500 |
| Deterioration of food in refrigerator | $1,000 |
| Unauthorised transactions on stolen ATM or credit card | Up to $50,000, capped at $20,000 for each adult and $10,000 for each child |
| Family personal accident | $1,000 |
| Medical expenses for injury due to insured event | $500,000 |
| Worldwide Family Liability | $500 |
| Loss of pet | $500 |
| Emergency cash allowance | $300 |
NTUC Income Enhanced Home Insurance plan has a slightly different process compared to other insurance providers. You don’t get to directly see the plan tiers and prices. Instead, you enter the amount of renovation coverage and home contents coverage that you need, making it truly customisable.
The amount of coverage listed above are based on the following selections:
- HDB, 4 room flat
- Homeowner
- Yes, I want building coverage
- $50,000 entered for renovation coverage
- $30,000 entered for home contents coverage
Compared to AIG which offers pretty similar building and home contents coverage, it is slightly more expensive considering that the premiums are almost the same but the coverage under Income is only for a total of $80,000 for home contents and renovations, while AIG offers up to $150,000.
However, Income does provide more coverage on other items including pet insurance, family personal accident, loss of belongings including your credit cards and your helper’s belongings, which is a more well-rounded protection for the entire family.
Etiqa Tiq Home Insurance, $95 per year
| Etiqa Tiq Home Insurance | Details |
|---|---|
| Policy Term | 1, 3 or 5 years |
| Premiums | 1 year: $95.89, 3 years: $273.26, 5 years: $407.55 |
| Coverage | |
| Building | $117,000 |
| Renovation | $80,000 - $160,000, This premium was quoted based on selection of $80,000 for renovation coverage |
| Home contents | $45,000 to $105,000, This premium was quoted based on $45,000 for home contents coverage |
| Emergency Cash Allowance | 100% Uninhabitable: $5,000, ≥ 50% Uninhabitable: $2,500 |
| Emergency Home Assistance | Applicable only on plans 3 years or more, $200 and up to 4 times per year |
| Personal Liability | $500,000 |
| Unauthorised transactions on your stolen ATM or credit card | $1,000 |
| Accidental Breakage of Mirrors and Fixed Glass | $1,000 |
| Money | $750 |
For Tiq Home Insurance, there are flexibilities to choose various options for the building, home contents and renovation coverage. There are also additional add-ons for family accident and death that covers up to $50,000 at just $6.60, and personal cyber insurance that covers up to $25,000 for data and privacy breaches and losses due to cyber attacks, at a top-up of $117.95.
It has the highest premiums among insurance plans that provide coverage on both building and home contents, but it also offers the highest amount of coverage on building insured.
However, some points to note would be the emergency cash allowance that would be paid out in cases where your home becomes inhabitable due to the insured events - the amount could be decreased by 50% depending on the state of your home. Also, emergency home assistance services are only applicable on policy terms above 3 years.
Great Eastern Great Home Protect, $163 - $381 per year
| Great Eastern Great Home Protect | Details |
|---|---|
| Policy Term | 1 or 2 years |
| Premiums | 1 year: $163.51 (Superior), 1 year: $381.50 (Premier), 2 years: $294.31 (Superior), 2 years: $686.70 (Premier) |
| Coverage | Based on Superior Plan |
| Building and Renovations (Customisable) | From $50,000, This premium was quoted based on $50,000 for Building & Renovations coverage |
| Contents (Customisable) | From $25,000, This premium was quoted based on $25,000 for home contents coverage |
| Personal Liability (Customisable) | From $500,000 to $2,000,000 |
| Family Personal Accident | $10,000 per person |
| Emergency Home Assistance | $150 per event, up to twice a year |
| Deterioration of food or drinks | $1,000 |
| Emergency Cash Allowance | $1,000 |
| Household Removal | $5,000 |
| Loss of money | $1,000 |
| Loss of Cat or Dog | $500 |
| Injury to Cat or Dog | $50 |
| Alternative Accomodation | $15,000 |
| Fire Extinguishment | $2,500 |
| Replacement of locks and keys | $1,000 |
Great Eastern is one of the bigger players in insurance and their home insurance plans are also comprehensive and customisable to fit various property types.
One of the key features of the Home Protect plan is the first loss assurance, which provides up to the maximum sum insured in an event of a covered loss or damage to your renovation and home contents. This means that you can claim the full sum insured without a penalty imposed should your damage cost turns out higher than your insured sum.
There are also extra discounts and coverage if your home is eco-friendly, for example you have home appliances that have Excellent energy efficiency ratings, using fans in your living rooms and bedrooms, using LED lights and monitoring electricity consumption through the SP Mobile app.
However, it is important to check the plans exclusions as there are many detailed limitations such as the loss or damage to electrical appliances and equipment, damages caused by termites or pests, and any loss or damage resulting from your home or the building while waiting for or undergoing necessary renovation work or repairs.
5 Things to look out for when buying home insurance
1. Types of coverage
As mentioned earlier, insurance coverage tends to cover the physical structure and contents of the home. If you are a homeowner, it is recommended to get coverage in both areas, while tenants would typically only need the contents coverage.
While most policies cover fire and natural disasters, you may want to get a more comprehensive fire damage insurance if you live in high risk areas such as near a commercial kitchen or running a home-based F&B set-up.
Other coverage offered may include:
- Personal Liability: Protects you if someone gets injured on your property and files a lawsuit against you.
- Loss of rent or alternative accommodation: Covers your rental income loss or costs for temporary housing should your home become inhabitable due to the covered events.
- Home Assistance Services: For 24/7 emergency home services such as locksmith, electrical and plumbing.
- Pet insurance: Cover your pet in cases of accident or injuries.
2. Exclusions and Limitations
Besides looking at what is covered in the insurance, you should also look at what is excluded.
Common exclusions include wear and tear, intentional damage, certain types of natural disasters and valuables such as personal jewellery and art pieces.
You should also check the policy limits which is the maximum payout for specific items or types of damages. If you possess high-value items at home, you may need additional coverage.
3. Policy Term
Most home insurance policies are charged and renewed annually. You should check if the policy renews automatically or requires manual renewal. Also find out what are the renewal conditions. Some insurance premiums may increase after the first year and some may impose penalties for cancellation.
4. Premiums and affordability
The amount that you pay for the insurance is known as premium. Ensure that the premium fits your budget and gives you the coverage that you need.
5. Home Protection Scheme (HPS)
If you own a HDB flat, you might be required to take part in the Home Protection Scheme, which is a government-backed insurance plan. It covers your home loan repayments in unforeseen cases such as death or disability. It is not the same as traditional home insurance but worth knowing about and comparing it with private insurance.