6 Best Home Insurance in Singapore (2020)

What is Home Insurance?

Home Insurance is a type of property insurance for homeowners that covers residences. This insurance covers the loss of your home, its contents, and your personal possessions. A home insurance policy also covers damages caused by accidents such as fire or natural disasters.

Should I get Home Insurance in Singapore?

What many families start out with is the standard Housing Development Board (HDB) Fire insurance, which is a compulsory home insurance plan that you would have to purchase in the event of damage to the structural elements of your home. 

In the event of a major fire, you would not have to pay for the damage to the structural elements of your home which include your walls, wiring, water pipes, etc. These are areas in the flat that HDB has built and does not include any renovations, improvements, or any household contents.

The HDB Fire Insurance is only meant to be a basic plan to protect the structural damages that a fire would cause to the home. If you would like a plan that covers your belongings, renovations and other home possessions you may have, then you may want to consider a more comprehensive home insurance plan.

6 Best Home Insurance in Singapore (2020)

We’ve compiled a list of the best home insurance you can get in Singapore so that when you’re home comes crashing down, your dreams don’t. 

Home insurance

Coverage for home contents

Best for

Sompo HomeBliss (Luxury)

Up to $60,000

24-hour home emergency assistance with reimbursement for selected services.

Tiq Home Insurance

Up to $150,000

Flexibility and choice to protect your home across a period of 1, 3 or 5 years.

MSIG Enhanced HomePlus (Ultimate)

Up to $120,000

High personal liability coverage. 

Aviva HomePlus 

Up to $100,000

Most affordable home insurance. 

HL Assurance HomeProtect360 (Platinum)

Up to $300,000

High temporary accommodation coverage. 

AXA SmartHome (Comprehensive)

Up to $150,000

Flexibility to choose between insured peril and all-risk coverage.

Sompo HomeBliss (Luxury)

Sompo HomeBliss is a home insurance that comes with a choice of three packages – cosy, serene, and luxury – with premiums for each package (enhanced) priced at $119.84, $212.93, and $319.93 respectively. 

We’d recommend the luxury package simply because in terms of coverage you’ll get the most value. Consider the cosy package (enhanced), priced at $119.84 p.a., will cover you up to $100,000 for property and home contents. Compare that to the $319.93 luxury package (enhanced), you’ll be covered up to $260,000 for property and home contents. 

Also, Sompo HomeBliss gives you access to 24-hour home emergency assistance with reimbursement for selected services such as plumbing and electrical work. 

Coverage for property: Up to $200,000

Coverage for contents: Up to $60,000

Coverage for fixtures and renovations: Up to $200,000

Tiq Home Insurance

Tiq Home Insurance by Etiqa is for those who prefer a cheaper alternative with flexible coverage. With an annual premium of about $78 for a four room HDB flat, this is quite honestly one of the cheapest options you have on the market. 

We also like the flexibility of the plan which allows you to customise your insurance coverage for one, three or five years. As with its more affordable premium, you can expect that it won’t be able to cover all the expensive and niche items that more affluent homeowners may have. 

Coverage for property: Up to $2,000,000

Coverage for contents: Up to $150,000

Coverage for fixtures and renovations: Up to $2,000,000


MSIG Enhanced HomePlus (Ultimate)

MSIG Enhanced HomePlus is a plan that is crafted to complement the basic HDB Fire Insurance as MSIG HomePlus does not cover you for the property. 

What you get, in turn, is a plan that has one of the highest personal liability coverage of up to $1,000,000. What this means for you is that MSIG HomePlus is designed to protect not only your contents but you and your family members, including your beloved pets. 

Coverage for property: N.A.

Coverage for contents: Up to $120,000

Coverage for fixtures and renovations: Up to $150,000


Aviva (Home Plus)

Aviva Home Plus is yet another affordable home insurance that people who aren’t staying in large homes to consider. In fact, it’s the cheapest in terms of premium and coverage on the market. 

Now, we’d recommend getting the Plus version as the Basic and Lite plans have coverage amounts that are rather small. This means that in the event something unfortunate happens to your house, the latter plans may not be sufficient to cover you, making it slightly less attractive than the other plans on the market. 

Coverage for property: Up to $500,000

Coverage for contents: Up to $100,000

Coverage for fixtures and renovations: Up to $100,000


HL Assurance HomeProtect360 (Platinum)

Seeing as HL Assurance merged with MSIG Malaysia in a strategic partnership, it’s not all that surprising that the HL Assurance home insurance does not offer coverage for property. 

In most situations, your home may be unsuitable for living for a period of time, so finding another place to stay may be a very real situation you will find yourself in. This is where HL Assurance HomeProtect360’s coverage for the cost of alternate living conditions during the time your home is uninhabitable comes in very handy. 

Coverage for property: N.A.

Coverage for contents: Up to $300,000

Coverage for fixtures and renovations: Up to $90,000


AXA SmartHome (Comprehensive)

AXA SmartHome (Comprehensive) offers up the highest coverage for property on this list at up to $3,000,000. Safe to say this plan is for homeowners who want top coverage  for their high value properties. 

With such a high coverage, it necessarily means that you’ll have to foot higher premiums. But, with that said, the coverage is extensive and it covers most issues you’ll face across the household. 

The only downside to AXA SmartHome is that for fixtures and renovations, you’ll only be getting an additional 25% of the sum insured which, for some high value properties, may not be entirely enough. 

Coverage for property: Up to $3,000,000

Coverage for contents: Up to $500,000

Coverage for fixtures and renovations: Additional 25% of sum insured 


What do you have to consider before buying Home Insurance?

Insured Peril vs All-risk

An insured peril policy will cover your home against all the named perils in your policy wording. This could include fire, flood, house break-in (depending on the policy). An all-risk policy will cover your home against a wider range of risk unless the peril is specifically excluded. This means that an all-risk policy will often have higher premiums.

Content and Renovations

Home insurance protects the contents in your home such as your appliances, electrical devices, furniture, jewellery, etc. It will also protect the renovations that you have done such as built-in cabinets, drawers, lighting fixtures, etc.

Personal liabilities 

Some home insurance also protects you against personal legal liability if your accidental or negligent actions caused an accident to occur both within your home and surrounding your home. If ashes from your cigarette butt caused your neighbour’s tree to catch on fire, you may be protected under the personal liability clause. 

Homeowner vs Landlord Insurance 

Homeowners insurance covers the owners and occupiers and protects the assets within the home. However, if you are the landlord of your property and a fire has damaged the property, there may be an additional loss of income as the tenant would not be able to stay in the home during the repairs to the home. Therefore, if you are a landlord you may have to add the rental protection benefit to your home insurance plan.


Arrange a free teleconsulting service with PolicyPal

Because life insurance isn’t one-size-fits-all, we strongly recommend speaking to us before you commit to a life insurance plan of any sort. Our professional advisers can assess your budget and needs holistically, and give you personalised recommendations.

PolicyPal offers all our members a free financial portfolio review. This review will help you better understand how to create a suitable financial plan for you and your family. We will analyse life insurance products from over 20 insurers and present you solutions that are tailor-made to address your concerns. 

Our advisers will be more than happy to help you understand any of these insurance policies: 

  • Health Insurance
  • Critical Illness Insurance
  • Endowment/Savings Insurance 
  • Personal Accident Insurance
  • Term/Whole Life Insurance

To get in touch, you can WhatsApp us at 87500688 and let us know your preferred date and time for the appointment. Alternatively, leave your details below and we will contact you to help you set up an appointment. 

Submit your interest now!

If you would like to know more about a specific life insurance product you can also let us know your preference. This is so that we can be better prepared during the appointment to present you with a comparison table if needed.

The teleconsultation can be done through a Whatsapp phone call or video call. We would recommend using Zoom as it is a free video-conferencing app that you can download for clear audio and video consulting on your computer or your phone. 



PolicyPal is here to help you make informed and savvy financial decisions through the good times and the bad.

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