Your Guide to The Best Home Insurance in Singapore

home insurance singapore

Great Eastern Hospital Cash PlanGet the peace of mind that comes by protecting your most valuable asset—your home—with adequate home insurance coverage.

Hitting the milestone of having a place to call your own brings joy unlike any other. You’ve passed the phases of securing, purchasing, and renovating your home, but don’t forget the last phase: getting home insurance to protect your new home from unexpected events like fires, burglaries, and natural disasters.

This article examines the ins and outs of home insurance plans in Singapore, as well as explores the different types of home insurance plans available so you can pick the best one to safeguard your house.

Best Home Insurance Singapore 2024

A home insurance package can generally include:

  • Coverage for household contents, building, renovations, fixtures and fittings
  • Worldwide family personal liability coverage
  • Personal accident coverage within insured dwelling (including death and permanent disablement)
  • 24-hour emergency home assistance service
  • Alternative accommodation expenses
  • Coverage for locks and keys

The table below illustrates the various home insurance plans categorised by insurer, coverage sums, yearly premium costs and the latest promotions for home insurances.

MSIG Enhanced HomePlus

Basic Cover

Coverage

Sum Insured (up to)

Standard Plan

Superior Plan

Ultimate Plan

Section 1

     

Home Contents

S$50,000

S$80,000

S$120,000

Renovations

S$75,000

S$115,000

S$150,000

Total

S$125,000

S$195,000

S$270,000

Section 2

 

Worldwide Personal Liability

S$1 million in the aggregate

Property Owner’s Liability

Section 3 

 

Worldwide Accident Protection

S$20,000 per adult

S$10,000 per child

S$50,000 in the aggregate

S$30,000 per adult

S$15,000 per child

S$75,000 in the aggregate

S$30,000 per adult

S$15,000 per child

S$75,000 in the aggregate

Hospital Cash Benefit

S$50 per day per person

S$75 per day per person

S$75 per day per person

Section 4

 

Emergency Home Assist

(Access to 24-hour MSIG Assist helpline in Singapore)

Included 

Premium (Annual)*

S$119.88

S$178.20

S$235.44

Promotions

Get 20% discount when you BUY NOW!

28 March – 6 May 2024

*as of March 2024

FWD Home Insurance

Coverage

HDB

Condo

Landed

Home Contents

(No sub-limit for furniture, domestic appliances and home audio visual equipment. A sub-limit of S$1,000 or S$2,000 applies to all other home contents ( T&C apply)

S$20,000 to S$100,000

Renovations

S$20,000 to S$100,000

Building

Studio – S$48,700

2-room – S$48,700

3-room – S$60,400

4-room – S$82,000

5-room – S$97,300

Executive/Multi-Gen

S$106,200

Not available

S$200,000 to S$1 mil

Temporary accommodation & storage 

(up to S$300 per day)

Up to S$15,000 if the sum insured you have chosen for home contents is less than or equal to S$40,000

Up to S$35,000 if the sum insured you have chosen for home contents is more than S$40,000

Incidental Expenses 

Up to S$5,000 if the sum insured you have chosen for home contents is less than or equal to S$40,000

Up to S$10,000 if the sum insured you have chosen for home contents is more than S$40,000

Worldwide Personal Liability

Up to S$500,000

Home Assistance

Up to S$100 per event for up to 4 times, per 12-month period

Premiums (1 year)*

Studio: S$48.05

2-room: S$48.05

3-room: S$60.60

4-room: S$60.86

5-room: S$67.25

Executive/Multi-Gen:

S$67.36

Studio: S$116.58

1-room: S$116.58

2-room: S$129.00

3-room: S$129.00

4-room: S$135.21

S$167.88

Premiums (2 years)*

Studio: S$93.69

2-room: S$93.69

3-room: S$118.16

4-room: S$118.68

5-room: S$131.14

Executive/Multi-Gen:

S$131.35

Studio: S$227.32

1-room: S$227.32

2-room: S$251.54

3-room: S$251.54

4-room:S$263.65

S$327.36

Promotion

30% off with promo code POLICYPAL

1 April – 21 April 2024

*as of March 2024

Related: How To Be Financially Prepared to Buy An HDB Flat Before You Turn 35

Tiq Home Insurance

 

Benefits

Homeowner

Landlord

HDB

Condo/Landed

Building

S$29,000 – S$106,200

S$300,000 – S$2,000,000

Renovation

S$20,000-S$180,000

S$100,000-S$1,000,000

Contents

S$15,000-S$120,000

S$50,000-S$150,000

Emergency Cash Allowance

100% Uninhabitable: $5,000

=50% Uninhabitable: $2,500

Emergency Home Assistance

S$200 and up to 4 times per year

Personal Legal Liability (Worldwide)

S$500,000

S$1,000,000

Annual Premium*

HDB:S$33.71-S$107.38

Condo:S$179.28

Landed: S$280.82

HDB: S$47.96-S$125.22

Condo:S$200.07

Landed: S$304.59

Promotion

Get 20% off all plans when you BUY NOW!

***5-year Plan – Get an ADDITIONAL $50 Rewards via TIQ Cashback

1 April – 30 April 2024

*As of March 2024

 

Singlife Home Insurance 

 

Benefits

Home Lite

Home Standard

Home Plus

Household Contents

S$35,000

S$50,000

S$100,000

Valuables (sub-limit of Household Contents)

S$10,500 (aggregate)

S$1,750 (per article)

S$15,000 (aggregate)

S$2,500 (per article)

S$30,000 (aggregate)

S$5,000 (per article)

Renovations, Fixtures & Fittings

S$75,000

S$100,000

S$100,000

Family Worldwide Liability

S$250,000

Alternative accommodation costs or loss of rent

S$12,000

24/7 Emergency Home Assistance

Included

Annual Premium

(Homeowner)

S$70.03

S$118.59

S$213.22

Promotion

20% off with promo code HOME20 

1 April – 18 April 2024

 

HL Assurance Home Protect360

 

Coverage

Maximum Benefit Payable 

 

Silver

Gold 

Premium

Household Contents, Renovation, Fixtures & Fittings

S$100,000

S$5,000

S$200,000

S$5,000

S$300,000

S$5,000

Accidental Loss or Damage

Valuables (up to S$2,500 per article)

Alternative Accommodation Expenses

S$15,000

Daily limit for family

3 members or less:

S$300 per day

4 members or more:

S$600 per day

S$30,000

Daily limit for family

3 members or less:

S$500 per day

4 members or more:

S$1,000 per day

S$45,000

Daily limit for family

3 members or less:

S$750 per day

4 members or more:

S$1,500 per day

Family Personal Accident (Worldwide Cover)

S$35,000

Temporary Storage (up to 30 days)

S$15,000

S$30,000

S$45,000

Worldwide Personal Liability

S$500,000

S$500,000

S$500,000

Home Assistance Concierge Services Hotline

Available

Monthly Premium* (excluding GST)

S$35

S$73

S$102

*As of 8 August 2023

Related: Should You Get a Fixed Home Loan or a Floating Home Loan?

Sompo HomeBliss

 

Benefits

Cosy

Serene

Luxury

Buildings, Renovations, Fixtures, and Fittings

S$80,000

S$120,000

S$200,000

Contents

S$20,000

S$40,000

S$60,000

Worldwide Family Personal Liability

S$750,000

Personal Accident within Insured Dwelling (Death and Permanent Disablement)

Insured Spouse: S$20,000 each

Unlimited Number of Children: S$5,000 each

Hospital Allowance for Insured & Spouse

S$250 each

24-Hour Emergency Home Assistance

Up to S$100 per event, 4 times per year

Annual Premium* (with GST)

Standard: S$106.92

Enhanced: S$151.20

Standard: S$167.40

Enhanced: S$214.92

Standard: S$251.64

Enhanced: S$322.92

*As of 8 August 2023

 

AIG Home Insurance

 

Benefits

Enhanced Public Housing Contents Insurance (for HDB)

Home Advantage Package

Basic Cover for home contents & renovation

Total Sum Cover

Studio: S$628,700

1-room: S$610,700

2-room:S$617,700

3-room: S$633,200

4-room: S$660,700

5-room: S$667,200

Exec/3-Gen: S$691,200

Classic: S$85,000

Superior: S$135,000

Premier: S$225,000

Home Contents

Up to S$150,000

Classic: S$20,000

Superior: S$35,000

Premier: S$50,000

Worldwide Personal Liability

Up to S$400,000

S$1,000,000

Bill Relief Protector

Up to S$1,200

Up to S$3,000

Alternative Accommodation

Up to S$20,000

Up to 10% of the building sum insured, 20% of the contents sum insured, or S$20,000 (whichever is lowest)

Annual Premium (with GST)*

S$75.06

Classic: S$201.69

Superior: S$288.09

Premier: S$398.25

 

 

*As of 8 August 2023

Allianz Home Protect

 

Benefits

Silver Plan

Gold Plan

Platinum Plan

Basic Sum Insured for Home Contents

S$40,000

S$50,000

S$100,000

Max Cover: Furniture & Home Appliances

S6,000 per item

S$7,500 per item

S$15,000 per item

Max Cover: Valuables

S$2,500 per item

S$10,000 in total per event

S$5,000 per item

S$15,000 in total per event

S$10,000 per item,

S$15,000 in total per event

Max Cover: Money

S$1,000

S$2,000

S$3,000

Alternative Accommodation

S$200 per day

30 days per event

S$300 per day

30 days per event

S$400 per day

30 days per event

Personal Liability

S$500,000 per event

S$750,000 per event

S$1,000,000 per event

Annual Premium* (with GST)

S$97.20

S$152.28

S$275.40

**As of 10 November 2023

 

Five Burning Questions about Home Insurance, Answered

 

What Should I Know about Fire Insurance and Home Insurance?

 

Fire insurance covers your home for damages related to the building itself, your home structure, fixtures, and fittings. 

 

Home insurance is crucial here as it protects you from having to bear damage costs related to your home’s content and your personal belongings on your own. Certain insurers provide coverage for restoration works, temporary accommodation, and even any personal liabilities you may have for damages extending to your neighbours, too.

 

How Much Home Insurance Coverage Should I Get?

 

The ideal way to protect your home involves getting a comprehensive home insurance package while ensuring you do not under-insure your home, its contents, and everything in between.

 

To get the best value out of your home insurance, you’d first need to evaluate the cost of your home from a few angles. These can include questions like the ones below:

  • Do you have certain home replacements which are costlier or difficult to obtain and replace?
  • Are there expensive items in your home?
  • Have you taken into account the inflation cost in restoring your home?
  • Do you have ample coverage on an alternative place to stay if your home becomes inhabitable?

 

Based on these questions, you’d be able to gauge how much coverage you need, and pick an insurance plan that suits you. Some insurers offer add-ons for their insurance plans, which you could check out, too.

 

Can I Get My Home Covered for Water Damages?

 

Yes, certain insurers like Tiq, FWD, Income, and Singlife offer coverage related to water leaks (e.g. to clear a clogged water supply or drainage system) and/or water damages (water tanks or pipes bursting or overflowing).

 

I’m a Tenant. Should I Get Home Insurance?

 

You should, as you’d be able to protect your personal items if an incident happens. Home insurance coverage for tenants could include coverage for unauthorised ATM transactions, emergency cash allowance, and home content protection based on the insurer you pick.

 

Are There Other Value-Add Features I Should Consider?

Over the past few years, a number of insurers have started providing Emergency Home Assistance, which is a great benefit to have. The assistance extends to essential home repairs like plumbing, pest control, electricity and even locksmith services, offered by Tiq and Income, among other providers.

 

You can also look out for home insurance coverages that cover your domestic helper’s contents (Allianz offers up to S$1,500 per event).

 

The key takeaway is this: with home insurance, you’re better equipped to manage the risks that come with owning a house. Go for the best value money can give you, but stay focused on the coverage needs you have to tick off.

 

Enquire more and contact us today!

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