Compare Best Home Insurance Plans 2024 by Insurance Providers
| Insurance Provider/ Plan Type | Building Coverage | Household Contents Coverage (Max) | Personal Liability | Price - Annual Premium (prevailing discount) |
|---|
| AIG - Enhanced Public Housing Contents Insurance (EPHCI) - For HDB Only | S$100,000 | S$150,000 | S$400,000 | S$68.18 |
| AIG - Homes Advantage Package Classic | S$85,000 | S$20,000 | S$1,000,000 | S$183.20 |
| FWD Home Insurance - HDB | Optional | S$20,000 | S$500,000 | S$42.82 |
| FWD Home Insurance - Condominium | Optional | S$60,000 | S$500,000 | S$91.13 |
| Great Eastern - HomeGR8 Essential | Optional | S$25,000 | S$500,000 | S$59.96 |
| MSIG Enhanced HomePlus - Standard | Optional | S$50,000 | S$1,000,000 | S$96.79 |
| Singlife - Home Lite | NA | S$35,000 | S$250,000 | S$56.54 |
| Tiq Home Insurance - HDB | S$60,400 | S$35,000 | S$500,000 | S$66.32 |
| Tiq Home Insurance - Condominium | S$300,000 | S$50,000 | S$1,000,000 | S$144.75 |
Is Home Insurance Compulsory?
While home insurance is not compulsory in Singapore, there are several reasons why you should consider getting home insurance for your property:
Coverage for fire and accidental damages to your property.
Protection against theft.
Who Needs Home Insurance?
Everyone who owns or lives in a property would need home insurance.
Homeowner
To cover the loss or damages to your home and household contents.
Landlord
To cover the loss of rental income if the accidental damage to the property renders it uninhabitable.
Tenant
To cover the expenses for temporary alternative accommodation in the event where the property is uninhabitable due to accidental damage.
What Does Home Insurance Not Cover?
Typically, home insurance covers insured perils such as fire, theft or attempted theft by forcible entry, natural disasters, and more. However, if the loss or damage is caused by an event which is not in the insured perils list under the policy terms, it will not be covered — unless it is an all-risk policy that covers everything except the risks that are specifically excluded in the policy.
| Common General Exclusions |
|---|
| War and terrorism. |
| Any loss or damage arising from illegal acts. |
| The order of any public or government authorities. |
| Mysterious or unexplained loss. |
| Wear and tear. |
How Do I File A Home Insurance Claim?
Most insurers have online portals where you can submit your claim along with all supporting documents.
Note 1: Do not wait too long to submit a claim
Most insurers will require you to make the claim within 30 days of the event. You would want to submit your claim form as soon as possible, as the insurance companies usually take some time to process your claim.
Note 2: Keep originals of everything
For all the claims that you make, including the claims that are submitted via the online portals, you will still need to prove its authenticity. This means producing the original documents when the insurance companies request for them. Therefore, do keep the original documents and have them ready when the insurer asks for them. Examples of claim documents include the police report/investigation results and incident report for theft, assessment report from the repairer on the cause and the extent of the damage, invoice or purchase receipt of the lost/damaged property, photographs of the damaged item for content claims, writ of summons from third-party liability claims.
Note 3: Cooperate with the loss adjuster hired by the insurer
Insurers usually hire loss adjusters to access the damages. Therefore, it is important to cooperate with the loss adjuster and assist them.
Frequently asked questions
What is home insurance?
It is an insurance plan that typically covers the loss or damages to your home renovations, household contents, and personal valuables.
Why is home insurance important?
The mandatory HDB Fire Insurance or similar coverage only provides coverage for your building and does not cover loss or damage to your home renovations and household contents. Therefore, it is recommended to purchase home insurance to protect your household contents and renovations against fire, burglary, and more.
What are the main considerations when you are getting home insurance?
Coverage for loss and damages to the building or renovations.
Coverage for the home contents and personal valuables.
Personal liability coverage.
Alternative accommodation expenses.
Additional benefits such as emergency home assistance service.
Policy duration and premiums.
How do I choose a home insurance plan?
It would depend on the level of coverage that you require and the premium that you are willing to pay. You may do a quick calculation of the cost of your renovations and your household contents to get a better idea of the coverage that you require for your home. It is recommended that you compare different home insurance policies across different insurers. Some insurers allow for a discount when you sign up for a longer duration plan.
Am I eligible to purchase home insurance?
You must be either the homeowner, the landlord (renting out your property), or the tenant of the house. To purchase home insurance in Singapore, you must be a Singapore citizen, Permanent Resident of Singapore, or foreigner with a valid work pass or long-term visit pass.
What is the all-risk coverage basis in a home insurance policy?
All-risk coverage is on an exclusion basis, covering everything except for listed events. On the other hand, insured perils basis provides coverage only for specific events as stated in the policy wordings.
What is the first-loss basis in a home insurance policy?
In a first-loss basis policy, compensation for a loss or damage due to an insured peril is based on the total insured value, regardless of the actual value of the lost or damaged item. Unlike an average clause basis policy which insures the assets at full value, a first-loss basis policy compensates up to the insured amount as indicated in the policy.
What is under-insurance?
You must insure your property (building, renovations, and household contents) for their full reinstatement or replacement values, otherwise you will be considered to be under-insured. Under-insurance is when the insurance coverage you have chosen is less than the full reinstatement and replacement cost. The table below shows examples of under-insurance:
| Cover | Full Reinstatement and Replacement Cost | Insurance Coverage You Have Chosen |
|---|
| Building and Renovations | S$600,000 | S$300,000 |
| Household Contents | S$50,000 | S$20,000 |
In the above example, you are under-insured by S$300,000 for the building and renovations, and S$30,000 for the household contents.
What happens if I under-insure my property?
If there is an under-insurance, you will be responsible for a share of the loss or damage in the event of a claim. Take the below table as an example:
| Cover | Share that You are Responsible For in the Event of a Claim | Amount You Have to Pay in the Event of a Claim |
|---|
| Building and Renovations | S$300,000 = amount that you are under-insured for.
S$600,000 = full reinstatement cost at the date of loss.
S$300,000/S$600,000 = 50% | If there is a S$100,000 cost incurred for your building or renovations, you will need to pay S$50,000 (50% of the damage on building or renovations) |
| Household Contents | S$30,000 = amount that you are under-insured for.
S$50,000 = full reinstatement cost at the date of loss.
S$30,000/S$50,000 = 60% | If there is a S$10,000 cost incurred for your household contents, you will need to pay S$6,000 (60% of the damage on building or renovations) |
How do I determine the appropriate sum insured for the renovations of my house?
The benefit limit should be the current cost of replacing the renovations in your house. You can use the price you paid for the renovations as an estimate or you may seek professional advice from an interior designer or contractor.
Tips when getting home insurance
Buy the coverage that you require. There are insurers who allow customisation of insurance plans. For example, for homeowners who already have the compulsory fire insurance that covers the building, it makes sense to look out for a customisable home insurance plan that focuses on coverage for the renovations and household contents.
Some insurers grant discounts for a longer duration plan. For instance, Liberty provides a 15% discount for a three-year plan.
Do not under-insure your premise. If the coverage that you have chosen is lower than the full reinstatement or replacement cost, you will have to be responsible for a share of the damage or loss in the event of a claim.
Compare premiums across insurers. Look out for seasonal promotions, discounts and offers!
Why buy home insurance from us?
Value for money
We compare our partners' insurance plans based on best price and coverage to give you the best bang for the buck.
Customer-oriented
We are always online to serve you and your needs to your best interests - because you come first.
Time-saving
We save your details securely and cut your time by half the next time you purchase another policy with us.
Policy Documents
