Best HDB Home Insurance Plans In Singapore 2024
One of the best things of adulthood is getting your very own space to call home, and we Singaporeans are so enthusiastic about getting our own houses that HDB is trying to keep up with our growing demand.
The increasing housing demand has pushed HDB to ramp up the supply of Build-To-Order (BTO) flats by 35% from 2021 to 2023. Whether it is a resale HDB or BTO in Singapore that you’re getting, there are a couple things to note when you’re buying your first home, and this includes home insurance. Let’s find out which are the top home insurance plans for HDB flats.
Why Get Home Insurance For Your HDB?
Protection against fire/water damage, vandalism and related risks
Coverage for loss/damage or theft of personal belongings
Personal liability coverage
Temporary housing benefit
Fulfilment of mortgage requirement
Don't overpay for home insurance. Compare the best quotes and find the best deal!
Is HDB Home Insurance Compulsory In Singapore?
HDB fire insurance is only compulsory for those who took on a HDB loan to buy their flat. HDB fire insurance is often a small part of the entire HDB home insurance package which are often offered by most insurance companies. It is only meant to cover the cost of repair works if your flat is damaged in a fire, and the cover is only limited to internal structures, fixtures and areas built by the HDB.
On the other hand, home insurance provides a much broader coverage than fire insurance. It covers your home (i.e. the building), and your home contents including your furniture, renovations and appliances, and even your laptop or jewellery (depending on the type of policy you pick, the extent of coverage will differ). Do note that home insurance does not cover mortgage payments (otherwise known as home loans) as they are two very different things.
Best HDB Home Insurance In Singapore
| Best for | Health insurance plan | Estimated annual premium rate (as of 18 Aug 2023) |
|---|---|---|
| Singles | Singlife Home Lite and Home Standard plans | From $71 |
| Dual Income, No Kids (DINK) | AIG Homes Advantage Classic, Superior and Premier plans | From $202 |
| Overall good value | FWD Home Insurance - HDB 3 Room, 4 Room and 5 Room plans | From $61 |
| Family | MSIG Enhanced HomePlus Standard, Superior and Ultimate plans | From $120 |
| Elderly | Tiq Home Insurance plans | From $81 |
| *Estimated premium rates are based on the information provided on 06 September 2023 on MoneySmart’s Home Insurance comparison page. |
Best Home Insurance Plans For HDB Flats
FWD Home Insurance - HDB 3 Room
- Building Coverage
- S$60,400
- Content Coverage
- S$20,000
- Worldwide Personal Liability
- S$500,000
- Annual PremiumAnnual Premium
S$61.1635% Off - S$39.75
Get an additional S$30 eCapita voucher from FWD with any 3-year plans purchased with min. premium of S$160. T&Cs apply.
AIG Homes Advantage - Classic
- Building
- S$85,000
- Household Contents
- S$20,000
- Worldwide Personal Liability
- S$1,000,000
- Annual Premium
- S$203.56
[FLASH DEAL | Receive cash as fast as 30 days*]
Choose between Cash up to S$250 via PayNow OR an Apple Watch SE (worth S$382.50) OR an Apple AirPods 4th Gen (worth S$199) with an eligible AIG Home Insurance purchased. T&Cs apply.
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Singlife Home Lite
- Building Coverage
- Optional Enhancement*
- Content Coverage
- S$35,000
- Family Worldwide Personal Liability
- S$500,000
- Annual PremiumAnnual Premium
S$81.2123% Off - S$62.53
Plus, enjoy up to 15% off on top of existing discounts when you insure for more than 1 year. T&Cs apply.
MSIG Enhanced HomePlus - Standard
- Building Coverage
- Optional Add-on
- Content Coverage
- S$125,000
- Worldwide Personal Liability
- S$1,000,000
- Annual PremiumAnnual Premium
S$120.9920% Off - S$96.79
[Receive cash as fast as 30 days*]
• Enjoy 20% off your policy premium.
• Get up to S$45 via PayNow with an eligible MSIG Enhanced HomePlus plan purchased. T&Cs apply.
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Tiq Home Insurance - HDB 3 Room
- Building Coverage
- S$83,300
- Household Contents
- S$35,000
- Worldwide Personal Liability
- S$500,000
- Annual Premium (GST not included)Annual Premium (GST not included)
S$76.5325% Off - S$57.39
PLUS get S$50 cashback from Tiq when you purchase a 5-Year Tiq Home Insurance Plan! T&Cs apply.
Additionally, enjoy 24-hour Emergency Home Assistance Services when you purchase Tiq Home Insurance plans with a Period of Insurance of 3 to 5 years!
How To Choose A Home Insurance Plan?
Here are a few simple steps to guide you along as you decide on a suitable home insurance plan.
Different home insurance plans offer different levels of coverage. While certain plans may provide basic coverage for standard perils, others may give a more comprehensive protection, including coverage for household contents, additional perils or hazards.
Home contents coverage helps you replace or repair your belongings without incurring significant out-of-pocket expenses. Some policies even have coverage for personal property when it's temporarily outside your home. For instance, if your laptop gets stolen while you're traveling, your policy might offer coverage for it.
Whether it's a mishap involving contractors, damage to walls, floors, or fixtures, having coverage for your renovations ensures that you're financially protected against such accidental damages.
Personal liability coverage in a home insurance plan can provide protection from potential lawsuits and legal claims resulting from certain incidents which involve your property or someone else's property.
Deciding between an all-risk (also known as open-peril) or insured peril (named-peril) coverage in your home insurance plan is essential as you wouldn't want to end up overpaying for your coverage or having insufficient coverage.
Insured peril coverage tends to be more budget-friendly since you're only paying for coverage against specific risks that you choose. On the other hand, all-risk coverage offers broader protection since it covers a wide range of perils or risks that might damage your property. Find out more about these two coverages in our blog article here.
If your home sustains significant damage from a covered event like a fire, flood, or storm, it might be uninhabitable during the repair process.
Alternative accommodation benefits cover the costs of temporary housing, such as hotel stays or rental properties, so that you have a place to live while your home is being repaired.
As home insurance is an ongoing expense, shopping around and comparing premiums can help you find a policy that gives you the coverage you need at a price that aligns to your budget.
By doing this, you may most likely get the best value for your money. Look out for various discounts that can lower your premium, these include discounts for bundling multiple policies, having security systems, etc.
Compare quotes on MoneySmart’s Home Insurance page and be sure to eliminate “nice-to-haves” policies that you may not need from your list of home insurance that you’re considering. This is to avoid overspending on your home insurance every year, which can help you make more savings in the long term.
To find out more on tips on how not to overspend on your insurance, listen to the MONEY FM 89.3 podcast featuring Edwin Ooi, MoneySmart’s Financial Advisory Specialist.
Is home insurance necessary for rented homes?
Although many home renters may do without home insurance, it is still advisable to get it as there are definitely personal belongings owned by you which you would want to insure, especially if they cost a lot. Home renters could probably opt for less comprehensive plans like Singlife Home Lite and IKEA Home contents insurance will suffice as it gives pretty basic coverage.
Most of such hassle-free plans will exclude building coverage, but still include personal liability, just in case you accidentally damaged your landlord’s property, or the other way around, which may require significant repair or replacement costs. In such scenarios, personal liability coverage will come in handy in covering such expenses.
Frequently Asked Questions
Why should I get home insurance?
- Home insurance provides your home with certain levels of protection against fire/water damage, vandalism and related risks, coverage for loss/damage or theft of personal belongings, personal liability coverage, temporary housing benefit, and for the fulfilment of certain mortgage requirements.
Do home insurance plans cover mortgage payments?
- No. Home insurance covers your home (i.e. the building), and your home contents including your furniture, renovations and appliances, and even your laptop or jewellery (depending on the type of policy you pick, the extent of coverage will differ), but it does not cover mortgage payments (otherwise known as home loans) as they are two very different things.
Should I get renovation cover for my home insurance plan?
- Yes and no. You should get it if you’re planning to do renovations for your HDB flat so as to have protection against any mishaps involving contractors, and any damage to walls, floors, or fixtures.
What is personal liability coverage in a home insurance plan?
- Personal liability coverage is one of the aspects which is often included in home insurance plans. Personal liability coverage protects you and your family members/joint occupiers if you're legally responsible for injuries to others or damage to their property that occurs within your HDB flat.
If I’m renting a HDB flat or just a room in a HDB flat, do I still need to get home insurance?
- It depends on your preference. Although it is not compulsory for renters to get home insurance, it is still advisable to get it as there are definitely personal belongings owned by you which you would want to insure, especially if they cost a lot.
Is all-risk coverage or insured peril coverage better?
On the other hand, all-risk coverage offers a broader protection since it covers a wide range of perils or risks that might damage your property. These can include common risks like fire, theft, vandalism, and also less common or unexpected risks.