Home Insurance in Singapore
Unexpected events like fire, flooding, theft or damage to your home contents can lead to high repair or replacement costs. With the right home insurance in Singapore, you can enjoy a peace of mind knowing you’re financially protected.
What Does Home Insurance Cover?
- Fire, Lightning & Explosion
- Flooding
- Home Contents
- Renovations & Fixtures
- Alternative Accommodation
- Wear & Tear
- Deliberate Damages
- Illegal Activities
- Loss of Cash or Documents
- Pest Infestations
Factors That Affect Home Insurance Premiums
Home insurance premiums in Singapore aren’t one-size-fits-all. Several key factors influence the cost:
Type of Property
HDB flats generally cost less to insure than condominiums or landed properties due to the size and rebuilding costs.
Coverage Amount
Higher sums insured for contents, renovations or structure will lead to higher premiums.
Home Age & Condition
Older homes with outdated plumbing or wiring may attract higher premiums.
Claims History
A history of frequent or large claims can make you a higher-risk customer which leads to an increase in premiums.
Type of Coverages
All Risks policies covering a broader range of events tend to cost more but offer more protection.
How to Choose the Best Home Insurance in Singapore
When comparing home insurance in Singapore, here’s what to check:
| Coverage Limit | Make sure the sum insured is sufficient to fully restore your home and replace your belongings in the event of a claim. |
| Insured Perils vs All Risks | All risks covers a broader protection and coverage with higher premiums. |
| Exclusions | Be clear on what’s not covered under your policy to avoid unpleasant surprises when making a claim. |
| Add-Ons Available | Enhance your coverage with useful extras like emergency locksmith services, appliance repairs, or alternative accommodation during home repairs. |
Frequently Asked Questions
about Home Insurance
Is home insurance mandatory in Singapore?
Home insurance is not legally required in Singapore. However, if you’re financing a HDB flat with housing loan, it is mandatory to get HDB Fire Insurance. This policy covers structural damage due to fire, so it’s strongly recommended to purchase separate home contents insurance for full protection.
What is the difference between HDB Fire Insurance and Home Insurance?
a. HDB Fire Insurance only covers the building structure (i.e., walls, ceilings, flooring) against fire-related damage.
b. Home insurance covers your renovations, personal belongings, appliances, and may also include liability and alternative accommodation coverage.c. If you’re a homeowner, both are necessary for comprehensive protection.
Do I need home insurance if I already have MCST (Condo Management) Building Insurance?
Yes. MCST insurance typically only covers the building’s structure and common areas. It doesn’t protect your personal belongings, renovations, or provide liability coverage inside your unit. A separate home insurance policy fills these gaps.
Can I transfer my home insurance if I move?
No, home insurance policies in Singapore cannot be transferred from one property to another. This is because each policy is specifically tailored to your current home’s details. If you’re moving to a new home (whether it’s an HDB, condo, or landed property), you’ll need to purchase a new home insurance policy that reflects the risks and value of your new property.
Contact us for policy quotation, comparison and unbiased advice now!