AMTD PolicyPal Get 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
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Basic Cover |
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Coverage |
Sum Insured (up to) |
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Standard Plan |
Superior Plan |
Ultimate Plan |
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Section 1 |
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Home Contents |
S$50,000 |
S$80,000 |
S$120,000 |
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Renovations |
S$75,000 |
S$115,000 |
S$150,000 |
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Total |
S$125,000 |
S$195,000 |
S$270,000 |
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Section 2 |
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Worldwide Personal Liability |
S$1 million in the aggregate |
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Property Owner’s Liability |
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Section 3 |
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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 |
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Hospital Cash Benefit |
S$50 per day per person |
S$75 per day per person |
S$75 per day per person |
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Section 4 |
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Emergency Home Assist (Access to 24-hour MSIG Assist helpline in Singapore) |
Included |
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Premium (Annual)* |
S$119.88 |
S$178.20 |
S$235.44 |
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Promotions |
Get 20% discount when you BUY NOW! 28 March – 6 May 2024 |
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*as of March 2024
FWD Home Insurance
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Coverage |
HDB |
Condo |
Landed |
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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 |
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Renovations |
S$20,000 to S$100,000 |
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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 |
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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 |
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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 |
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Worldwide Personal Liability |
Up to S$500,000 |
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Home Assistance |
Up to S$100 per event for up to 4 times, per 12-month period |
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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 |
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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 |
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Promotion |
30% off with promo code POLICYPAL 1 April – 30 April 2024 |
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*as of March 2024
Related: How To Be Financially Prepared to Buy An HDB Flat Before You Turn 35
Tiq Home Insurance
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Benefits |
Homeowner |
Landlord |
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HDB |
Condo/Landed |
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Building |
S$29,000 – S$106,200 |
S$300,000 – S$2,000,000 |
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Renovation |
S$20,000-S$180,000 |
S$100,000-S$1,000,000 |
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Contents |
S$15,000-S$120,000 |
S$50,000-S$150,000 |
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Emergency Cash Allowance |
100% Uninhabitable: $5,000 =50% Uninhabitable: $2,500 |
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Emergency Home Assistance |
S$200 and up to 4 times per year |
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Personal Legal Liability (Worldwide) |
S$500,000 |
S$1,000,000 |
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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 |
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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 |
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*As of March 2024
Singlife Home Insurance
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Benefits |
Home Lite |
Home Standard |
Home Plus |
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Household Contents |
S$35,000 |
S$50,000 |
S$100,000 |
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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 |
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Family Worldwide Liability |
S$250,000 |
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Alternative accommodation costs or loss of rent |
S$12,000 |
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24/7 Emergency Home Assistance |
Included |
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Annual Premium (Homeowner) |
S$70.03 |
S$118.59 |
S$213.22 |
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Promotion |
20% off with promo code HOME20 24 April – 30 April 2024 |
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HL Assurance Home Protect360
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Coverage |
Maximum Benefit Payable |
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Silver |
Gold |
Premium |
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Household Contents, Renovation, Fixtures & Fittings |
S$100,000 S$5,000 |
S$200,000 S$5,000 |
S$300,000 S$5,000 |
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Accidental Loss or Damage |
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Valuables (up to S$2,500 per article) |
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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 |
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Family Personal Accident (Worldwide Cover) |
S$35,000 |
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Temporary Storage (up to 30 days) |
S$15,000 |
S$30,000 |
S$45,000 |
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Worldwide Personal Liability |
S$500,000 |
S$500,000 |
S$500,000 |
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Home Assistance Concierge Services Hotline |
Available |
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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
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Benefits |
Cosy |
Serene |
Luxury |
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Buildings, Renovations, Fixtures, and Fittings |
S$80,000 |
S$120,000 |
S$200,000 |
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Contents |
S$20,000 |
S$40,000 |
S$60,000 |
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Worldwide Family Personal Liability |
S$750,000 |
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Personal Accident within Insured Dwelling (Death and Permanent Disablement) |
Insured Spouse: S$20,000 each Unlimited Number of Children: S$5,000 each |
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Hospital Allowance for Insured & Spouse |
S$250 each |
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24-Hour Emergency Home Assistance |
Up to S$100 per event, 4 times per year |
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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 |
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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 |
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Home Contents |
Up to S$150,000 |
Classic: S$20,000 Superior: S$35,000 Premier: S$50,000 |
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Worldwide Personal Liability |
Up to S$400,000 |
S$1,000,000 |
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Bill Relief Protector |
Up to S$1,200 |
Up to S$3,000 |
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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) |
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Annual Premium (with GST)* |
S$75.06 |
Classic: S$201.69 Superior: S$288.09 Premier: S$398.25 |
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*As of 8 August 2023
Allianz Home Protect
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Benefits |
Silver Plan |
Gold Plan |
Platinum Plan |
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Basic Sum Insured for Home Contents |
S$40,000 |
S$50,000 |
S$100,000 |
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Max Cover: Furniture & Home Appliances |
S6,000 per item |
S$7,500 per item |
S$15,000 per item |
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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 |
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Max Cover: Money |
S$1,000 |
S$2,000 |
S$3,000 |
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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 |
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Personal Liability |
S$500,000 per event |
S$750,000 per event |
S$1,000,000 per event |
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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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