What is home insurance?
Home insurance is a type of property insurance that covers losses or damages to your home, along with other assets or furnishing in the house.
In some instances, home insurance also provides liability coverage against accidents that occur in the house or on the property.
Do you need to insure your home in Singapore?
You may think that Singapore is relatively safe given its low crime rate as well as low chances of natural disasters. However, that does not mean that you should scrimp on your home insurance.
In Singapore, it is not mandatory under the law to purchase home insurance for your property. However, if you own a HDB, it is compulsory for HDB owners with a HDB mortgage or loan to purchase fire insurance.
Home insurance is typically purchased to supplement the fire insurance.
While it may seem redundant to then purchase home insurance, do bear in mind that both insurance options have different types of coverage.
Fire insurance for a residential property covers the following
- Fire
- Lightning
- Domestic Explosion
- Bursting or Overflowing of Water Tanks and Apparatus
- Road Vehicle Impact
- Aircraft Impact
- Malicious Intent
- Riot and Strike
- Earthquake, Windstorm and Flood
Home insurance for a property covers the following
- Appliances
- Furniture
- Ornaments
- Computers
- Kitchenware
- Books
- Personal Effects
- Fixtures & Fittings which do not form part of the building
Do you need to purchase home insurance as a landlord?
As a landlord, it is always recommended to purchase home insurance regardless of whether you furnish the property with your own items or not.
Even if you do not stay in the property, there is still the possibility for your property to catch fire and spread to your neighbour’s unit. This leaves you legally liable for the damage caused. At the same time, you will also need to pay for other costs such as debris clearance, even if none of the home contents belong to you.
If you purchase home insurance, this can help to provide some pay out attributed to loss of rental income as you will probably be unable to rent out your property for the next few months.
Do you need to purchase home insurance as a tenant?
Absolutely! For the simple reason that the landlord’s home insurance does not cover you. This means that in the unlikely situation that a fire breaks out in the property and your laptop and clothes are destroyed, you are on your own. If you did not purchase any home insurance, you will have to replace all of your items by paying out of your own pocket.
Some of these home insurance policies come with personal accident plans, which helps to provide some coverage should you be admitted to the hospital. Some of these home insurance policies can also cover damages to essential items outside the house.
Purchasing home insurance as a tenant can also provide some pay out if you accidentally damage your landlord’s property. For example, if you accidentally leave the stove on and it ends up burning the kitchen, your purchased home insurance can help to cover the repair costs. In some instances, it can even provide you with allowances for emergency accommodation in the event of an accident.
If you are looking to purchase home insurance for your property, check out these insurance providers that provide home insurance in Singapore
Insurance Provider | AIG |
Speciality |
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| Pricing | Request for quotation directly from insurance provider |
Website | |
| Address | AIG Building, 78 Shenton Way, Level 1, Singapore 079120 |
Telephone | Contact via enquire form here |
| Operating Hours | Contact for operating hours |
Insurance Provider | AXA |
Speciality |
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| Pricing | Request for quotation directly from insurance provider |
Website | |
| Address | #01-21/22 AXA Tower, 8 Shenton Way, Singapore 068811 |
Contact | Telephone: 1800 880 4888 Email: [email protected] |
Operating Hours | 9am to 5.30pm |
Insurance Provider | Aviva |
Speciality |
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| Pricing | Request for quotation directly from insurance provider |
Website | https://www.aviva.com.sg/en/insurance/home/ |
| Address | 4 Shenton Way, SGX Centre 2, #01-01, Singapore 068807 |
Telephone | 65 6827 9966 |
Operating Hours | Mon – Fri: 8.45am – 5.30pm |
Insurance Provider | MSIG |
Speciality |
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| Pricing | Request for quotation directly from insurance provider |
Website | https://www.msig.com.sg/insurance/personal-insurance#home-insurance |
| Address | 4 Shenton Way #21‑01 SGX Centre 2, Singapore 068807 |
Telephone | 65 6827 7602 |
Operating Hours | Monday ‑ Friday 8.45 am to 5.30 pm |
Insurance Provider | Etiqa |
Speciality |
|
| Pricing | Request for quotation directly from insurance provider |
Website | https://www.etiqa.com.sg/personal/general-insurance/property/ |
| Address | 16 Raffles Quay, Hong Leong Building, #01-04A, Singapore 048581 |
Contact | Telephone: 65 6887 8777 Email: [email protected] |
Operating Hours | Monday – Friday: 8.30am to 5.30pm |
Insurance Provider | Sompo Insurance |
Speciality |
|
| Pricing | Request for quotation directly from insurance provider |
Website | https://www.sompo.com.sg/products/homebliss |
| Address | 50 Raffles Place, #05-01/06 Singapore Land Tower, Singapore 048623 |
Telephone | 65 6461 6555 |
Operating Hours | Mondays to Fridays, 8.30am to 5.30pm |
Insurance Provider | FWD Insurance |
Speciality |
|
| Pricing | Request for quotation directly from insurance provider |
Website | |
| Address | 6 Temasek Blvd, #18-01 Suntec Tower, Four 038986 |
Telephone | 65 6820 8888 |
Operating Hours | Monday to Friday: 9:00am – 10:00pm |
Insurance Provider | HL Assurance |
Speciality |
|
| Pricing | Request for quotation directly from insurance provider |
Website | https://www.hlas.com.sg/personalinsurance/homecontentsinsurance/ |
| Address | 11 Keppel Rd, #11-01 ABI plaza, Singapore 089057 |
Telephone | 65 6702 0202 |
Operating Hours | Mondays – Fridays: 9 a.m – 6 p.m |
Insurance Provider | Allied World Insurance |
Speciality |
|
| Pricing | Request for quotation directly from insurance provider |
Website | |
| Address | 8th Floor 60 Anson Road #08-01 Mapletree Anson Singapore 079914 |
Contact | Telephone: 65 6423 0888 Email: [email protected] |
Operating Hours | 8:30 am – 5:30pm (Mon-Fri) |
Insurance Provider | NTUC Income |
Speciality |
|
| Pricing | Request for quotation directly from insurance provider |
Website | https://www.income.com.sg/enhanced-home-insurance |
| Address | View branch locations here |
Contact | Contact via enquire form here |
Operating Hours | Monday – Friday: 8.30am – 6.30pm |
Insurance Provider | Chubb Insurance |
Speciality |
|
| Pricing | Request for quotation directly from insurance provider |
Website | https://www.chubb.com/sg-en/individuals-families/home-insurance.html |
| Address | 138 Market Street, #11-01 CapitaGreen, Singapore 048946 |
Contact | Telephone: 65 6299 0988 Email: [email protected] |
Operating Hours | Mondays to Fridays, 9.00am – 5.00pm |
Insurance Provider | Great Eastern |
Speciality |
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| Pricing | Request for quotation directly from insurance provider |
Website | https://www.greateasternlife.com/sg/en/index.html |
| Address | 1 Pickering Street #01-01, Great Eastern Centre, Singapore 048659 |
Contact | Telephone: 1800 248 2888 Email: [email protected] / [email protected] |
Operating Hours | Moon to Fri: 9.00am to 5.30pm |
Insurance Provider | AIA |
Speciality |
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| Pricing | Request for quotation directly from insurance provider |
Website | https://www.aia.com.sg/en/our-products/travel-lifestyle/aia-elite-homecare.html |
| Address | 1 Finlayson Green, Singapore 049246 |
Telephone | 1800 248 8000 |
Operating Hours | Mondays – Fridays, 8.45am to 5.30pm |
Insurance Provider | Liberty Insurance |
Speciality |
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| Pricing | Request for quotation directly from insurance provider |
Website | https://www.libertyinsurance.com.sg/HomeCare |
| Address | 51 Club Street #03-00 Liberty House Singapore 069428 |
| [email protected] | |
Operating Hours | Monday to Friday: 8.30am – 5.30pm |
Insurance Provider | POSB |
Speciality |
|
| Pricing | Request for quotation directly from insurance provider |
Website | https://www.posb.com.sg/personal/insurance/home-car/home/myhome-protect |
| Address | View branch locations here |
Telephone | 1800 339 6666 |
Operating Hours | Varies by branch location |
Insurance Provider | HSBC |
Speciality |
|
| Pricing | Request for quotation directly from insurance provider |
Website | https://www.hsbc.com.sg/insurance/products/home/content/?cid=SGH:ma:D1:IV::2006:001:protectyourhome |
| Address | View branch locations here |
Telephone | Telephone: 65 6880 4070 Email: [email protected] |
Operating Hours | Varies by branch location |
Insurance Provider | Allianz |
Speciality |
|
| Pricing | Request for quotation directly from insurance provider |
Website | https://www.allianz-asiapacific.com/solutions-for-you/individual-solutions/home-protection.html |
| Address | 12 Marina View, #14-01 Asia Square Tower 2, Singapore 018961 |
Telephone | 65 6297 8802 |
Operating Hours | Mon – Fri: 9am – 6pm |
Insurance Provider | Tokio Marine |
Speciality |
|
| Pricing | Request for quotation directly from insurance provider |
Website | https://www.tokiomarine.com/sg/en/personal/protect/protect-your-home-and-family/flexi-home.html |
| Address | 20 McCallum Street, #09-01, Tokio Marine Centre, Singapore 069046 |
Contact | Telephone: 65 6221 6111 Email: [email protected] |
Operating Hours | Mondays to Fridays: 8.45am to 5.45pm |
Insurance Provider | Kwiksure |
Speciality |
|
| Pricing | Request for quotation directly from insurance provider |
Website | https://kwiksure.sg/insurance-plans/home-insurance |
| Address | Cross Street Exchange, #14-05, 18 Cross Street, Singapore 048423 |
Contact | Telephone: 65 6346 3781 Email: [email protected] |
Operating Hours | Contact insurer for operating hours |
Insurance Provider | QBE |
Speciality |
|
| Pricing | Request for quotation directly from insurance provider |
Website | https://www.qbe.com/ |
| Address | 1 Wallich Street, #35-01, Guoco Tower, Singapore 078881 |
Contact | Telephone: 65 6224 6633 Email: [email protected] |
Operating Hours | Mon – Fri: 8:30am to 5:30pm |
Types of home insurance available
There are typically two main types of home insurance plans offered by most insurance providers. They are the insured peril home insurance policy and all-risk home insurance policy.
Insured peril home insurance
Insured peril policies typically offer you protection against losses from specific incidents. This could include fires, thefts, burst pipes and natural disasters.
This type of home insurance plan tends to be cheaper due to its highly specific nature of insurance coverage.
All-risk home insurance
All-risk policies, on the home hand, cover you for a wider range of scenarios. This plan tends to be more expensive but it does prepare you for every possibility.
Factors that may affect your home insurance premiums
The premiums that you pay on your home insurance varies depending on the type of property that you own.
Depending on whether you own a HDB, condominium or land property, the range of premiums that you ens up paying differs widely.
Likewise, the amount of premiums that will affect your home insurance premiums also depend on the following factors:
Amount of coverage
The wider the coverage that you want for your home insurance, the more expensive your premiums are likely to be.
Some homeowners may only want to cover their home appliances and furniture. Others may prefer to expand their insurance coverage to include their pedigree pets or any other personal items such as wine collection.
Location of the property
If your property is in selected prime locations in Singapore, you may have to pay a higher premium for your home insurance.
In general, properties in areas such as Bukit Timah or Holland Village tend to command higher premiums simply because of the wider coverage needed.
Age of the property
Depending on the age of your property, it may significantly affect the premium of your home insurance. Very old properties, such at those that are older than 40 years, are typically more prone to fires or damages. As such, insurance premiums for older homes are typically higher as compared to newer homes.
Your personal background
Personal factors such as your age or even occupation may affect your insurance premiums. If you are a young homeowner, some insurers may quote you a higher insurance premium as opposed to an older homeowner in their late 40s or 50s.
Whether you are a homeowner or landlord
Is your property used for your personal residential purposes or for rental? If you are renting out your property as a landlord, you may face higher home insurance premiums given that you will not be staying in the place. This may result in higher risks of damages or accidents within the property.
Insurance provider
The coverage that each home insurance policy has differs depending on the insurance company that you sign up with. As such, the home insurance premium that you end up paying may be higher or lower even with the same coverage. Hence, it is crucial to do your due research and seek quotations from multiple insurance providers before signing on with one.
Editor’s Note:
While every precaution has been made to ensure the accuracy and fairness of this listing, we acknowledge that they may be inaccuracies. Therefore, we urge you to contact the service provider above for the correct information and/or contact us with the correct information.
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Author Bio
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