Home Insurance in Singapore
Compare home insurance rates →Many Singapore homeowners believe they're covered because they have the compulsory HDB fire insurance policy. They're not — it insures only the original HDB structure, not the renovation you spent S$80,000 on, the appliances, or any of your belongings. Here's how to plug the gaps.
Types of home cover
HDB Fire Insurance (compulsory)
Required for all HDB flat owners with an outstanding HDB loan. Covers only the HDB-supplied structure — not your renovation, fixtures you installed, or any contents. Premium is very low (around S$1.50 per year per S$1,000 sum insured).
Home contents insurance
Covers your furniture, appliances, clothing, and valuables against fire, theft, water damage, and other perils. Most policies also cover accidental breakage. Typically S$150–S$400/year for S$50,000–S$100,000 of cover.
Renovation / fixtures insurance
Covers your renovation and built-in fittings that the basic fire policy excludes. Critical for any flat owner who has spent significantly on renovation — especially for condos where there is no compulsory fire insurance.
Landlord insurance
If you rent out your property, standard home insurance may not apply. Landlord policies cover loss of rental income, tenant damage, and liability — all excluded from typical homeowner policies.
HDB vs condo — key differences
HDB flat
- —Compulsory fire insurance with HDB's appointed insurer
- —Covers original structure only
- —Add a home contents + renovation policy from any private insurer
Condo / private property
- —No compulsory fire insurance
- —MCST building insurance covers common areas — not your unit
- —You need your own fire + contents + reno policy
Key policy features to compare
| Feature | What to look for |
|---|---|
| Renovation cover limit | Must match your actual reno cost, not a standard default |
| New-for-old vs indemnity | New-for-old replaces with equivalent new items; indemnity deducts depreciation |
| Personal liability | Covers legal liability if someone is injured in your home |
| Alternative accommodation | Pays for temporary housing if your home is uninhabitable |
| Worldwide contents cover | Some policies cover laptops and valuables when taken outside the home |
| Single article limit | High-value items (art, jewellery) may need separate scheduling |
Tip: insure your renovation correctly
Keep all renovation invoices. Insurers will ask for proof of value when you claim. If your renovation cost S$120,000 but you insure for S$60,000, you will only recover 50% of any loss — this is called underinsurance averaging. Set the sum insured to your actual renovation cost and update it after any future works.
Ready to compare?
Annual premiums from DirectAsia, FWD, Etiqa, NTUC Income, AXA, MSIG and more — HDB 4-room reference basis.