10 Best Home Insurance Plans in Singapore 2024

Choosing the right home insurance plan is crucial for safeguarding your most valuable asset and ensuring peace of mind. In 2024, the Singaporean market offers a variety of comprehensive home insurance options tailored to meet diverse needs and budgets. This guide highlights the 10 best home insurance plans in Singapore, providing an in-depth look at their coverage, benefits, and unique features to help you make an informed decision. Whether you’re a homeowner or a tenant, understanding these top-tier policies will enable you to protect your property and belongings against unexpected events and potential risks.

Understanding Home Insurance Plan in Singapore

Here’s a breakdown of home insurance’s three main areas:

1. Building Structure: This safeguards the physical framework of your home, including walls, a roof, and permanently installed fixtures. It’s primarily for homeowners (landed property) and protects against events like fire, storms, or natural disasters.
   
2. Contents: This covers your possessions inside the home, like furniture, electronics, appliances, and clothing. It reimburses you for replacing or repairing these items if they’re damaged, stolen, or destroyed by insured events.
   
3. Personal Liability: This shields you financially if someone gets hurt or their property is damaged while on your property. For instance, if a guest trips and breaks their leg or a friend’s borrowed vase accidentally gets shattered, your liability coverage can kick in.
   

5 benefits of having home insurance in Singapore:

Here are 5 benefits of having home insurance in Singapore:

1. Financial Protection for Your Home’s Structure and Contents: This is the most common benefit. Home insurance covers repairs or replacements due to events like fire, lightning strikes, floods, burst pipes, and theft (with forced entry).
   
2. Peace of Mind in Unexpected Situations: Imagine a water leak ruining your expensive flooring or a fire damaging your kitchen. Home insurance can help ease the financial burden of these unforeseen events.
   
3. Coverage Beyond Your Walls: Some policies extend coverage to your neighbor’s property if damaged by an incident originating in your home (e.g., a burst pipe flooding their apartment).
   
4. Additional Protection Options: Many insurers offer add-on benefits like personal accident coverage (for injuries sustained at home) or a temporary housing allowance if your home becomes uninhabitable due to a covered event.
   
5. 24/7 Emergency Assistance: Certain policies come with a hotline for emergencies where you can get help with a plumber, electrician, locksmith, or pest control service.

10 Essential Factors to Consider Before Choosing the Right Home Insurance Plan 

Here are some important factors to consider before choosing the right insurance company for your home in Singapore:

1. Coverage: This is the top priority. Make sure the policy covers what you need. There are two main types: fire insurance (mandatory for HDB homeowners) and comprehensive home insurance (which covers a wider range of situations).
2. Excess: This is the amount you pay upfront before the insurance kicks in. A higher excess lowers the premium, but you’ll shoulder more cost if you need to claim.
3. Claim settlement process: Research the company’s claim process. How easy is it to file a claim? What’s the turnaround time for payouts?
4. Reputation and financial stability: Choose a company with a good reputation for customer service and financial strength. Online reviews and recommendations can be helpful.
5. Price: Get quotes from multiple companies before deciding. Don’t just chase the cheapest option; ensure you’re getting good value.
6. Add-ons: Some companies offer optional add-ons like contents insurance, personal liability insurance, and alternative accommodation cover. Decide which ones you need and factor their cost into your decision.
7. Type of property: The type of property you own can influence your choice. Some companies specialize in insuring HDB flats, while others focus on private properties.
8. Your needs: Consider your specific needs and circumstances. If you have many valuables, you might want higher content coverage.
9. Discounts: Many companies offer discounts for having a good claims history, installing security features, or paying your premium annually.
10. Agent: If you use an insurance agent, ensure they are licensed and reputable. Ask them about the companies they represent and get quotes from several before deciding.

Ultimate Guide to Buying Property in Singapore.

The Best Home Insurance Providers in Singapore

Choosing the right home insurance can be difficult. Here’s a closer look at ten prominent insurers in Singapore, each with their own strengths, to help you find the best one with the ultimate step-by-step guide.

1. MSIG: For Value and Flexibility.

A reliable and established player, MSIG offers various plans for HDB flats, condos, and landed properties. MSIG Home Secure provides basic coverage at competitive rates, while MSIG Enhanced HomePlus allows for customization. While basic plans might have lower coverage limits, their optional add-ons ensure you can tailor the policy to your specific needs.

2. FWD:

A fast-growing insurer known for innovation, FWD offers the Home Protector plan with comprehensive coverage for both HDB and private properties. They focus on a user-friendly digital experience and competitive pricing, with optional add-ons for renovation or rental income protection. However, their track record is shorter compared to established insurers, and they might have fewer add-on options than some competitors.

3. Tiq by Etiqa: 

Known for its user-friendly interface and transparent pricing, Tiq offers a streamlined home insurance plan with customizable coverage for HDB flats and private properties. Their online application process is simple, and they boast competitive pricing with the ability to customize coverage. However, the variety of plans is limited compared to some insurers, so it might not be ideal for those needing highly specialized coverage.

4. Singlife with Aviva: 

This collaboration between Singapore Life and Aviva offers a variety of insurance products, including home insurance for HDB flats and private properties. You can add on extra coverage for specific needs. While they benefit from a strong brand reputation and potential bundled discounts with other Singlife products, their premiums might be slightly higher, and customization options might be limited.

5. AIA: For Established Brands and Potential Bundles:

A leading Asian insurer, AIA provides comprehensive financial protection solutions, including AIA Elite HomeCare with various coverage options for HDB flats, condos, and landed properties. They offer a strong brand reputation, potential bundled discounts with other AIA products, and comprehensive coverage options. However, premiums tend to be on the higher end, and plans might be complex for those seeking basic coverage.

6. Great Eastern: 

One of the oldest and largest insurers in Singapore, Great Eastern is known for its extensive product portfolio. Their HomeGR8 Plus plan offers customizable coverage for HDB flats and private properties. They benefit from an established brand with a strong track record, comprehensive coverage options, and potential bundled discounts with other Great Eastern products. However, their plans would ultimately be complex for those seeking basic coverage, and premiums might be slightly higher compared to some competitors.

7.Tokio Marine: 

A reputable international insurer, Tokio Marine, offers Flexi-Home Enhance, a customizable plan with optional add-ons for HDB flats and private properties. Their strengths include a strong brand reputation, flexible coverage options, and the potential for bundled discounts with other Tokio Marine products. However, navigating the plans and add-ons might be overwhelming for those seeking basic coverage.

8. Income: 

As a mutual cooperative, Income offers insurance and financial planning products, including Enhanced Home Insurance, a comprehensive plan for HDB flats and private properties. They focus on customer service and competitive premiums, with the potential for policyholder dividends. However, they have limited add-on options compared to some competitors and might not be as widely recognized as some other insurers.

9. AIG: For HDB Flats:

A global insurance leader, AIG offers the AIG Homes Advantage Package specifically for HDB flats, alongside an Enhanced Public Housing Contents Insurance option. They provide competitive premiums for HDB flats and benefit from a strong brand reputation. However, their plan options are limited, making them less suitable for those with private properties or needing extensive customization.

10. Chubb: 

Renowned for specializing in high-net-worth individuals and properties, Chubb offers Masterpiece, a comprehensive and customizable plan for high-value homes and condos. This plan is ideal for those seeking extensive coverage and customization options for valuable properties. However, Chubb’s focus on high-value properties means their plans might not be suitable for everyone, and premiums are likely to be on the higher end.9

Conclusion

The best home insurance provider depends on your individual needs and priorities. Consider factors like property type, desired coverage level, budget, and preferred level of customization. By comparing the strengths and weaknesses of these providers, you can make an informed decision and choose the plan that best protects your home.

FAQs

1: How much is property insurance in Singapore?

In Singapore, the cost of property insurance varies based on the type of property and the coverage level. Here are typical costs:

HDB Flats:

• 3-room HDB flat: The annual premium is around SGD 90, with coverage for SGD 20,000 in contents and SGD 30,000 in renovations.
• 4-room HDB flat: The annual premium is approximately SGD 145, covering SGD 30,000 in contents and SGD 50,000 in renovations.
• 5-room HDB flat or larger: The annual premium is about SGD 220, with coverage for SGD 50,000 in contents and SGD 70,000 in renovations.

Private Properties (Condominiums):

• A 2-bedroom condo typically costs around SGD 105 per year, covering SGD 30,000 in contents and SGD 80,000 for renovations.
• 3-bedroom condo: Costs roughly SGD 170 annually, with coverage for SGD 50,000 in contents and SGD 130,000 for renovations.
• 4-bedroom condo: Insurance can cost around SGD 265 per year, with coverage for SGD 80,000 in contents and SGD 200,000 for renovations.

Landed Properties:

• Insurance for landed properties, such as bungalows, can cost around SGD 498 annually, covering approximately SGD 77,500 in contents and up to SGD 1,000,000 for building and renovations.
• Tiq Home Insurance and FWD Home Insurance are noted for their affordability and comprehensive coverage, making them popular choices among homeowners in Singapore.

Q.2: Popular Home Insurance Providers in Singapore

Here’s a brief comparison of some prominent providers:

• FWD is known for affordable premiums and comprehensive coverage, including unique benefits like extended theft coverage outside the home.
• Etiqa Tiq: Offers competitive rates, good content coverage, and emergency assistance benefits like cleaning after a fire. Be aware that some coverage limits might be lower than those of competitors.
• Aviva is a good option for budget-conscious homeowners, particularly HDB flat owners. Coverage limits might be lower for contents and renovations.
• MSIG provides comprehensive plans with high coverage limits, but premiums tend to be on the higher side.

Remember: This is not an exhaustive list, and it’s crucial to compare quotes and plans yourself to find the best fit for your needs.

Q.3 Which insurance company is best for home insurance?

It’s important to understand that there isn’t a single ranking system for “top” home insurance plans.

Here’s why:

• Individual Needs: The best plan depends on your specific situation (property type, coverage needs, budget).
• Focus on Providers: Providers offer various plans with different features and costs.
• Regular Updates: The “best” plans can change based on market fluctuations and company offerings.

However, I can provide some guidance:

• Research Top Providers: Look into reputable insurers in Singapore like FWD, Etiqa Tiq, Aviva, MSIG, and others.
• Comparison Websites: Utilize online resources that allow you to compare quotes from multiple providers based on your details.
• Reviews and Ratings: Check consumer reviews and ratings to get insights into customer experiences with different insurance companies.

By following these steps, you can effectively shortlist the top plans that cater to your specific requirements.

Q: Is home insurance necessary in Singapore?

Home insurance in Singapore is not mandatory, but it’s highly advisable. It protects against damages, covers personal belongings, offers liability protection, may be required for mortgages, and provides peace of mind.