Contractor and renovation insurance
Compare contractor and renovation insurers
Great American and Income price two different things for renovation contractors. Here is what each one is and what it costs, side by side, without ranking them.
Great American: works cover for a S$100,000 contract
| Insurer | Once, for the contract | Works insured, up to | Third-party liability | Principal’s existing property | Excess a claim |
|---|---|---|---|---|---|
| Great AmericanRenovation Protect Plan B, S$1,000,000 liability | S$382.00 | S$100,000 | S$1,000,000 | S$50,000 | S$2,500.00 (S$5,000.00 for water damage, collapse, acts of God, the principal’s property) |
| Great AmericanRenovation Protect Plan B, S$1,500,000 liability | S$436.00 | S$100,000 | S$1,500,000 | S$50,000 | S$2,500.00 (S$5,000.00 for water damage, collapse, acts of God, the principal’s property) |
| Great AmericanRenovation Protect Plan B, S$2,000,000 liability | S$491.00 | S$100,000 | S$2,000,000 | S$50,000 | S$2,500.00 (S$5,000.00 for water damage, collapse, acts of God, the principal’s property) |
Income: the HDB licence guarantee
| Insurer | Once, for the period | Guaranteed sum to HDB | Guarantee period | Financial assessment or guarantors |
|---|---|---|---|---|
| IncomeRenovation Contractor Licence Guarantee, S$5,000Buy Now | S$250.00 | S$5,000 | 2 years | None, issued at once |
| IncomeRenovation Contractor Licence Guarantee, S$10,000Buy Now | S$700.00 | S$10,000 | 2 years | None, issued at once |
Neither Great American nor Income is one of our featured insurers for contractor and renovation insurance, so we rank neither. They sell different things, so they are never set against each other: Great American’s Renovation Protect insures the works and your liability on one contract, and Income’s licence guarantee is the guarantee HDB asks for to list a renovation contractor.
Questions people ask
Which insurers can I compare for contractor and renovation insurance?
Great American, whose Renovation Protect is the works policy, and Income, whose licence guarantee is the guarantee HDB asks for. Neither Great American nor Income is one of our featured insurers for contractor and renovation insurance, so we rank neither. They sell different things, so they are never set against each other: Great American’s Renovation Protect insures the works and your liability on one contract, and Income’s licence guarantee is the guarantee HDB asks for to list a renovation contractor.
Do I need both?
They do different jobs. HDB lists a renovation contractor in its Directory of Renovation Contractors only against a bank, finance or insurance guarantee for the listing period, and asks for a new one at each renewal. The works policy is for each job: building managements, HDB and main contractors routinely ask to see it before work starts.
How do I buy them?
Great American sells Renovation Protect through intermediaries: Apply Now opens its proposal form on our site, filled in from your answers, and we place the cover; you send it with the contract’s letter of award or purchase order. Income sells its licence guarantee on its own site: Buy Now takes you there with your name or UEN and HDB’s letter about your listing or renewal, and Income issues the guarantee at once. Ask Shenton to arrange sends us the plan you picked and we arrange it for you.