Contractor and renovation insurance
Great American vs Income: renovation insurance and the HDB licence guarantee
Great American's Renovation Protect and Income's licence guarantee side by side: what each one is for, what sets its price and what it costs today. They answer different needs, so we do not rank them.
Not alternatives
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.
Side by side
| Great American Renovation Protect | Income licence guarantee | |
|---|---|---|
| What it is | Contractor’s all risks for one interior renovation, fit-out or reinstatement contract | A guarantee to HDB for a listing in its Directory of Renovation Contractors |
| What it pays for | Damage to the works (debris removal at 10% of the contract value), the principal’s existing property to S$50,000, third-party liability | The guaranteed sum, to HDB; it is not a policy against damage |
| What sets the price | The contract value and the liability limit | The guaranteed sum alone |
| How long it lasts | The contract: work of up to 9 months plus a maintenance period of up to 12 months | 2 years |
| GST | Included in the premium | Exempt |
| How you take it up | A proposal form through a broker (Apply Now) | Online at Income (Buy Now) |
What each costs today
| Great American: contract value | Once |
|---|---|
| S$30,000 | S$273.00 |
| S$50,000 | S$273.00 |
| S$100,000 | S$382.00 |
| S$150,000 | S$545.00 |
| S$250,000 | S$545.00 |
| S$300,000 | S$872.00 |
| S$500,000 | S$872.00 |
- Income, S$5,000 guaranteed sum: S$250.00 once for 2 years (the guarantee's page).
- Income, S$10,000 guaranteed sum: S$700.00 once for 2 years (the guarantee's page).
Questions people ask
Is Great American or Income cheaper for renovation insurance?
There is no like-for-like price to compare: they sell different things. Great American’s Renovation Protect insures the works and your liability on one contract; Income’s licence guarantee is the guarantee HDB asks for to list a renovation contractor. Neither replaces the other.
What does each cost?
Great American: S$273.00 for a S$30,000 contract, S$273.00 for a S$50,000 contract, S$382.00 for a S$100,000 contract, with the lowest liability limit, paid once. Income: S$250.00 for a S$5,000 guarantee and S$700.00 for a S$10,000 guarantee, paid once for 2 years.
What is outside Great American’s cover?
It is for interior renovation, fit-out and reinstatement on one contract, with work of up to 9 months and a maintenance period of up to 12 months. Structural hacking or coring (unless a professional engineer designed it), work above 30 feet, exterior, civil and demolition work are outside it.
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.