How to choose home insurance for an HDB flat as owner with S$15,000 of belongings

Four things decide it: what your S$15,000 of belongings would cost to replace, which covers the plan includes, what it leaves out, and the excess. Today the lowest price on this page is S$54.50, from Sompo. Today the 19 insurers price this example from S$54.50 to S$401.94. Those are today's example prices, not what you will pay.

What decides which home insurance suits an HDB owner?

The cover you actually need decides it, not the premium alone. Two plans can look alike on price and still pay out very differently.

The example here assumes an owner-occupied HDB flat, S$15,000 of contents and no claims in 3 years. Change any of those and the prices change. So start with your own flat, then compare.

Four things do most of the work:

• The sum insured. It should match what your belongings would cost to replace.
• The covers. Fire, flood, burglary, accidental damage, liability and alternative accommodation.
• The exclusions. What the plan will not pay for.
• The excess. What you pay first on each claim.

How much cover do S$15,000 of belongings need?

It needs enough to replace what you own at today's prices, and only you can work that out. The S$15,000 in this example is a round starting point, not a rule.

Walk through each room. Count the sofa, bed, TV, laptop, kitchen appliances, clothes and anything you would have to buy again after a fire. Add it up. If the total is well above S$15,000, a plan sized to S$15,000 would leave you short.

If your total is lower, you may be paying to insure things you do not own. Neither mistake is rare. A quick list on your phone fixes both.

What does home insurance cover in an HDB flat?

It covers your belongings, the renovations you paid for and your legal liability. The plans on this site are built around four kinds of cover:

• Your belongings against fire, flood, burglary and accidental damage.
• Renovations and fixtures you paid for.
• Your legal liability if someone is hurt in your home.
• Somewhere to stay if your home cannot be lived in.

The renovation line matters for owners. If you redid the kitchen or put in built-in wardrobes, those are yours to replace. Check how the plan treats them and whether they count inside the sum insured.

Liability is the one people forget. If a guest slips on a wet floor and is hurt, the bill can be large. Plans pick this up under liability cover.

What does home insurance leave out?

It leaves out wear and tear, long empty periods, damage by pets or pests, and business items. These are the exclusions to read before you buy:

• Wear and tear, and gradual deterioration.
• Losses while the home is left empty for more than 60 days.
• Damage by pets or pests.
• Business equipment and stock.

The 60-day rule matters if you travel for long stretches or spend months away. A burglary during a long absence may not be paid. If that sounds like you, ask how the plan treats an empty flat.

The business line matters if you work from home. Your laptop for a day job is one thing. Stock you sell is another, and it is not covered here.

Why is the spread between insurers so wide?

The spread comes from differences in what each plan covers, how it is priced and what it asks you to carry yourself. Today the range on this page is S$54.50 to S$401.94, across 19 insurers.

That gap is large for the same flat and the same S$15,000. A few things can sit behind it:

• Different limits for items like jewellery or electronics.
• Different excess amounts.
• Different extras, such as cover for renovation or alternative accommodation.
• Different ways each insurer rates your risk.

The page cannot tell you which of these explains a given price. That is why you read each plan, not just the number.

Should I pick the lowest premium?

The lowest premium is a fair place to start, but it is not a full answer. Today the lowest price on this page is S$54.50, from Sompo. That tells you what one plan costs for this example today. It does not tell you the plan fits your flat.

A low premium can come with narrower cover, a higher excess or tighter limits. A higher premium can buy broader cover. Neither is automatically the better deal.

Ask yourself one question. If a pipe bursts or a burglar gets in, would this plan pay for what I would actually lose? If the answer is unclear, read the plan details before you decide.

How do I compare plans side by side?

Line the plans up on the same four points, then look at the price last. Here is a simple order:

1. Set the sum insured to your own replacement total.
2. Confirm each plan includes fire, flood, burglary and accidental damage.
3. Check whether renovation and fixtures are covered, and how.
4. Note the excess on each plan.
5. Read the exclusions, including the 60-day empty-home rule.
6. Compare the premiums.

You can see the plans and ranking on the HDB owner, S$15,000 price page. For a wider view, the home insurance comparison puts plans next to each other, and home insurance explains the cover in more detail.

To see how a claim works before you need one, read how claims are handled.

What should I do next?

Work out your own replacement total first, then compare plans against it. Prices on the page are the example's. Your own price is confirmed when you press Buy Now on a plan.

Before you press it, check these:

• Your sum insured matches what you would need to replace.
• You have read the exclusions, especially empty-home periods.
• You know the excess on the plan.
• Your renovation work is covered if you paid for it.

The insurer takes payment and issues the policy once you buy through Shenton. If something is unclear, ask the plan's insurer or your agent before you go ahead.

Frequently asked questions

Is the price on this page what I will pay?

No. It is the price for the example: an owner-occupied HDB flat, S$15,000 of contents and no claims in 3 years. Your own details can change it, and the price is confirmed when you press Buy Now.

Does home insurance cover my renovation?

It can. Plans on this site cover renovations and fixtures you paid for. How much and on what terms depends on the plan, so read that part before you compare prices.

What if I leave the flat empty for a long trip?

Losses while the home is left empty for more than 60 days are not covered. If you expect to be away that long, ask how the plan treats an empty flat before you buy.

How many insurers are priced for this example?

Today 19 insurers price it. The range on this page runs from S$54.50 to S$401.94. The gap reflects differences in cover and terms as well as price.

Compare home insurance for an HDB flat as owner with S$15,000 of belongings today

The prices on this page update daily. See every plan priced for an HDB flat as owner with S$15,000 of belongings, ranked by premium, with what the example assumes, or get a quote with your own details through Shenton Brokers.