TL;DR
- Home insurance covers your belongings, your renovations and your liability to others. It does not cover the building itself.
- HDB fire insurance covers the flat's structure only. Contents and renovations need home insurance.
- Tenants can use it too. The landlord insures the building, and your plan covers your things and your liability.
- It leaves out wear and tear, damage by pets or pests, business equipment and long periods when the home is empty.
- Whether you need it depends on what you own, what you spent on your home and who could claim against you.
Below are six situations a Singapore household might be in. For each, we say what this cover would do and what it would not. We are not telling you what to buy. Only you can weigh that up.
I own an HDB flat and already pay for HDB fire insurance. Is that enough?
No, not for your things. HDB fire insurance covers the building structure only. Your belongings and renovations need home insurance.
Think of the sofa, the TV, the clothes and the kitchen appliances. None of these sit under the structure cover. Home insurance covers your belongings against fire, flood, burglary and accidental damage.
It depends on what you own. To estimate the value, walk through each room and add up what it would cost to replace everything new. Most HDB households fall under S$60,000.
For a sense of the range, 20 insurers price an owner-occupied HDB flat with S$60,000 of contents today, from about S$68 to about S$414. That is a today's example, not what you will pay. See the HDB owner S$60,000 prices.
I rent a flat or a condo unit. Does this apply to me?
Yes, in part. Your landlord insures the building. Home insurance covers your own belongings and your liability to others.
A tenant's plan does not cover renovations, fixtures and fittings, because those belong to the landlord's side of things. What it does cover is the laptop, the bed you bought and the things you carried in.
It depends on what you own and how much you would need to replace. Today, 20 insurers price a rented condo with S$30,000 of contents, from about S$44 to about S$402. See the condo tenant S$30,000 prices. Lower and higher sums have their own pages, such as HDB tenant S$15,000.
I just finished a renovation. What would be protected?
Renovation cover pays for fixtures and fittings you added. HDB fire insurance does not cover these, so this is where home insurance fills the gap.
The built-in wardrobes, the kitchen cabinets and the flooring are things you paid for. Home insurance covers renovations and fixtures you paid for, as part of an owner's plan.
It would not cover wear and tear or gradual deterioration. A floor that dulls over the years is not a claim. Limits for renovation cover differ between plans, so compare them on the home insurance page.
It depends on how much you spent and how much of that you would have to pay again if something went wrong.
What if there is a fire or a break-in?
The cover is built for this. Belongings are covered against fire, flood, burglary and accidental damage. The cover also includes somewhere to stay if your home cannot be lived in.
That last part matters for a household with children or older parents. A flat after a fire may be unusable for a while, and the bill for another roof adds up.
Two things can limit what you get. If you insure for too little, every claim can be paid less. And losses while the home is left empty for more than 60 days are not covered.
It depends on the sum you pick and the limits on each plan. If you ever need to claim, the steps are on the Claims page.
What if water from my flat leaks into my neighbour's home?
Personal liability is meant for this. It pays if someone is hurt in your home, or if water from your flat damages a neighbour's.
This is the one most people forget. A leak from your bathroom can hit the unit below, and the repair bill lands on you. The same goes for a guest who slips on a wet floor.
It would not cover wear and tear on your own pipes or fittings. It also depends on the liability limit, which usually costs more when it is higher. Limits differ between plans.
It depends on how you live. Owners and tenants both carry this risk, which is why a tenant's plan includes liability.
What does it leave out if I work from home, have a pet or travel for weeks?
Several things sit outside the cover.
- Business equipment and stock. If you run a small business from the living room, those items are not covered.
- Damage by pets or pests. A cat that scratches the sofa is not a claim.
- Long empty periods. Losses while the home is left empty for more than 60 days are not covered.
- Wear and tear. Gradual deterioration is never a claim.
It depends on your routine. A two-week holiday is a different case from a long stay overseas. A laptop used for a day job is different from stock for a side business.
A landed owner with S$100,000 of contents also faces a bigger sum to insure. Today, 19 insurers price that example, from about S$121 to about S$643. See the landed owner S$100,000 prices.
What should I ask myself before deciding?
These questions help you see where you stand.
- If everything in my home were gone tomorrow, what would it cost to replace it new?
- Did I pay for a renovation that HDB fire insurance would not cover?
- Am I an owner or a tenant, and who insures the building?
- Could a leak or a fall in my home lead to a claim against me?
- Will the home sit empty for long stretches, or does it hold business items or pets that affect cover?
Note that the number of rooms does not change the price at any insurer we compare. An HDB flat costs the same to insure in every town. What moves the price is owner or tenant, type of home, the value of your belongings and the cover you choose.
What to do next
- Walk through each room and add up what it would cost to replace your things new. That gives you a sum to compare with.
- Open the home insurance page, enter your home type and your sum, and look at plans listed from the lowest premium up. Compare two insurers side by side if you want a closer look.
- When you pick a plan, use its Buy Now link. The price is confirmed there, and the insurer then takes payment and issues the policy.
This is general information, not advice about your own home.