Contractor and renovation insurance explained
The HDB renovation contractor licence guarantee
HDB asks a renovation contractor for a guarantee before listing it in its Directory of Renovation Contractors. Here is what it is, what Income charges for its insurance version today, and what it does not do.
What it is
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. It is a guarantee to HDB, not a policy against damage to the works.
What Income charges
| Guaranteed sum | Once |
|---|---|
| S$5,000 | S$250.00 |
| S$10,000 | S$700.00 |
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. Every example · Price your own contract.
How these prices are worked out
Great American’s prices are the premium table on its Renovation Protect proposal form (F.40302B (12/24)), the same figures as its pamphlet (5611-SGP (09/23)), GST included, read on 28 Oct 2026. Income’s are the table on its licence guarantee page (information as at 28 Jan 2026), GST-exempt, read on 28 Oct 2026. Great American's premium is paid once for the one contract; Income's once for the guarantee period. Nothing here is a live quote. Shenton Brokers is an insurance broker in Singapore. Every example is in a CSV file, updated daily.
Questions people ask
What is the HDB renovation contractor licence guarantee?
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. Income sells an insurance version of it online.
How much does it cost?
On 12 Nov 2026, Income charges S$250.00 for S$5,000 and S$700.00 for S$10,000, once for a 2-year guarantee period, with no GST, no financial assessment and no guarantors.
Which sum do I need?
The one HDB’s letter about your listing or renewal names.
Can I get a refund or back-date it?
At Income, no: the guarantee cannot be back-dated, and there is no refund once the period has started.
Does it insure my jobs?
No. It is a guarantee to HDB, not insurance against damage. Damage to the works and your liability on a job need contractor’s all risks insurance.
What about a three-year guarantee?
Income quotes a three-year guarantee, or another sum, on enquiry.