Home Insurance in Singapore
Your home is more than just a roof over your head—it's where your memories are made and your most valuable possessions live. Whether you own a landed property, condo, or HDB flat, having the right protection in place ensures you're covered against unexpected events like theft, water damage, or fire.
If you're looking to safeguard your property and belongings, eazy makes it simple to compare options and find the best home insurance Singapore has to offer. From house fire insurance coverage to policies that include personal liability, we help you choose with confidence.
What is Home Insurance?
Home insurance is a form of property insurance that covers losses and damages to your residence, as well as the furnishings and other assets within it.
While home insurance is not legally required, it's highly recommended.
If you're a homeowner, you are responsible for insuring both the building and your belongings inside it. If you have a mortgage, your lender may require you to maintain building insurance throughout the loan term.
Tenants should insure their personal belongings against theft and accidental damage.
Landlords must insure the building they rent out. If the property is furnished, it's wise to also insure landlord-owned contents.
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What are the 3 types of Home Insurance?
Building Insurance: Protect the structure
Provides financial protection if there are damages to the structure of your home, such as the walls, roof and floors. It also typically covers damage to permanent fixtures and fittings. House fire insurance in Singapore often falls under this category. Applicable to both Homeowners and Landlords.
Contents Insurance: Protect your belongings
Covers your belongings inside your home, such as furniture, clothing, appliances, and electronic devices. It may also cover high-value items in your home on a declared basis. Applicable to both Homeowners and Tenants.
Combined home (homeowners) insurance: Buildings and contents
Combines building and contents insurance under one policy. It is usually more cost-effective to get them under one policy together, especially when you are the homeowner and living in the property with your personal belongings.
What does Home Insurance cover?
Depending on the exact policy that you opt for, the specific coverage may vary. Here's a general overview of what home insurance typically covers and doesn't cover:
Does cover:
- Fire damage
- Flood damage
- Burst pipes
- Theft by violent and forcible entry
Does not cover:
- General Wear and Tear
- Damage caused by negligence
- Intentional damage
- Damage caused by Pests
Most policies also come with a worldwide personal liability protection for you and your family, and this coverage extends to liability as a tenant.
What’s Included in the Best Home Insurance Plans?
Why House Fire Insurance Is Essential in Singapore
In urban areas like HDB estates and condominiums, fires can spread quickly and cause extensive property damage. Common causes include overloaded electrical points, unattended cooking, or short circuits. Without house fire insurance, homeowners in Singapore may face high out-of-pocket repair costs or loss of irreplaceable belongings. Fire insurance offers peace of mind, helping cover rebuilding expenses, temporary accommodation, and replacing damaged furnishings. Even in a low-risk environment like Singapore, it's better to be safe than sorry.
How much does Home Insurance cost?
For building insurance, the price is determined by how much it would cost to rebuild your house. Factors such as property size are considered – the larger the property, the higher the cost.
For contents insurance, the value of your possessions is a key factor in determining the cost. In both cases, whether you have made claims in the past will also be taken into account. A history of claims on your home insurance can indicate higher risk and lead to higher premiums.
In Singapore, building standards are high, and the city is relatively safe with no natural disasters. Insurers may ask fewer questions about building type and location.
Other factors that can still influence the cost of your Home Insurance include:
- Value of your contents: The more valuable the items you want to insure, the higher the premium.
- Add-ons. Some coverage options, such as High-Value items coverage, or Pet Owner Liability are not included as standard in a home insurance policy. You may pay extra to add these coverages to your policy.
What kind of add-on benefits can I include?
By paying a bit more, you can add optional extras to your policy to give you even more protection. Some policies already include some of these features as default, so you may not need to add them separately. Add-ons include:
High-value items coverage:
Protects individual belongings worth over $1,000 such as jewellery, electronics or bicycles. This is especially useful when the default coverage limit for each item in your home policy is not sufficient. Adding this to your home insurance policy protects these items in case they are lost, damaged or stolen. Additionally, you can choose to protect your items even when they are away from home.
Home Loan Protection Benefit:
Offers protection for a portion of the outstanding home loan, up to a specified limit, in the unfortunate event of the death of the insured or their spouse, who is the legally registered owner of the building. If the Insured or spouse experiences Death or Permanent Total Disablement due to bodily Injury sustained within the insured building during the Period of Insurance, the Company will pay this benefit. This payout will be made as per the specified amount, as long as the death occurs within one year from the date of the Injury.
Pet owner Liability:
If you’re a dog owner, you may be held liable for negligence if your dog causes harm to others due to your actions or omissions, for example forgetting to leash. This coverage addresses third-party liabilities that may arise from dog ownership, including accidental death and injuries, theft, and medical expenses resulting from illness or accidents.
Multi-appliances Home Protector:
Provides coverage for repairs of your home appliances, whether they are new or existing. It applies to mechanical and/or electrical failure or breakdown, resulting in the sudden loss of normal appliance function. The coverage ensures that necessary repairs to restore these functions are covered within the Period of Insurance.
What are the other types of Home Insurance?
Here’s the different forms of Home Insurance:
Landlord
Landlord Insurance is a specialized type of insurance policy designed to provide financial protection to property owners who rent or lease their residential or commercial properties to tenants.
See more
Tenant
Tenant Insurance, also known as renters insurance, is a type of insurance policy designed to provide financial protection to individuals who rent or lease a residential property, such as an apartment, condo, or house.
See more
Art and Jewellery
Arts and Jewellery Insurance is a specialised type of insurance coverage designed to protect valuable and high-end art pieces, collectibles, and jewellery. It provides financial protection against various risks, such as theft, loss, damage, and even appreciation in the value of these valuable items.
See more
Let eazy Help with Your Home Insurance Comparison
At eazy, we work with trusted insurance providers to bring you tailored plans that match your needs and lifestyle. Whether you're seeking basic fire protection or a more comprehensive policy, we help you compare with ease—no jargon, no hassle. Get started today by contacting us or explore our page about car insurance comparison in Singapore if you're looking to insure more than just your home.
Frequently Asked Questions
About Home Insurance Singapore
- House fire insurance in Singapore typically covers damage to your property caused by fire, smoke, or explosions. It may also include protection for your belongings and provide compensation for temporary living expenses in case your home becomes uninhabitable due to a fire.
- Choosing the best home insurance involves assessing your property’s value, location, and any specific needs you may have. Compare policies for coverage limits, premiums, exclusions, and additional benefits to find the right plan for your home.
- While house fire insurance is not legally mandatory for private property owners, it is compulsory for HDB flat owners to have fire insurance as part of their mortgage requirements. It’s always advisable for all property owners to consider house fire insurance for added protection.
- House fire insurance generally covers fire-related damages, while comprehensive home insurance offers broader protection. Comprehensive policies may include coverage for theft, vandalism, natural disasters, and third-party liability, in addition to fire-related incidents.
- The cost of home insurance depends on factors such as the property value, location, coverage limits, and the insurer’s terms. Premiums may also vary based on the type of policy you select, the size of your home, and the optional add-ons you choose.
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