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Home Insurance Singapore
Most people don’t think about home insurance until they need it. It’s too bad that most people wait until then because there are many benefits of having the right coverage in place before disaster strikes. In this post, we’ll discuss 7 different options you can explore and compare to find the best home insurance for your needs in Singapore!
1. Tiq Home Insurance
| Key Service | Valuable Insurance Coverage |
| Website | https://www.tiq.com.sg/product/home-insurance/ |
| Address | One Raffles Quay North Tower, #22-01 Singapore 048583 |
| Phone | +65 6336 0477 |
| customer.service@etiqa.com.sg | |
| Operating Hours | Monday – Friday 9am – 6pm (Excluding Public Holidays) |
Tiq Home Insurance by Etiqa is a well-known provider of affordable home insurance for HDB flats, with high coverage levels, low premiums, and unique benefits including an emergency cash allowance and valuables coverage.
It provides a customizable 1-year, 3-year, or 5-year plan for homeowner owners, landlords, and renters with choices to choose the number of building, remodeling, and contents coverage.
However, as the product has rather limited valuables sub-limits and an additional cost for miscellaneous advantages such as appliance coverage and family accidental death protection, it may not be adequate for high net worth clients.
Overall, Tiq Home Insurance by Etiqa can be a good option for those looking for a comprehensive no-frills coverage.
Key Differentiators
- Provides market-beating coverage
- Affordable for HDB owners
- Offers emergency cash allowance within 24 hours of certain events
2. MSIG Enhanced HomePlus
| Key Service | Variety of Insurance Coverages |
| Website | https://www.msig.com.sg/personal-insurance/enhanced-homeplus |
| Phone | +65 6827 7602 |
| Operating Hours | Mondays to Fridays (except Public Holidays) 8.45am to 5.30pm |
MSIG’s various coverages, which are all tailored to suit your specific needs, provide some of the most well-rounded protection in their comprehensive packages. Its adaptability to add coverage guarantees that you receive the exact amount of coverage you require. MSIG also offers exceptional third-party liability and medical insurance.
MSIG’s Enhanced HomePlus insurance plan, for example, offers a variety of safeguards to keep you secure. Renovation coverage is included in the policy, as well as movable personal items and household belongings worth up to $270,000.
If your home is unusable as a result of an accident, for example, this policy covers your moving and temporary housing expenses, emergency cash, conservancy fees, and loss of rent.
The policy covers the death of a pet or other animal during an accident at home, as well as the loss of a family member.
Overall, it’s a rather comprehensive policy with widespread benefits.
Key Differentiators
- Market-leading coverage & benefits
- Above average per item limit for valuables (S$6,000)
- Offers rare benefits like hospitalisation allowance and home security system coverage
Customer Testimonial
“When my dear helper of 32 years collapsed with an aneurysm, the whole family grappled with the severity of her condition. MSIG understood the situation we were in and went above and beyond to find a solution in settling our insurance claim promptly. We are extremely grateful for MSIG’s professionalism in handling our case. Thank you.”
3. FWD Home Insurance
| Key Service | Cost-Effective Insurance Plan |
| Website | https://www.fwd.com.sg/home-insurance/ |
| Address | 6 Temasek Boulevard Suntec Tower Four, #18-01 Singapore 038986 |
| Phone | +65 6820 8888 |
| contact.sg@fwd.com | |
| Operating Hours | Monday – Friday: 9:00am – 10:00pm Saturday: 9:00am – 1:00pm (Excluding public holidays) |
FWD Home Insurance has competitive rates and comprehensive coverage, making it one of the most cost-effective policies for typical homeowners – particularly for HDB or Condominium properties.
Even when you choose to maximize your contents and renovation coverage, FWD Home Insurance’s premiums still cost 46-51% below the industry average.
FWD Home Insurance offers a wide range of coverage and flexibility, allowing you to customize your policy based on the number of rooms, renovation, content, and building coverage. Despite its wide variety of protection, FWD Home Insurance may not be ideal for high net worth individuals since its artwork, jewelry, and other valuables sub-limits are rather low.
In any case, FWD Home Insurance is a fantastic policy to select if you want low-cost home insurance that covers everything from pet protection to house help.
Key Differentiators
- High value across all plans
- Great customisation options
- No excess on claims due to fire or burst pipes
- Pet-friendly benefits
4. Great Eastern Home GR8
| Key Service | Excellent & Valuable Insurance Plans |
| Website | https://www.greateasternlife.com/sg/en/index.html |
| Address | 1 Pickering Street Great Eastern Centre, #01-01 Singapore 048659 |
| Phone | +65 6248 2888 |
| gicare-sg@greateasterngeneral.com | |
| Operating Hours | Mondays to Fridays Cashier: 9.00am to 4.30pm Customer Service: 9.00am to 5.30pm Closed on Saturdays, Sundays & Public Holidays |
Great Eastern HomeGR8 house insurance plans are excellent options for homebuyers and renters since they offer lower premiums while still providing better value to tenants and landlords.
The plans stand out to wealthy homeowners due to their wide range of peace-of-mind perks and one of the most valuable sub-limits available on the market.
However, it may not be suitable for flat owners who are looking for a cheap no-frills plan.
Overall, you may take advantage of this plan if you want a reasonably priced policy with a lot of valuables coverage. They’re currently running a promotion where you may save 15% by enrolling for a 3-year plan.
Key Differentiators
- High value for tenants and landlords
- Only one excess payment (for tenant liability)
- Premiums are 30-40% below average for private and landed properties
Customer Testimonial
“Wow… impressive digital enhanced security features… spacious areas for customers safety and comfort experience…. Uncle Mike.”
5. Income Enhanced Home Insurance
| Key Service | Cost-Effective Plan |
| Website | https://www.income.com.sg/ |
| Address | Multiple branches in Singapore |
| Operating Hours | Monday – Friday: 8.30am – 6.30pm Saturday, Sunday & public holidays: Closed |
Income (previously NTUC Income) has the most cost-effective plan for 3-room HDB property owners in Singapore. Their Enhanced Home Insurance policy is one of the most highly regarded home insurance choices, owing to its emphasis on price and coverage breadth.
Income is the most cost-effective landlord/tenant insurance available. Despite its low price, Income does not compromise important features of its coverage in order to be more affordable. It’s also highly adaptable, so it can cater to the demands of almost any sort of consumer.
Key Differentiators
- HDB homeowners seeking affordability & benefits
- Landlords looking for low-price, high-value insurance
- Landed property owners requiring comprehensive package at an affordable price
6. AXA SmartHome Plan
| Key Service | Reasonable Premium Plans |
| Website | https://www.axa.com.sg/home-insurance |
| Address | 8 Shenton Way AXA Tower, #24-01 Singapore 068811 |
| Phone | 1800 880 4888 (within Singapore only) |
| Operating Hours | Monday – Friday 9 am – 5.30 pm (Excluding public holidays) |
AXA’s SmartHome is one of the most cost-effective and flexible home insurance plans on the market. It combines reasonable premiums with large sublimits and generous perks.
AXA SmartHome is only recommended for homeowners who want to maximize coverage and value for their money, especially those seeking to expand the coverage of their valuables and renovations because of AXA SmartHome’s focus on being a high-value protection plan. As such, its premiums typically cost slightly more than average.
The amount of coverage you can choose at AXA’s SmartHome is predetermined to specific amounts, so you might under- or over-insure your home. There is also no coverage for your pets.
This plan is worth consideration if you’d like high coverage for your valuables and artwork.
Key Differentiators
- Great benefits & ample coverage for valuables
- Flexible plans
- Affordable for renters
7. Aviva Home Insurance
| Key Service | Reasonable Rates with a variety of choices |
| Website | https://www.aviva.com.sg/en/insurance/home |
| Address | 4 Shenton Way SGX Centre 2, #01-01 Singapore 068807 |
| Phone | +65 6827 9966 |
| Operating Hours | Mondays – Fridays: 8.45am to 5.30pm Closed on Saturdays, Sundays and public holidays |
Aviva’s home insurance plans are ideal for homeowners searching for basic coverage who want reasonable rates. It has three distinct coverage choices, each with a different name: Home Lite, Home, and Home Plus.
They’re excellent choices for homeowners with 4- and 5-room HDB homes because they have high content and renovation ceilings. Their premiums are 30-65% lower than the average, making Aviva a great value alternative.
Customers who are seeking for a comprehensive program of advantages, on the other hand, may be disappointed. Extra costs associated with miscellaneous coverage for bicycles and lock replacements are just two examples.
However, those who have a large net worth should keep in mind that the plan may not be ideal for them, especially if they live in landed property because Aviva’s renovation and contents endures up to S$100,000 each for its most expensive plan plus no building coverage, which implies land owners will be underinsured.
Key Differentiators
- Lite plan is the cheapest plan on the market for 4-room HDB flats
- High benefit limits
Home Insurance Singapore
Choosing the correct home insurance policy is a difficult decision. The many different plans on offer in Singapore are all extremely comprehensive, but they vary greatly when it comes to cost, coverage breadth, and what you need for your specific needs. The 7 Best Home Insurance in Singapore article will help you make an informed decision about which plan suits you best by outlining some of their pros and cons so that you can choose wisely with peace of mind.
Before you go, do check out our other articles as well!
