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Best Home Insurance Plans In Singapore - Reviewed & Compared

Think you're fully covered with just any home insurance plan? Think again. Not all policies are created equal, and in a bustling country like Singapore, you can't afford to skimp on protection. We've got the lowdown on the best home insurance plans in the area, so you can rest easy knowing your assets are secure.
By · October 26, 2023
Best Home Insurance Plans In Singapore - Reviewed & Compared

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Think you're fully covered with just any home insurance plan? Think again. Not all policies are created equal, and in a bustling country like Singapore, you can't afford to skimp on protection. We've got the lowdown on the best home insurance plans in the area, so you can rest easy knowing your assets are secure.

  • Comparing different home insurance plans available in Singapore

  • Finding the the top providers you can trust

  • Comparing your options to choose one

  • Sniffing out promotions and discounts you shouldn't miss

  • Expert tips to guide your choice of selecting the best home insurance available

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Different Home Insurance Plans in Singapore

Let's cut to the chase. You're not just looking for any home insurance; you're looking for the best. But what's best for your neighbor might not be the best for you. So, how do you sift through the noise?

Coverage: The Heart of Your Policy

Coverage isn't just a checkbox; it's your safety net. So, what's covered? Fire, theft, and natural disasters are usually the basics. But what about less common scenarios like accidental damage or vandalism?

Imagine a pipe bursts and floods your living room. Not all policies cover water damage, so make sure yours flood insurance does if you're in a flood-prone area.

Pro Tip: Use a coverage checklist to ensure you're not missing any essentials. Tools like PolicyGeniuscan help you compare features effortlessly.

Cost: More Than Just a Number

When it comes to Cost, it's not just about the cheapest option. It's about value. What are you getting for your hard-earned cash?

Tool: Budget calculators like NerdWallet's can help you determine how much insurance you can actually afford.

Claims: The Moment of Truth

Claims are where the rubber meets the road. When calamity strikes, you want a hassle-free claims process.

If a fire damages your home, the last thing you want is to be stuck in a bureaucratic maze. Look for insurers with a 24/7 claims hotline.

Pro Tip: Check out customer reviews on platforms like Trustpilot to gauge the claims experience. The more stars, the better.

Use a comparison tool to line up your options side by side. It's like window shopping, but for insurance.

The Fine Print

Don't just skim; dive into the policy details. Look for any exclusions or limitations that could trip you up later. The devil's in the details, folks.

The Best Home Insurance Companies in Singapore

So you've got your checklist of what you want in a home insurance plan. Great start. Now, let's talk about the best homeowners insurance companies who can deliver on those promises. Trust is earned, not given, and in the world of home insurance, reputation is everything.

Sompo HomeBliss Insurance - Serene Enhanced

When it comes to home insurance in Singapore, Sompo HomeBliss homeowners insurance company offers a Serene Enhanced plan that's worth your attention. With an annual premium of S$214.92, it provides a comprehensive range of features.

What It Offers:

  • Building Coverage: S$120,000

  • Content Coverage: S$40,000

  • Worldwide Personal Liability: S$750,000

Key Features:

  • 24-Hour Home Emergency Assistance: Get reimbursed for selected emergency services.

  • Infectious Disease Outbreak Coverage: Reimbursement for home cleaning expenses following outbreaks like Dengue, HFMD, and ZIKA.

  • Mobility Enhancement: Expenses to modify your home if you or a family member suffer permanent disability.

  • Free Extension Coverage: Covers the cost of replacing locks and keys following a break-in.

Pro Tip: Always read the fine print. Sompo offers a lot, but make sure it aligns with your specific needs.

50 Raffles Place, 03-03 Singapore Land Tower, Singapore 048623

8.30AM - 5.30PM Mon - Fri

(65) 6461 6555

MSIG Enhanced HomePlus - Standard

If you're looking for a home insurance plan that's as robust as it is affordable, MSIG Enhanced HomePlus is a strong contender. With an annual premium of just S$95.90, it's a budget-friendly option that doesn't skimp on coverage.

What It Offers:

  • Building Coverage: Optional, up to S$125,000

  • Content Coverage: Up to S$1,000,000

  • Worldwide Personal Liability: S$1,000,000

Key Features:

  • 24/7 Helpline Support: Get assistance anytime you need it.

  • Highest Personal Liability Coverage: One of the best in the market.

  • Accidental Breakage of Fixed Mirrors and Glass: Covered.

  • Deterioration of Frozen Food: Up to S$500 coverage.

  • Loss of Rent: Up to 10% of sum insured under Home Contents and Renovations.

Pro Tip: MSIG offers a 20% discount if you purchase through MoneySmart. That's value you can't ignore.

4 Shenton Way #21‑01 SGX Centre 2, Singapore 068807

8.45AM - 5.30PM Mon - Fri

+65 90485989 (SMS only)

FWD Home Insurance - HDB 3 Room

If you're a homeowner or tenant in Singapore, FWD Home Insurance offers a compelling package for 3-room HDB flats. With an annual premium of S$42.42 (after a 30% discount), it's a deal that's hard to pass up.

What It Offers:

  • Building Coverage: S$60,400

  • Content Coverage: S$20,000

  • Worldwide Personal Liability: S$500,000

Key Features:

  • Zero Excess: No excess charges for claims due to burst pipes or fire.

  • Workmanship Guarantee: Repairs or renovations are guaranteed for up to 6 months.

  • Complimentary Cyber Protection: Covers online shopping fraud and fraudulent electronic transfers up to S$5,000.

  • Loss of Rent: Up to S$3,000 per month, max 3 months.

  • 24-Hour Emergency Home Assistance: Up to S$400 per event, 4 times per 12-month period.

6 Temasek Blvd, #18-01 Suntec Tower 4, Singapore 038986

8.45AM - 5.30PM Mon - Fri

6820 8888

TIQ Home Insurance - HDB 3 Room

TIQ Home Insurance offers a specialized plan for 3-room HDB flats in Singapore. With an annual premium of S$80.47, it's an option that combines affordability with a wide range of actual cash value coverage.

What It Offers:

  • Building Coverage: S$41,800

  • Content Coverage: S$35,000

  • Worldwide Personal Liability: S$500,000

Key Features:

  • Emergency Cash Allowance: Up to S$5,000 within 24 hours if your home becomes uninhabitable due to insured perils.

  • 24/7 Emergency Home Assistance: Covers up to S$200 per event, four times a year.

  • Extended Benefits: Includes alternate accommodation, removal of debris, and professional fees.

  • Optional Add-ons: From pet injury to family accidental death protection, customize your insurance coverage.

TIQ offers flexibility with 1, 3, and 5-year plans, allowing you to tailor the policy duration to your needs.

One Raffles Quay, #22-01 North Tower, Singapore 048583

9AM - 5.30PM Mon - Fri

+65 6887 8777

AIG Enhanced Public Housing Contents Insurance - 1 Year Plan

AIG offers a one-year plan tailored for public housing in Singapore. With an annual premium of S$75.06, this plan provides a comprehensive coverage that's hard to beat.

What It Offers:

  • Building Coverage: Up to S$100,000

  • Content Coverage: Up to S$150,000

  • Worldwide Personal Liability: Up to S$400,000

Key Features:

  • Bill Relief Protector: Covers utility bills in unforeseen events, including retrenchment, up to S$1,200.

  • Alternate Accommodation: Up to S$20,000 if your home becomes uninhabitable.

  • Personal Accident: Coverage up to S$20,000.

  • HomeCare Services: Up to S$150 worth of services, thrice a year, for emergencies like plumbing and electrical assistance.

AIG's policy is protected under the Policy Owners' Protection Scheme administered by the Singapore Deposit Insurance Corporation (SDIC).

AIG Building, 78 Shenton Way, Level 1, Singapore 079120

9AM - 5PM Mon - Fri


Singapore Life Home Insurance - Standard

Singapore Life's Standard plan is another top pick for homeowners in Singapore. With an annual premium of S$91.32 (after a 23% discount), it offers a balanced mix of coverage and affordability.

What It Offers:

  • Building Coverage: S$50,000

  • Content Coverage: S$250,000

  • Worldwide Personal Liability: S$250,000

Key Features:

  • Coverage for Both Home Owner and Tenant: Flexibility for different living situations.

  • Receive Claims Payout via PayNow: Quick and convenient.

  • Add-ons for Extra Protection: Customize your plan.

  • Alternate Accommodation: Up to S$12,000 (max $1,000 per week for up to 12 weeks).

  • Accidental Breakage of Mirrors and Fixed Glass: Covered up to S$500.

Shenton Way, SGX Centre 2, 01-01, Singapore 068807

8.45AM - 5.30PM Mon - Fri

+65 6827 9933

Hemsaker from IKEA

IKEA isn't just about furniture; they've got your home covered too—literally. With an annual premium of S$48.97 (originally S$59), Hemsaker offers a unique blend of affordability and comprehensive coverage.

What It Offers:

  • Building Coverage: S$50,000

  • Content Coverage: S$50,000

  • Worldwide Personal Liability: S$500,000

Key Features:

  • Renovation Coverage: Up to S$50,000

  • Burglary Coverage: Up to S$5,000

  • Personal Accident: Up to S$50,000

  • Extended Benefits: Includes coverage for valuables up to S$2,500 and loss of money up to S$750.

Hemsaker is a great choice for IKEA Family Members. Renew your home insurance for a year and get 1000 IKEA Family Points.

317 Alexandra Rd, Level 1, Singapore 159965

10AM - 10PM Mon - Sun

+41 43 505 12 08

Allianz Home Protect - Silver

Allianz Home Protect Silver is another strong option for home insurance in Singapore. With an annual premium of S$97.20, it offers a balanced mix of coverage and value.

What It Offers:

  • Building Coverage: S$40,000

  • Content Coverage: S$500,000

  • Worldwide Personal Liability: Not specified

Key Features:

  • Emergency Cash Allowance: Up to S$250 per event.

  • Alternate Accommodation: S$200 per day, up to 30 days per event.

  • Loss of/or Damage to Contents: While being temporarily removed from the premises, up to S$6,000 per event.

  • Household Removal: Up to S$40,000 per event.

Allianz offers a first-loss basis for claims, providing you with immediate financial relief.

79 Robinson Road #09-01, Singapore 068897

8AM - 5PM Mon - Fri

+65 6714 3369

Hong Leong Home Protect360 - Silver

Hong Leong's Home Protect360 home insurance company with Silver plan is a versatile option for homeowners in Singapore. With an annual premium of S$253.51, it's a bit on the higher end but offers a plethora of features that justify the cost.

What It Offers:

  • Building Coverage: S$100,000

  • Content Coverage: S$500,000

  • Worldwide Personal Liability: S$500,000

Key Features:

  • Flexibility in Payment: Choose between monthly or yearly premiums.

  • Free Home Concierge Services: Includes Electrician, Locksmith, Plumber, Pest Control, and Air-con Repair.

  • Extended Benefits: Alternate accommodation up to S$15,000, removal of debris up to S$10,000, and accidental breakage of mirrors and fixed glass up to S$2,000.

Hong Leong offers a first-loss basis for claims, providing immediate financial relief.

11 Keppel Road, 11-01 ABI Plaza, Singapore 089057

9AM - 6PM Mon - Fri

+65 6702 0202

Expat Insurance

Expat Insurance operates as a specialised insurance broker, catering to the discerning needs of both individuals and corporations within the burgeoning Singaporean market.

Established in the Singaporean landscape since 2009, the firm stands as a subsidiary of the DIOT-Siaci Group, a distinguished French International Broker with a presence across 72 cities spanning Europe, Africa, The Middle East, and Asia.

In addition to providing comprehensive coverage for individual clients, Expat Insurance extends its expertise to offer sophisticated Employee Benefits and Property & Casualty solutions, serving an esteemed clientele comprising prominent brands and sizable enterprises operating within Singapore.

Key Features:

  • Large range of tailored insurance products: Covering personal, employee and corporate insurance 

  • Multi-lingual team: Over 35 people, of which more than 25 are specialist brokers based in Signapore.

  • Expat health insurance: Insurance specifically catering to expats living in Singapore, with add-on products such as Hospital Care, GP and Specialist and Maternity. 

20 Upper Circular Rd, #01-50/54 The Riverwalk, Singapore 058416

9AM - 6PM Mon - Fri

+65 6401 9201

International Protection Group (IPG)

As an expat insurance specialist in Singapore, International Protection Group offers access to expert advice across a wide range of insurance needs. They work closely with select business partners to provide a holistic approach to your protection requirements.

IPG recognises that expats have a unique set of needs and we aim to provide all our clients with personal solutions tailor-made to meet their individual requirements.

Key Features:

  • Expat Insurance Expertise: IPG specializes in insurance for expatriates in Singapore, providing access to expert and impartial advice across a wide range of insurance plans.
  • Tailored Solutions: They are committed to offering the best tailored solutions for their clients, ensuring that their future health and belongings are protected with suitable coverage options.
  • Strong Insurer Relationships: IPG has established strong relationships with selected insurers, which allows them to negotiate better terms for their clients depending on individual circumstances.

Floor 3, Compass Offices, Singapore Land Tower

9AM - 5PM Mon - Fri

+65 6631 2862

Comparing the Best Home Insurance Plans

So, you've got a list of top home insurance companies. Great! But how do you sift through the jargon and numbers to find the one that's just right for you? Let's break it down, shall we?

Sniffing Out Promotions and Discounts You Shouldn't Miss

When it comes to securing the best home insurance plan in Singapore, getting a good deal is just as important as finding the right coverage. After all, who doesn't love saving some cash? Let's show you how to become a savvy shopper and uncover promotions and discounts that can trim down your premiums.

  • Keep an Eye on Seasonal Promotions: Home insurance providers often run promotions during certain times of the year. Keep a lookout for special offers during festive seasons, anniversaries, or even when you're approaching the end of your policy term. These promotions can include discounts on premiums, cashback offers, or extra coverage at no additional cost.

  • Bundle Your Policies: If you already have other insurance policies, consider bundling them with your home insurance. Providers often offer discounts when you combine multiple policies, such as home , auto insurance, and travel insurance. Not only does bundling save you money, but it also simplifies your insurance management with a single provider.

  • Loyalty Pays Off: Don't underestimate the power of loyalty. Some insurers reward long-term customers with loyalty discounts. As you renew your policy year after year, you may become eligible for reduced premiums or other perks. It's a great way to stay loyal to a provider while enjoying some financial benefits.

  • Stay Updated on Provider Promotions: Insurance providers frequently update their promotions and discounts. To stay in the loop, subscribe to newsletters, follow them on social media, or regularly check their websites. This way, you'll be the first to know about any limited-time offers or exclusive deals.

  • Use Comparison Websites: Websites like MoneySmart are your best friends when it comes to sniffing out promotions and discounts. They compile information from various insurers and present it in an easy-to-compare format. This allows you to quickly identify the best deals without visiting multiple websites.

Expert Tips for Choosing the Best Home Insurance

Almost there! A few expert tips to help you make an informed choice when selecting the best home insurance in Singapore. These insights will empower you to navigate the complex world of insurance policies with confidence and choose the perfect home insurance coverage for your unique needs.

1. Know Your Needs Inside Out

Begin by taking a deep dive into your specific requirements. Consider factors such as the type of property you own, its location, the total value of your possessions, and your budget. This self-assessment is the cornerstone of choosing a homeowners insurance policy that not only fits like a glove but also ensures you're not paying for extras you don't need.

2. Watch Out for Exclusions

Homeowners insurance policies often come with exclusions—those situations or events that are not covered. Make it a habit to read and understand these exclusions. Knowing what's not covered is as crucial as knowing what is, to avoid unpleasant surprises when you need to make a claim.

3. Decode the Policy Jargon

Policy documents can sometimes feel like a dense thicket of legalese. However, it's vital to read them carefully. Pay special attention to sections related to coverage limits, claim procedures, and waiting periods. This will ensure you're crystal clear on the terms and conditions of your policy.

4. Don't Skimp on Liability Coverage

While protecting your property and belongings is a top priority, don't overlook liability coverage. Accidents can happen, and you could be held accountable for injuries or property damage to others on your premises. Ensure your policy offers robust personal liability coverage.

5. Master the Claims Process

Understanding how the claims process works is key. Seek insurers with a streamlined and efficient claims process. Read reviews and gather recommendations from policyholders to gauge the ease of filing a claim when the time comes.

6. Seek Expert Advice When in Doubt

When in doubt, don't hesitate to seek advice from homeowners insurance professionals or financial advisors. They can provide invaluable insights into the nuances of home insurance, helping you make an educated decision that aligns with your financial goals.

7. Stay Informed for the Long Haul

Insurance isn't a set-and-forget decision. As your life circumstances change, your insurance needs may evolve too. Stay up-to-date on shifts in the insurance landscape and periodically review your coverage to ensure it remains a perfect fit.

With these expert tips at your fingertips, you're well-prepared to choose the best home insurance plan for your needs. Remember, insurance is all about peace of mind, and these tips ensure you get just that.

Your Path to the Perfect Home Insurance

Congratulations! You're now well-equipped to make a smart choice when it comes to your home insurance in Singapore. Let's recap the key takeaways:

  • Compare Your Options: Start by comparing the different home insurance plans available in Singapore to find the perfect fit for your needs.

  • Trustworthy Providers: Discover the top home insurance providers you can trust for reliable coverage.

  • Promotions and Discounts: Don't forget to sniff out promotions and discounts that can help you save on your premiums.

  • Expert Guidance: Follow our expert tips to guide your choice and ensure you select the best home insurance available.

Now, as you embark on this journey to secure the ideal home insurance plan, don't forget the smart move – Wise Move. Just input your details, and you'll receive quotes from top movers in Singapore. It's the hassle-free way to start the next chapter of your life with confidence in your home insurance choice.


What is the 80% rule in homeowners insurance?

The 80% rule in homeowners insurance refers to the recommended minimum coverage for your home's replacement cost. It suggests that you should insure your home for at least 80% of its total guaranteed replacement cost coverage value. Falling below this threshold might lead to underinsurance in case of a claim.

What is considered good homeowners insurance?

Good homeowners insurance should provide comprehensive coverage tailored to your specific needs. It should include coverage for your dwelling, personal property, liability, and additional living expenses. A good policy should also offer sufficient coverage limits, reasonable deductibles, and competitive premiums.

Who has the most expensive home insurance?

The cost of home insurance can vary significantly depending on factors like location, coverage, and home value. Generally, areas prone to natural disasters or high crime rates may have more expensive home insurance. It's essential to compare quotes from different insurers to find the best rates for your specific circumstances.

Which home insurance has the lowest complaint index?

The complaint index can vary by region and may change over time. To find home insurance with a low complaint index, consider checking with consumer advocacy organizations, reading online reviews, and seeking recommendations from friends or family who have had positive experiences with their insurers.

What does home insurance cover in Singapore?

Home insurance in Singapore typically covers damage to the building structure, content inside the home (like furniture and electronics), and personal liability. Coverage specifics can vary, but they might also include protection against theft, natural disasters, accidental damage, and more.

How many Singaporeans have insurance?

Insurance plays a pivotal role in financial planning for Singaporeans. According to Statista, approximately 9.3% of the Singaporean population had some form of insurance as of a specific year. This encompasses life, health, accident, and property insurance. However, this figure doesn't include mandatory schemes like MediShield Life. Given Singapore's strong healthcare system and government aid, many might opt for specific insurance coverages based on their needs.

Is home insurance same as fire insurance?

No, they're different. Fire insurance typically covers only damage to the building structure caused by fire. Home insurance is broader and covers various other damages and losses, including but not limited to those caused by fire.

What is building coverage home insurance?

Building coverage in a home insurance policy refers to coverage for the physical structure of the insured property. This can include walls, roofs, built-in fixtures, and other structural elements. It generally covers damages caused by events like fire, storms, or vandalism.

Why do you need to buy home insurance?

Home insurance provides financial protection against unexpected damages or losses to your home and its contents. It also offers liability coverage in case someone gets injured on your property. Having home insurance ensures peace of mind and can save you from significant out-of-pocket expenses.

Does home insurance cover money?

While some home insurance policies might offer limited coverage for cash kept at home, there's usually a cap on the amount covered. It's essential to read your policy details or consult your insurance provider for specifics.

Who is the largest insurer in Singapore?

According to the Singapore Business Review , Great Eastern holds the title as the largest insurer in Singapore, as per the Singapore Business Review's Insurance Rankings for 2021. It saw a 4.35% increase in assets, retaining its top position. Following closely are AIA, which remained in second place with a 1.72% asset growth, and Prudential, NTUC Income, and Manulife in the third, fourth, and fifth positions, respectively. Notably, Manulife saw the most significant asset growth among the top five at 18.51%. The rankings provide an annual review of the top 50 insurers in Singapore based on their assets, drawing data from the Monetary Authority of Singapore’s annual statistics.

What are the most important insurances to have Singapore?

In Singapore, considering the healthcare system, housing, and general lifestyle, essential insurance includes health insurance (including MediShield Life and Integrated Shield Plans), life insurance, critical illness insurance, and endowment or savings plans. For homeowners, home insurance is also crucial.

Do I need to buy building coverage for HDB?

For HDB flats, fire insurance is mandatory, which covers the original structure and fittings provided by HDB. However, this does not cover the contents of your home or renovations you've made. If you want coverage for these elements, you'd need to get additional home insurance.

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