What is the best home insurance in Singapore?
HDB homeowners are concerned with protecting their belongings as well as the interior renovations to the building. In our opinion, the following home content insurance products represent some the best deals out there for an average owner-resident in a Singaporean HDB property.
Best Value Home Insurance for HDB Flats: FWD, Etiqa, Singlife
Honorable Mention: AXA SmartHome Insurance
Cheapest Home Insurance for HDB Flats: Income & Singlife
Best Home Insurance for Private Homeowners
A typical private property requires a higher overall limit on the home insurance policy when compared with similar HDB flats. We’ve hand-picked four policies in this high-end space in order to meet the demand of private property owners and wealthy homeowners.
Cheapest Home Insurance for Private Property Owners: FWD
Promotions:
Best Value Home Insurance for Private Property Owners: Singlife
Best Coverage Home Insurance for Private Property Owners: MSIG, Etiqa & More
Best Home Insurance for Landed Property Owners
Not only do landed property owners require premium coverage on renovation and contents, they also need to insure the property’s building structure. With this in mind, there are a couple of optimal options out there depending on the cost of reinstating your landed property. Below, we outlined our top home insurance picks for landed property owners.
Best Home Insurance for Small Landed Properties (150-200sqm): MSIG & Income
Best Home Insurance for Large Landed Properties: AXA SmartHome
Best Home Insurance for Landlords: Income
Best Home Insurance for Renters: Etiqa Tiq & AXA
Best Home Assistance Plan: Allianz Easy Home
How to Find the Best Home Contents Insurance
There are dozens of home insurance plans available in Singapore, so choosing the right plan can be a challenge. We recommend that you first determine what type of coverage is relevant to you based on your home type (HDB flat, condo, landed, renting or renting out). Then, you should estimate the adequate amount of coverage you need, while making sure you are not under-insuring your property. This is a really important point because under-insurance can cost you a lot. For example, if you purchase a S$10,000 coverage on a S$40,000 home, your insurance company will determine that your property is under-insured by 75%. In this case, your payout for a S$4,000 claim will be S$1,000, because you will be responsible for the remaining portion (75%) of the claim.
Once you figured out your required coverage, it will be necessary to look at the price. Home insurance is generally one of the more affordable forms of insurance policies, costing around S$140 per year. Once you find a few plans that fit within your budget, you can then compare the more minute details. These details could be sub-limits for valuables, technology, or even alternative accommodation if an emergency displaces your family from your flat for a few days.
Overall, we recommend that you screen for policies that delivers high value, suits your situation, and offers high sub-limits on items that are important to you. With this approach and framework in mind, you should be ready to shop for home insurance policies to safeguard your home assets.
Frequently Asked Questions
Methodology
We analysed 19 different home insurers in Singapore to find out which ones will deliver the best value to consumers. To get to our decision, we looked not only at price but the value a consumer will receive from purchasing their plan. In order to derive value, we utilised a ratio of renovation and contents coverage and divided it by the premium. This helped us understand which plan offered the most coverage per dollar of premium. We also looked at notable benefits that made insurers stand out from their competition, whether it was high medical coverage or generous valuables benefits. Comparing these benefits enabled us to understand which insurer particular consumers would be most happy with.
