Home is probably one of Singaporeans’ most cherished financial assets. Not only do homes cost hundreds of thousands of dollars, but the items inside can also cost just as much to replace in the event of a disaster or theft. For consumers looking to insure their homes and home contents, we’ve compiled a list of the best home insurance policies by housing types and ownership status.
Table of Contents
- Best Home Insurance for HDB Flat Owners
- Best Home Insurance for Private Homeowners
- Best Home Insurance for Landed Property Owners
- Best Home Insurance for Landlords
- Best Home Insurance for Renters
Best Home Insurance for HDB Flat Owners
HDB Homeowners are concerned with protecting their belongings as well as the interior renovations to the building. In our opinion, the following products represent some the best deals out there for an average owner-resident in a Singaporean HDB property.
Cheapest Home Insurance for HDB Flats
NTUC Income provides one of the best home insurance policies for an average, price-sensitive flat owner in Singapore. NTUC Income’s Enhanced Home Insurance is one of the cheapest products in the market that only costs S$51.36 per year for a 4-room HDB flat. It also delivers great value of S$1,500 of sum insured per dollar premium paid, 33% higher than market average. Finally, NTUC Income allows customers to grow or shrink their coverage amount under its flexible coverage scheme. For owner-residents of HDB flats, it's likely the cheapest home insurance available.
|HDB 3-Room (S$)||Mkt Avg (S$)||HDB 4-Room (S$)||Mkt Avg (S$)||HDB 5-Room (S$)||Mkt Avg (S$)|
Best Value Home Insurance for HDB Flats
AXA's SmartHome represents the best-value home insurance policy for HDB owner-residents who want both value and peace of mind. Although it provides slightly lower coverage per dollar of cost than other best options we feature here (but still 27% higher than market average), AXA SmartHome plan bundles the coverage of renovation items and home content together, providing additional flexibility in how you can utilise your claims. Not only that, it offers the highest sub-limit on valuable items like jewellery (33% of sum insured vs. market average of 9%) and some rarely-found features like professional consulting fee in case your property gets damaged.
|HDB 3-Room (S$)||Mkt Avg (S$)||HDB 4-Room (S$)||Mkt Avg (S$)||HDB 5-Room (S$)||Mkt Avg (S$)|
Best Home Insurance for Private Homeowners
A typical private property requires 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. Please read our detailed review of each to determine which is the best fit for you.
Cheapest Home Insurance for Private Property Owners
Aviva offers some of the cheapest solutions for homeowners (Maybank customers only) with coverage needs between S$100,000-200,000. Providing about S$1,900 of sum insured per dollar of cost (70% higher than market average), Aviva Home Lite and Aviva Home are great bare-bone policies which represent high value for money. Although Aviva is suitable for those homeowners who need high coverage, it has one distinct shortcoming: reduced benefits. These include locks & key replacement, pet coverage, and death/injury, each representing a popular feature that you cannot find in Aviva. For some people who deem these perks necessary, this policy may not be as great a fit. Furthermore, Aviva Home Plus comes with a below-market sum insured to cost ratio, so we advise you to take caution when looking at this highest-tier policy.
|Aviva||Home Lite (S$)||Tier 1 Avg (S$)||Home (S$)||Tier 2 Avg (S$)||Home Plus (S$)||Tier 3 Avg (S$)|
Etiqa’s Maxihome Contents Plus is one of the best bare-bone policies out there for private homeowners with coverage needs above S$200,000. Across all three private home tiers, Etiqa offers some of the best prices for the value you get: for instance, its per-dollar coverage of over S$1,800 is unmatched by any of its competitors, as most of them cover only under S$1,200 per dollar premium. The Standard plan in this line of product costs S$97 a year, over S$100 below the average price of plans we determined suitable for 4-room HDB-equivalent private properties. Not only that, With its low excess of S$50, Etiqa’s Maxihome Contents Plus plan clearly stands out as the winner in the best-value space, and is recommended for cost-conscious private homeowners.
|Etiqa||Standard (S$)||Tier 1 Avg (S$)||Deluxe (S$)||Suite (S$)||Tier 3 Avg⋆ (S$)|
|⋆ Both Deluxe and Suite fall under Tier 3 due to their high sum insured|
Best Value Home Insurance for Private Property Owners
AXA's SmartHome offers one of the best-quality home content coverage for private homeowners, ideal for people who may have a lot of valuables in their homes. Under its S$135,000 Plan, AXA boasts a high value ratio of over S$1,600 (vs. market average of S$943) and gives private homeowners great peace of mind with generous content sub-limits on valuables (up to S$13,500), laptop (up to S$2,000), and cash (up to S$1,000). Some companies can actually charge you separately for coverage on certain items included in AXA’s plan--such as bikes, food in freezer, legal documents--highlighting the extent of coverage you get from this deal.
|Tier 1 Private Properties||S$45,000 Plan||S$90,000 Plan||S$135,000 Plan||Mkt Avg (S$)|
Best Coverage Home Insurance for Private Property Owners
In our opinion, MSIG's Enhanced HomePlus and NTUC Income's private property plans are some of the best full-fledged policies in the home insurance market. Offering combined coverage of S$125,000-270,000, MSIG charges a reasonable premium of S$119-223 given the ambitious benefits they offer. These include locks, keys & security system (S$1,000-1,500 vs. market average of S$550), death/injury (S$75,000 vs. market average of S$32,000), and hospitalization allowance (S$4,500-6,750 vs. market average of S$1,560). Despite its average value ratio (S$1,100 per sum insured vs. market average of S$1,120) MSIG's robust benefits and rare perks make it a great choice for homeowners who want to make sure their insurance companies have them covered at all times.
NTUC Income offers private property-only home insurance plans that yield value ratios similar to those of MSIG (S$1,070-1,270 sum insured per cost for NTUC Income vs. S$1,050-1,160 for MSIG). In terms of benefits NTUC Income offers higher sub-limits on items such as cash and temporarily moved contents. On the other hand, MSIG provides more generous limits on third-party legal liability, glass & mirror breakage, valuables. We think both NTUC Income and MSIG are great deals for high-benefit policies with sufficient overall coverage limit.
|Tier 2⋆ Private Properties||MSIG (S$)||NTUC Income (S$)||Mkt Avg (S$)|
|⋆ For Tier 1 Properties, we think AXA SmartHome offers better value.|
|Tier 3 Private Properties||MSIG (S$)||NTUC Income (S$)||Mkt Avg (S$)|
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. We think there can be a couple of optimal options out there depending on the cost of reinstating your landed property. Please read our detailed review of each to determine which is the best fit for you.
Best Home Insurance for Landed Properties
AXA's SmartHome is the best-value option for most landed homeowners. Thanks to its rock-bottom price, the minimum S$1,000,000 coverage restriction results in a cost that still makes AXA SmartHome stand out among its peers in the high-end space for landed property owners. While combining low rates and excellent benefits, AXA outshines its competitors by featuring some rare perks like artwork coverage (up to S$10,000). We think you will enjoy great peace of mind by opting for AXA's ample coverage.
|AXA SmartHome (S$)||Mkt Avg (S$)|
|Cost to Add S$10,000 Buildg./Renov.||1.99 - 2.12||5.37|
|Cost to Add S$10,000 Content||5.89 - 8.03||25.84|
Best Home Insurance for Small Landed Properties (Under S$300,000)
For small landed buildings that cost under S$300,000, we think NTUC Income's Comprehensive Plan 1 and MSIG's Enhanced HomePlus Standard represent great choices that can save you about 20-25% of premium compared to their competitor, AXA. In the market for smaller building coverage, both NTUC Income and MSIG offer affordable rates (about S$4 per S$10,000 sum insured vs. market average of S$5.37). Between the two options, you should base your decision on which company offers better benefits for things like jewellery, locks, keys & security systems that are more important to you.
|NTUC Income Plan 1 (S$)||MSIG HomePlus Standard* (S$)||Mkt Avg (S$)|
|Cost to Add S$10,000 Buildg./Renov.||4.00||4.28||5.37|
|Cost to Add S$10,000 Content||19.00||16.05||25.84|
|* MSIG HomePlus Standard with building top-up option|
Best Home Insurance for Landlords
We recommend NTUC Income for homeowners of HDB flats as well as private properties. For HDB flats, NTUC Income offers the most affordable plans for landlords, charging about 48% less than what others do on average. We also recommend this plan for landlords of private homes, although the price goes up by about 60%. In either case, NTUC’s price remains competitive when compared against its peers. Not only that, it provides ample coverage on costs of rebuilding home and lost rental income, safeguarding the assets of HDB and private property landlords.
|NTUC Income (S$)||Market Average (S$)|
|Price per S$10,000 Renovation (HDB)||2.45||5.17|
|Price per S$10,000 Renovation (Private)||4.00||5.37|
Best Home Insurance for Renters
AXA's SmartHome is a great insurance plan suitable for renters with coverage needs between S$25,000 and S$75,000. Offered in three tiers up to S$75,000 of coverage, AXA’s SmartHome plan delivers superb value per dollar premium, especially when juxtaposed with its competitors who offer 10-50% less coverage for the same price. Not only that, this plan offers an ample third-party liability protection of S$500,000, so you will have a peace of mind if you become legally liable for the damage to the building, fixtures, and items that belong to your landlord.
|AXA SmartHome (S$)||Market Average (S$)|
|Price per S$10,000 Content (HDB/Private)||7.38 - 12.52||24.25|
|Premium Range||31.30 - 55.37||NA|
|Coverage Range||25,000 - 75,000||NA|