Best Home Insurance 2018

Your home is your most important asset. Read our guide to compare and find the best home insurance policy for your budget and needs.

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.

This graph compares the costs of home insurance in Singapore for 4-room HDB flats from major insurance companies

Cheapest Home Insurance for HDB Flats: NTUC Income

Consider this if you want the cheapest home insurance for your HDB flat

Third Party Liability Coverage S$500,000
Insured Accident Coverage S$20,000
Sub-limit for Valuables 5% of Contents Coverage

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-RoomMkt Avg.HDB 4-RoomMkt Avg.HDB 5-RoomMkt Avg.
PriceS$35.31S$105.80S$51.36S$154.25S$60.99S$236.26
Value ($Insured/$Premium)1,4871,2001,5091,2681,5581,249
RenovationS$30,000S$88,645S$45,000S$116,667S$55,000S$171,515
ContentsS$22,500S$25,479S$32,500$45,912S$40,000S$71,530

Best Value Home Insurance for HDB Flats

In our view, Etiqa, FWD, Aviva and AXA offer the best value for insurance policies for HDB owner-residents due to them having the most benefits per dollar of premium.

Consider this if you want a great value plan for your HDB flat

Third Party Liability Coverage S$500,000-S$1,000,000
Insured Accident Coverage S$15,000-S$20,000
Sub-limit for Valuables 1/3 of Contents Coverage

Etiqa's eProtect Home Standard Plan is noteworthy not only because of its high coverage to price ratio, but also because of its value-add features. First, Etiqa's eProtect Home Insurance offers 5-year long plans that are priced near the bottom of the market. For instance, its 4-room HDB flat plan's price almost matches that of NTUC Income's comparable plan (though its 5-room plan is tad more expensive). eProtect Home's highlight is its new 24-hr Emergency Home Assistance service for 5-year plans: S$800 annual (S$200 per event) coverage for locksmith, plumbing, electrical and pest control services—the highest level we've seen in Singapore. Not only that, Etiqa's policies come with very high levels of additional protection like S$2,500 for maid's belongings and S$1,000 credit card protection. But, it's important to note that Etiqa's policies aren't quite suitable for 3-room HDB flats due to their high coverage level. If you are planning on staying in your flat for a while, Etiqa's 5-year plan can provide further savings, as you will pay around 15% less per year than if you were to buy their 1-year policy.

HDB 3-RoomMkt Avg.HDB 4-RoomMkt Avg.HDB 5-RoomMkt Avg.
PriceN/AS$105.80S$60.5S$154.25S$97.11S$236.26
Value ($Insured/$Premium)N/A1,2001,5551,2681,4541, 249
RenovationN/AS$88,645S$50,000S$116,667S$70,000S$171,515
ContentsN/AS$25,479S$30,000$45,912S$50,000S$71,530
Promotion: Save 15% when you purchase the 5-year plan

Consider this if you want coverage for everything from pet coverage to home assistance

Third Party Liability Coverage S$500,000
Insured Accident Coverage S$20,000 (for add'tl fee)
Sub-limit for Valuables No sublimit for furniture, domestic appliances and home audio visual equipment. A sublimit of S$1,000 applies to all other home contents.

FWD's home insurance offers one of the highest value plans on the market. Not only will you get one of the lowest premiums on the market, but you'll also end up with quite comprehensive and unique coverage. This includes alternative accommodation, home assistance, theft or damage to temporarily displaced items and optional covers for your pets and personal accidents. However, it does have low item sublimits, so those who are looking to protect very expensive valuables (valued over S$1,000) can fare better with other plans feature on this page.

HDB 3-RoomMkt Avg.HDB 4-RoomMkt Avg.HDB 5-RoomMkt Avg.
PriceS$44.58S$105.80S$69.38S$154.25S$98.87S$236.26
Value ($Insured/$Premium)2,4671,2002,5941,2682,2751, 249
RenovationS$40,000S$88,645S$60,000S$116,667S$80,000S$171,515
ContentsS$20,000S$25,479S$40,000$45,912S$60,000S$71,530
Promotion:"besthome" for 20% discount + $50 CapitaVoucher* ( *premiums above $100 only)

Consider this if you want a high value plan that has generous contents and renovation coverage

Third Party Liability Coverage S$250,000
Insured Accident Coverage N/A
Sub-limit for Valuables 15% of Contents Coverage

Aviva's home insurance products easily represent one of the best value options for HDB owner-residents. This is due to its combination of low price and high coverage for both renovation and content. However, Aviva does have one flaw: unlike other value options listed here, Aviva's home insurance policies don't automatically cover things like lock replacement and freezer food. To insure such items, you have to pay an additional fee of at least S$15 per item. If you care less about these incidentals and more about covering expensive furnitures and renovation works, Aviva could be a great choice. Otherwise, either Etiqa, AXA or NTUC Income could provide more holistic coverage without breaking your bank.

HDB 3-RoomMkt Avg.HDB 4-RoomMkt Avg.HDB 5-RoomMkt Avg.
PriceN/AS$105.80S$52.97S$154.25S$88.28S$236.26
Value ($Insured/$Premium)N/A1,2002,0771,2681,6991, 249
RenovationN/AS$88,645S$75,000S$116,667S$100,000S$171,515
ContentsN/AS$25,479S$35,000S$45,912S$50,000S$71,530
AXA Insurance

Consider this if you want high coverage for your valuables and artwork

Third Party Liability Coverage S$500,000
Insured Accident Coverage N/A
Sub-limit for Valuables S$10,000 + 1/3 of Contents Coverage

AXA's SmartHome is ideal for people 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%), freezer food and lock replacements. It also provides some rarely-found features like professional consulting fee in case your property gets damaged. However, its lowest building and renovation coverage starts at S$500,000; so while it is a good option for those who want to do major renovations, it may not benefit those who have smaller apartments and require less coverage.

HDB 3-RoomMkt Avg.HDB 4-RoomMkt Avg.HDB 5-RoomMkt Avg.
PriceS$160.10S$105.80S$185.38S$154.25S$210.10S$236.26
Value ($Insured/$Premium)3,4061,2003,1831,2683,0141, 249
RenovationS$500,000S$88,645S$500,000S$116,667S$500,000S$171,515
ContentsS$45,000S$25,479S$90,000S$45,912S$135,000S$71,530
Promotion: 30% off + S$68 Falcon eVoucher

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.

This graph compares the costs of home insurance in Singapore for private properties equivalent to HDB 3-room flats from major insurance companies

Cheapest Home Insurance for Private Property Owners: Aviva

Consider this if you want high building and renovation coverage at below average prices

Third Party Liability Coverage S$250,000
Insured Accident Coverage N/A
Sub-limit for Valuables 15% of Contents Coverage

Aviva offers some of the cheapest solutions for homeowners with coverage needs between S$100,000-200,000. Providing about S$1,700 of benefits per dollar of cost (60% higher than market average for private dwellings), Aviva's home insurance plans offer high value despite their slightly modest coverage. Although Aviva is suitable for those homeowners who need high building and renovation coverage, it has one distinct shortcoming: reduced miscellaneous benefits. For example, there is no pet or personal document coverage until you upgrade to the Home Plus plan. If you want lock, key replacement, bicycle and ID theft coverage, you would have to purchase the additional add-ons. This can increase the cost significantly as each of the optional add-ons cost between S$15-25. Additionally, Aviva's Home Plus plan has below peer average renovation coverage by around 40%, giving this top-tier option slightly lackluster value.

Home LiteTier 1 Avg.HomeTier 2 Avg.Home PlusTier 3 Avg.
PriceS$52.97S$111.26S$88.28S$172.97S$235.50S$259.30
Value ($Insured/$Premium)2,0771,0591,6991,0788491,073
RenovationS$75,000S$81,746S$100,000S$120,397S$100,000S$178,030
ContentS$35,000S$26,278S$50,000S$46,597S$100,000S$73,197

Best Value Home Insurance for Private Property Owners

Consider this if you want want the cheapest plan on the market while still getting a great value

Third Party Liability Coverage S$500,000
Insured Accident Coverage S$20,000 (for add'tl fee)
Sub-limit for Valuables No sublimit for furniture, domestic appliances and home audio visual equipment. A sublimit of S$1,000 applies to all other home contents.

FWD's home insurance offers great value and lowest prices for the average private-property and condo owner. FWD combines competitive pricing with valuable coverage that is sure to keep you protected from any event. It lets you choose the amount of contents and renovation coverage, which means you'll only pay for the coverage you need. In addition to this, you can top off your policy with S$100,000 of personal accident, S$5,000 of medical and a full spectrum of pet care coverage to make sure everyone you care for will be well-protected. However, if you are looking for protection for your valuable possessions like art, its low S$1,000 sublimit may not be enough.

FWD HomeS$60,000 PlanS$100,000 PlanS$140,000 PlanPrivate Mkt Avg.
PriceS$50.20S$79.73S$114.19S$182.24
Value ($Insured/$Premium)1,4871,2541,3361,060
RenovationS$40,000S$60,000S$80,000S$105,560
ContentS$20,000S$40,000S$60,000S$49,068
Promotion: "besthome" for 20% discount + $50 CapitaVoucher* ( *premiums above $100 only)
AXA Insurance

Consider this if you want to maximise valuables and renovation coverage

Third Party Liability Coverage S$500,000
Insured Accident Coverage N/A
Sub-limit for Valuables S$10,000 + 1/3 of Contents Coverage

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 or who are expecting to undertake major renovations. With its minimum S$500,000 home building/renovation coverage, AXA boasts a high value ratio of over S$3,406 (vs. market average of S$1,059) while also having generous contents coverage including high sub-limits on valuables (up to S$13,500), laptops (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 option.

S$545,000 PlanS$590,000 PlanS$635,000 PlanPrivate Mkt Avg.
PriceS$160.10S$185.38S$210.66S$182.47
Value ($Insured/$Premium)3,4063,1823,0141,060
RenovationS$500,000S$500,000S$500,000S$127,526
ContentS$45,000S$90,000S$135,000S$49,068

Best Coverage Home Insurance for Private Property Owners

NTUC Income

Consider this if you want a fully-packed home insurance policy with a lot of miscellaneous benefits

Third Party Liability Coverage S$500,000
Insured Accident Coverage S$20,000
Sub-limit for Valuables 5% of Contents Coverage

NTUC Income's Standard Private home insurance plans can be of high value to consumers looking for all-encompassing coverage and miscellaneous benefits. NTUC offers competitive premiums for its Plan 1 and Plan 2 options (S$55,000 and S$75,000 in contents coverage respectively) while providing benefits that are either not always seen or offered only as an additional purchase. Even its Plan 3, which costs slightly more than the industry average for private dwellings, offers more than twice the industry amount of coverage for contents and 23% more renovation coverage. Benefits include everything from lock and key replacement to domestic pet coverage to loss or damage of contents belonging to your foreign domestic worker. Its value is similar to MSIG's (S$1,066-1,267 sum insured per cost for NTUC Income vs. S$1,050-1,160 for MSIG) but NTUC Income offers higher sub-limits on items such as cash and temporarily moved contents.

Plan 1Plan 2Plan 3Plan 4Mkt Avg.
PremiumS$121.98S$173.34S$224.70S$355.05S$190.43
Value (S$Insured/S$Premium)1,0661,1541,1791,2671,060
RenovationS$55,00S$75,000S$100,000S$150,000S$131,237
ContentsS$75,000S$125,000S$165,000S$300,000S$51,369
OCBC

Consider this if you want a competitively priced plan with generous artwork coverage

Third Party Liability Coverage S$750,000-S$1,250,000
Insured Accident Coverage S$10,000
Sub-limit for Valuables S$11,250-S$37,500

OCBC's GreatHome insurance offers the best coverage for private property owners who want to maximize valuables and artwork coverage. Compared to NTUC and MSIG, OCBC offers generous contents coverage for your household items with above average sub-limits of S$11,250 to S$37,500 (with a S$2,000 sublimit per article) for valuables and S$11,250-S$37,500 for alternative accommodation. There are also S$500 sub-limits for pet loss and key/lock loss and S$1,000 for monetary loss. Based on our quote analysis, the pricing for the Essential and Ultimate plans are attractive, with both plans costing 20-30% below their peer average. The one downside is that it combines contents with renovation contents which may not be suitable for those who want high coverage amounts for one or the other.

StarterEssentialUltimateMkt Avg.
PremiumS$98S$138S$208S$190.43
Value (S$Insured/S$Premium)7651,0871,2021,060
RenovationS$75,000S$150,000S$250,000S$131,237
ContentsN/AN/AN/AS$51,369
MSIG

Consider this if you want a comprehensive policy with widespread benefits

Third Party Liability Coverage S$1,000,000
Insured Accident Coverage S$50,000-S$75,000
Sub-limit for Valuables 1/3 of Contents Coverage

In our opinion, MSIG's Enhanced HomePlus and NTUC Income's private property plans are some of the best fully-fledged policies in the home insurance market. Offering combined coverage of S$125,000-270,000, MSIG charges reasonable premiums of S$119-223 given the ambitious benefits it offers. Coverage 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$1,105 per sum insured vs. market average of S$1,060) MSIG's robust benefits make it a great choice for homeowners who want to make sure their insurance companies have them covered at all times.

StandardSuperiorUltimateMkt Avg.
PremiumS$118.77S$176.55S$233.26S$190.43
Value (S$Insured/S$Premium)1,0521,1051,1581,060
RenovationS$75,00S$115,000S$150,000S$131,237
ContentsS$50,000S$80,000S$120,000S$51,369

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. Below, we outlined our top home insurance picks for landed property owners.

Best Home Insurance for Landed Properties: AXA SmartHome

AXA Insurance

Consider this if you want the cheapest plan for your private condo

Third Party Liability Coverage S$500,000
Insured Accident Coverage N/A
Sub-limit for Valuables S$10,000 + 1/3 of Contents Coverage

AXA's SmartHome is the best-value option for most landed homeowners. If you opt for the minimum building and contents coverage, you will around 15% below the industry average but still receive almost 4x more building and renovations coverage than average. AXA also outshines its competitors by featuring some rare perks sure to entice those with very valuable belongings, like artwork coverage (up to S$10,000) and S$7,000 of coverage for any one article.

AXA SmartHomeLanded Mkt Avg.
PriceS$323.01S$578
Value ($Insured/$Premium)3,513.821,442
BuildingS$1,000,000S$1,000,000
RenovationS$71,667
ContentS$135,000S$77,222

Best Home Insurance for Small Landed Properties (Under S$300,000)

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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 1MSIG HomePlus Standard*Landed Mkt Avg.
PriceS$203.30S$225.77S$272
Value ($Insured/$Premium)1,8941,6611,486
BuildingS$275,000S$250,000S$250,000
RenovationS$60,000S$75,000S$105,600
ContentS$50,000S$50,000S$48,400
Cost to Add S$10,000 Bldg./Renov.S$4.00S$4.28S$4.48
Cost to Add S$10,000 ContentS$19.00S$16.05S$26.80
* MSIG HomePlus Standard with building top-up option

Best Home Insurance for Landlords: NTUC Income

Consider this if you are a landlord

Third Party Liability Coverage S$500,000
Insured Accident Coverage S$20,000
Sub-limit for Valuables 5% of Contents Coverage

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 Income’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 IncomeMarket Avg.
Price per S$10,000 Renovation (HDB)S$2.45S$5.17
Price per S$10,000 Renovation (Private)S$4.00S$5.37
Minimum PremiumS$35.30NA
Minimum CoverageS$144,000NA

Best Home Insurance for Renters: AXA SmartHome

AXA Insurance

Consider this if you are a renter

Third Party Liability Coverage S$500,000
Insured Accident Coverage N/A
Sub-limit for Valuables S$10,000 + 1/3 of Contents Coverage

AXA's SmartHome is the best renters insurance plan whether you are looking to insure S$45,000 or S$250,000 worth of coverage. Prices are highly competitive, with a S$45,000 contents coverage plan costing 40% below the industry average for similar coverage. Due to its generous coverage, AXA’s SmartHome plan delivers superb value per dollar premium, especially when juxtaposed with its competitors who offer 10-50% less coverage for similar prices. 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. Lastly, you will also be protected with high sub-limits for individual valuable items of up to S$7,000, so if you have expensive clothing, art or jewelry, you will be well protected.

AXA SmartHome TenantTenant Market Avg.
PremiumsS$47.62 - S$162.91S$131.38
Coverage RangeS$45,000 - S$250,000S$65,571

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 weighted 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.

Sample of Insurers
AXAAvivaEtiqaOCBC
NTUCFWDHL AssuranceSompo
MSIGHSBCAlliedWorldAIA
Liberty InsuranceTokioMarineChubbAIG
DBSGreat EasternEQ

Comments and Questions