Best Home Insurance 2019

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

Table of Contents

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$169S$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
Promotion: "INCOMEHOME20" for 20% off 3-year Enhanced Home Insurance Plans and get a Google Home Mini (>S$800 premium)

Best Value Home Insurance for HDB Flats

In our view, FWD, Aviva, Etiqa 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 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$169S$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 + $30 CapitaVouchers (*min premium >$100)

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$169S$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

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

Third Party Liability Coverage S$1,000,000
Insured Accident Coverage N/A
Sub-limit for Valuables 30% of Contents Coverage

Etiqa's Tiq Home Insurance offers competitive premiums coupled with essential benefits for HDB owners. While its 1-year plans are already costs 35% below average, its 5 year plan will save you an additional 15%. For 3 and 5-year plans, Tiq also offers S$800 of emergency home assistance coverage for locksmith, plumbing, electrical and pest control services—the highest on the market. Not only that, it also offers S$5,000 of emergency cash services that can be deposited into your e-wallet in as soon as one business day to help you out in the event of a fire and up to S$750 of coverage for stolen money from your home. These benefits can greatly add to your peace of mind, making Tiq Home Insurance both a reliable and budget-friendly option for no-frills homeowners.

HDB 3-RoomMkt Avg.HDB 4-RoomMkt Avg.HDB 5-RoomMkt Avg.
PriceS$64.61S$100S$93.65S$169S$122.69S$245
Value ($Insured/$Premium)1,4701,2001,6021,2681,9151, 249
Renovation60,000S$88,645S$100,000S$116,667S$140,000S$171,515
Contents35,000S$25,479S$50,000$45,912S$95,000S$71,530
Promotion: Save 15% off your premiums when you sign up for 5-year plan
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$169S$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

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 + $30 CapitaVouchers (*min premium >$100)
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
Great Eastern

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

Great Eastern's HomeGr8 Essential insurance offers great 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 valuables sub-limit of 35%. Furthermore, while the the individual item sublimit is S$2,000, they may be able to cover items worth more provided you have the necessary receipts and proof of purchase. There is also a S$2,000 sub-limit for laptops and a S$1,000 sub-limit for bicycles. Based on our quote analysis, the pricing for the Essential plan is highly competitive, with premiums costing 45% below their peer average. The one downside is that family personal accident protection is an optional add-on and not included in the base coverage.

80k Plan130k PlanS$165k PlanMkt Avg.
PremiumS$58.86S$98.99S$139.11S$190.43
Value (S$Insured/S$Premium)1,2741,4651,5461,060
RenovationS$55,000S$75,000S$100,000S$131,237
ContentsS$25,000S$45,000S$65,000S$49,068
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

Consider this if you are looking for a no frills plan with high building and renovation coverage

Third Party Liability Coverage S$1,000,000
Insured Accident Coverage N/A
Sub-limit for Valuables 30% of Contents Coverage

Etiqa's Tiq Home Insurance for condo owners provides a mix of affordability for modest homeowners and high coverage for condo owners looking for maximum coverage. There is also a plethora of peace of mind coverage that can entice brand new homeowners, including the highest emergency home assistance benefit on the market, credit card theft and fraud protection and S$5,000 of emergency cash coverage. However, compared to plans such as AXA and OCBC, Tiq's item valuables sublimit is very low and may not be enough to insure artwork, antiques and heirlooms. Additionally, though Tiq's premiums can be as low as 25% below average, those who want to maximise coverage should be prepared to pay up to 150% above the average for private property plans.

S$150,000 PlanS$500,000 PlanS$1,150,000 PlanPrivate Mkt Avg.
PriceS$143.47S$277.41S$491.16S$182.47
Value ($Insured/$Premium)1,0451,8022,3411,060
RenovationS$100,000S$400,000S$1,000,000S$127,526
Contents$50,000S$100,000S$150,000S$49,068
Promotion: Save 15% off your premiums when you sign up for 5-year plan

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
Promotion: "INCOMEHOME20" for 20% off 3-year Enhanced Home Insurance Plans and get a Google Home Mini (>S$800 premium)

Best Home Insurance for Renters: Tiq & AXA

Consider this if you are a renter looking for no frills, consistently priced coverage

Third Party Liability Coverage S$1,000,000
Insured Accident Coverage N/A
Sub-limit for Valuables 30% of Contents Coverage

We recommend Etiqa's Tiq Home Insurance for renters who are looking for a high value plan that provides peace of mind, no frills coverage. It is a generally affordable option with its premiums ranging between 15-30% below average. While Tiq's value is not as high as AXA's due to slightly higher premiums and lower coverage, Tiq offers unique benefits such as appliance coverage, emergency home assistance and S$5,000 of emergency cash in the event of a fire. Additionally, while AXA's premiums tend to change significantly depending on its promotions, Tiq's promotion is consistent and can be potentially cheaper in the long run.

Tiq TenantTenant Market Avg.
PremiumsS$52.03-S$132.62S$131.38
Coverage RangeS$30,000-S$120,000S$65,571
Promotion: Save 15% off your premiums when you sign up for 5-year plan
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

How to Find the Best Home Insurance Plan

Although home insurance isn't mandatory like fire or car insurance, a good home insurance policy can be a lifesaver in a myriad of emergencies. Not only will it protect your belongings from fire or theft, but some plans also offer coverage for a myriad of problems ranging from emergency home assistance to pet coverage. The best home insurance for you, however, depends on several factors ranging from the type of home you live in to your budget.

First and foremost, your home insurance plan should reflect your housing type and the relationship you have to your home. For instance, landlords should seek landlord-oriented plans, whereas renters should look for renter-oriented plans. Most insurers outline which plan is suited best for what type of home dweller on their website, which can help you avoid becoming either under or over-insured. Landlords should focus on plans that provide coverage for lost rent and building/fixtures coverage. Renters, on the other hand, should find a plan includes contents coverage but doesn't include building or renovation coverage. Owner-occupiers should find a balance of both contents and building/renovation coverage. This should be based on the anticipated cost of their renovations and the estimated cost of all of their contents.

The type of coverage you need depends on your experience as a homeowner, the size of your home and the amount of investment put into your contents. For instance, new homeowners may want to pay a little more for their home insurance in order to be covered for as many potential risks as possible. Alternatively, experienced homeowners who understand the risks of their home may be able to cut out unnecessary coverage and stick to a simple plan. Furthermore, someone living in a 2-room HDB flat will have different coverage needs compared to someone living in a 4-room HDB or landed property. Lastly, owner-occupiers who have very expensive items in their home, such as artwork or jewelry, should consider a plan with a high valuables sub-limit. Likewise, people with pets or domestic workers can find a home insurance plan that offers pet coverage or domestic worker belongings coverage beneficial.

Last but not least, price is always a crucial factor for any insurance purchase. However, it's important to know that the cheapest plan is not always your best option. While cheap plans may be easy on your wallet, they may not provide enough coverage for your needs. At the same time, the most expensive plan is not always the most efficient option either. This is because insurers may market generous coverage for benefits that have a very low chance of being utilised as an excuse to charge high premiums. Instead, you should find a happy medium by comparing as much plans as you can and considering plans that provide benefits you'll value.

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
Kyuhoon Kim

Junior Research Intern

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