Best Home Insurance in Singapore 2021

Your home is your most important asset. To help you compare and find the best home insurance plan, our expert home insurance analysts reviewed home insurance policies from 19 insurers to find out which plans stood out among the competition based on their value for money and unique benefits. Below, you'll find our top picks for HDB, condo and landed homeowners based on price and coverage.

Best Plans for HDB Owners
  • FWD Home Insurance: Affordable premiums, comprehenisve coverage with some unique benefits
  • Etiqa Tiq Home Insurance: Costs 35% below average, offers peace-of-mind benefits like S$800 of emergency home assistance and S$5,000 of emergency cash after home fire
  • Aviva Home Insurance: Competitively priced and offers high renovation and contents coverage
Cheapest HDB Home Insurance
  • Aviva Home Insurance: Lite plan is most affordable plan for 4-room HDB flatowners
  • AXA Smarthome: Affordable coverage offering the highest valuables sub limit for jewelry and art
  • Income Home Insurance: Offers the cheapest home insurance premiums; good option for the average homeowner
Best Plans for Condo Owners
  • FWD Home Insurance: Cheapest plan for condo owners; full spectrum of benefits
  • Aviva Home Insurance: Best value for money plan; 60% more benefits per dollar premium compared to average
Best Coverage for Condo Owners
  • MSIG HomePlus Insurance: Robust coverage featuring a variety of benefits for affordable premiums
  • Tiq Home Insurance: Mix of affordability for modest homeowners and high coverage for condo owners looking for maximum coverage
  • Great Eastern HomeGr8: Good option for condo owners looking for high levels of valuables and artwork coverage.
  • AXA SmartHome Insurance: Ideal for people who may have a lot of valuables in their homes or are expecting to undertake major renovations.
  • Income Home Insurance: High value for money plan, contents coverage is more than twice the industry average
Best Home Insurance for Landed Property Owners
  • Income & MSIG: Best for small properties (under S$300k)
  • AXA SmartHome: Best for large landed properties
Best Home Insurance for Landlords
  • Income: Cheapest insurer for landlords, with premiums costing 48% below average
Best Home Insurance for Renters
  • Tiq Home Insurance: No-frills coverage for premiums that cost 15-30% below average
  • AXA SmartHome: High value for money option for renters with generous 3rd party liability coverage
Best Home Assistance Subscription
  • Allianz Easy Home: Subscription plan that covers plumbing, pest, electrical issues and appliance repairs

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.

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

Best Value Home Insurance for HDB Flats: FWD, Etiqa, Aviva

Consider this if you want affordable 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.
        3-RoomMkt Avg.4-RoomMkt Avg.5-RoomMkt Avg.
        Annual PremiumS$44.58S$93.00S$69.38S$160.00S$98.87S$226.00
        Value Ratio2,1931,3152,3061,3642,0231,423
        Renovation CoverageS$40,000S$64,928S$60,000S$122,222S$80,000S$181,000
        Contents CoverageS$20,000S$31,203S$40,000S$53,561S$60,000S$80,280
        Prices seen are after any prevailing promotions and include GST

        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 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 sub-limits, so those who are looking to protect very expensive valuables (valued over S$1,000) can fare better with other plans featured on this page.

        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$50,000 for homeowners & landlords (for add'tl fee)
            • Sub-limit for Valuables
              • 30% of Contents Coverage
              3-RoomMkt Avg.4-RoomMkt Avg.5-RoomMkt Avg.
              Annual PremiumS$72.79S$93.00S$90.31S$160.00S$96.52S$226.00
              Value Ratio1,3051,3151,3841,3641,6581,423
              Renovation CoverageS$60,000S$64,928S$80,000S$122,222S$140,000S$181,000
              Contents CoverageS$35,000S$31,203S$45,000S$53,561S$90,000S$80,280
              Price after GST and including 15% off

              Etiqa's Tiq Home Insurance offers competitive premiums coupled with essential benefits for HDB owners. While its 1-year plans already cost 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.

              Etiqa's home insurance 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. These benefits can greatly add to your peace of mind, making Tiq Home Insurance both a reliable and budget-friendly home contents coverage option for no-frills homeowners.

              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
                    Home Lite (3-4 Room)Mkt Avg.Home (4-Room)Mkt Avg.Home Plus (5-Room)Mkt Avg.
                    Annual PremiumS$55.50S$160.00S$94.00S$160.00S$169.00S$226.00
                    Value Ratio1,9821,3641,5961,3641,1831,423
                    Renovation CoverageS$75,000S$122,222S$100,000S$122,222S$100,000S$181,000
                    Contents CoverageS$35,000S$53,561S$50,000S$53,561S$100,000S$80,280

                    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 contents. 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.

                    Honorable Mention: AXA SmartHome 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
                          • 1/3 of Contents Coverage; S$7,000 sub-limit per article
                          3-RoomMkt Avg.4-RoomMkt Avg.5-RoomMkt Avg.
                          Annual PremiumS$63.27S$93.00S$135.83S$160.00S$221.44S$226.00
                          Value Ratio2,2921,3152,5031,3642,8681,423
                          Renovation CoverageS$100,000S$64,928S$250,000S$122,222S$500,000S$181,000
                          Contents CoverageS$45,000S$31,203S$90,000S$53,561S$135,000S$80,280

                          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.

                          AXA 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.

                          Cheapest Home Insurance for HDB Flats: Income & Aviva

                          Consider this if you want the cheapest plan for your 4 or 5-room flat
                          • Third Party Liability Coverage
                            • S$250,000
                            • Insured Accident Coverage
                              • N/A
                              • Sub-limit for Valuables
                                • 15% of Contents Coverage
                                Home Lite (3-4 Room)Mkt Avg.Home (4-Room)Mkt Avg.Home Plus (5-Room)Mkt Avg.
                                Annual PremiumS$55.50S$160.00S$94.00S$160.00S$169.00S$226.00
                                Value Ratio1,9821,3641,5961,3641,1831,423
                                Renovation CoverageS$75,000S$122,222S$100,000S$122,222S$100,000S$181,000
                                Contents CoverageS$35,000S$53,561S$50,000S$53,561S$100,000S$80,280

                                Aviva's home insurance plans are the cheapest options for average homeowners living in 4 or 5-room HDB flats. For instance, its Lite plan, which provides enough coverage for a 4-room HDB flat, is 43% cheaper than average. However, its low prices do come at a certain cost. Aviva's cheapest option, the Lite plan, offers only contents, renovation, liability and alternative accommodation coverage. If you want benefits that extend beyond that, you'll have to pay more either by purchasing their more expensive plans or purchasing their separate add-ons.

                                Consider this if you want the cheapest home insurance for your small HDB flat
                                • Third Party Liability Coverage
                                  • S$500,000
                                  • Insured Accident Coverage
                                    • S$20,000
                                    • Sub-limit for Valuables
                                      • 5% of Contents Coverage
                                      3-RoomMkt Avg.4-RoomMkt Avg.5-RoomMkt Avg.
                                      Annual PremiumS$38.93S$93.00S$72.95S$160.00S$106.98S$226.00
                                      Value ($Insured/$Premium)1,5411,3151,3711,3641,3091,423
                                      Renovation CoverageS$40,000S$64,928S$60,000S$122,222S$80,000S$181,000
                                      Contents CoverageS$20,000S$31,203S$40,000S$53,561S$60,000S$80,280

                                      Income provides one of the best home insurance policies for price-sensitive small flat owners in Singapore. You can expect to pay just S$39 for a 3-room HDB flat, which is 58% less than the market average for 3-room flats. It also delivers great value of S$1,500 of coverage per dollar premium paid, which is 33% higher than market average. Though it's not the cheapest for larger flats, it's still competitively priced — premiums for 4-and 5-room flats are 50% below average. Finally, Income allows customers to grow or shrink their coverage amount under its flexible coverage scheme, so you can always adjust your plan as your coverage needs change.

                                      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.

                                      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: FWD

                                      Promotions:

                                      Consider this if you want the cheapest private home insurance 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.
                                            S$60,000 PlanS$100,000 PlanS$140,000 PlanPrivate Mkt Avg.
                                            Annual PremiumS$40.36S$79.74S$109.27S$195.00
                                            Value ($Insured/$Premium)2,4232,0071,8301,269
                                            Renovation CoverageS$40,000S$60,000S$80,000S$140,752
                                            Content CoverageS$20,000S$40,000S$60,000S$59,942

                                            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 sub-limit may not be enough.

                                            Best Value Home Insurance for Private Property Owners: Aviva

                                            Consider this if you want high building and renovation coverage for your private property at below average prices
                                            • Third Party Liability Coverage
                                              • S$250,000
                                              • Insured Accident Coverage
                                                • N/A
                                                • Sub-limit for Valuables
                                                  • 15% of Contents Coverage
                                                  Home LiteTier 1 Avg.HomeTier 2 Avg.Home PlusTier 3 Avg.
                                                  PriceS$55.50S$111.34S$94.00S$181.39S$169.00S$279.66
                                                  Value ($Insured/$Premium)1,9821,1171,5961,1481,1831,217
                                                  Renovation CoverageS$75,000S$69,630S$100,000S$127,685S$100,000S$187,121
                                                  Content CoverageS$35,000S$26,719S$50,000S$49,065S$100,000S$81,379

                                                  Aviva offers some of the cheapest home insurance solutions for homeowners with coverage needs between S$100,000 and 200,000. Providing 60% more benefits per dollar of premium the than market average for private dwellings, Aviva's home insurance plans can be considered high value options.

                                                  Although Aviva is suitable for homeowners who need high building and renovation coverage, it has one distinctive shortcoming: reduced miscellaneous benefits. There is no pet or personal document coverage until you upgrade to the Home Plus plan and you can only purchase lock, key replacement, bicycle and ID theft coverage as additional add-ons. This can increase the cost significantly as each of the optional add-ons cost between S$15 and 25. Lastly, Aviva's Home Plus plan has around 40% below average renovation coverage, giving this top-tier option slightly lackluster value.

                                                  Best Coverage Home Insurance for Private Property Owners: MSIG, Etiqa & More

                                                  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
                                                        StandardSuperiorUltimateMkt Avg.
                                                        Annual PremiumS$95.02S$141.24S$186.61S$195.00
                                                        Value (S$Insured/S$Premium)1,3161,3811,4471,269
                                                        Renovation CoverageS$75,00S$115,000S$150,000S$140,752
                                                        Contents CoverageS$50,000S$80,000S$120,000S$59,942

                                                        In our opinion, MSIG's Enhanced HomePlus private property plan is one 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-S$223 given the ambitious benefits it offers.

                                                        MSIG's coverage include locks, keys & security system (S$1,000-S$1,500 vs. market average of S$550), death/injury (S$75,000 vs. market average of S$32,000), and hospitalisation 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.

                                                        Consider this if you are looking for a no frills plan with high building and renovation coverage
                                                        • Third Party Liability Coverage
                                                          • S$500,000 - S$1,000,000
                                                          • Insured Accident Coverage
                                                            • S$50,000 for homeowners & landlords (for add'tl fee)
                                                            • Sub-limit for Valuables
                                                              • 30% of Contents Coverage
                                                              S$150,000 PlanS$375,000 PlanS$500,000 PlanPrivate Mkt Avg.
                                                              Annual PremiumS$123.03S$213.42S$273.87S$195.00
                                                              Value (S$Insured/S$Premium)1,2191,7571,8261,269
                                                              Renovation CoverageS$100,00S$300,000S$400,000S$140,752
                                                              Contents CoverageS$50,000S$75,000S$100,000S$59,942
                                                              Price after GST and including 15% off

                                                              Etiqa's Tiq Home Insurance for condo owners provides a mix of affordability for modest homeowners and high benefit limits 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.

                                                              Consider this if you want a competitively priced plan with generous valuables coverage
                                                              • Third Party Liability Coverage
                                                                • S$500,000
                                                                • Insured Accident Coverage
                                                                  • S$50,000 (for add'tl fee)
                                                                  • Sub-limit for Valuables
                                                                    • 35% of Contents Coverage (S$2,000 per article)
                                                                    S$75k PlanS$120k PlanS$165k PlanMkt Avg.
                                                                    Annual PremiumS$58.86S$98.99S$139.11S$195.00
                                                                    Value (S$Insured/S$Premium)1,2741,2121,1861,269
                                                                    Renovation CoverageS$50,000S$75,000,000S$100,000S$140,752
                                                                    Contents CoverageS$25,000S$45,000S$65,000S$59,942

                                                                    Great Eastern's HomeGr8 Essential insurance offers great coverage for private property owners who want to maximise valuables and artwork coverage. Compared to Income and MSIG, Great Eastern offers generous contents coverage for your household items with above average valuables sub-limit of 35%. Furthermore, while the the individual item sub-limit 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.

                                                                    Furthermore, we found the pricing for the Essential plan to be highly competitive, with premiums costing up to 50% 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.

                                                                    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
                                                                          • 1/3 of Contents Coverage; S$7,000 sub-limit per article
                                                                          S$545,000 PlanS$590,000 PlanS$635,000 PlanPrivate Mkt Avg.
                                                                          Annual PremiumS$63.27S$135.83S$221.44S$195.00
                                                                          Value (S$Insured/S$Premium)2,2922,5032,8681,269
                                                                          Renovation CoverageS$500,000S$500,000S$500,000S$140,752
                                                                          Content CoverageS$45,000S$90,000S$135,000S$59,942

                                                                          AXA's SmartHome offers one of the best-quality home contents coverage for private homeowners and is ideal for people who may have a lot of valuables in their homes or 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 of coverage per dollar premium (vs. the market average of S$1,059) while also having generous contents coverage including high sub-limits on valuables such as laptops and cash. Furthermore, AXA covers bikes, food in freezer, legal documents — items that are usually covered for an extra fee — highlighting the extent of coverage you get from this option.

                                                                          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
                                                                                S$120K PlanS$160K PlanS$250K PlanS$350K PlanMkt Avg.
                                                                                PremiumS$123.03S$169.04S$250.06S$365.08S$195.00
                                                                                Value Ratio97594710009591,269
                                                                                Renovation CoverageS$70,000S$90,000S$150,000S$200,000S$140,752
                                                                                Contents CoverageS$50,000S$70,000S$100,000S$150,000S$59,942

                                                                                Income's Enhanced Private home insurance plans can be of high value to consumers looking for all-encompassing coverage and miscellaneous benefits. Income's Enhanced private home insurance plans are most competitively priced at lower coverage amounts (i.e. S$50,000 and S$70,000 in contents and renovation coverage, respectively) while providing benefits that are either not always seen, or offered only as an additional purchase.

                                                                                While it becomes more expensive relative to the market average for private property owners who need high amounts of coverage, you'll receive market beating sublimits for your electronics (S$500-S$1,500 per item or S$1,500-S$5,000 per set), valuables (1/3 or contents coverage for 1 item/pair) as well as an emergency cash allowance, a generous alternative accommodation benefit and a stress payment benefit (monetary payment if your renovations, contents, building are totally damaged). Other useful benefits include everything from lock and key replacement to domestic pet coverage to loss or damage of contents belonging to your foreign domestic worker. It also provides an emergency home assistance service that will cover an emergency plumbing, electrical, locksmith or pest control visit up to S$100, four times a year. Thus, despite the higher prices, the breadth of coverage and the high sub-limits for miscellaneous benefits may make Income well-worth the cost for homeowners with many expensive, treasured items.

                                                                                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

                                                                                Consider this if you want a plan with cheaper renovation coverages
                                                                                • 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
                                                                                      MSIG HomePlus Standard* (150sq)Landed Mkt Avg.
                                                                                      Annual PremiumS$225.77S$558.00
                                                                                      Value ($Insured/$Premium)1,6611,486
                                                                                      Building (150 sqm)S$250,000S$250,000
                                                                                      Renovation CoverageS$75,000S$90,455
                                                                                      Content CoverageS$50,000S$72,727
                                                                                      Cost to Add S$10,000 Bldg./Renov.S$4.28S$4.48
                                                                                      Cost to Add S$10,000 ContentS$16.05S$26.80
                                                                                      * MSIG HomePlus Standard with building top-up option
                                                                                      Consider this if you want a landed property plan with cheaper contents coverage
                                                                                      • Third Party Liability Coverage
                                                                                        • S$500,000
                                                                                        • Insured Accident Coverage
                                                                                          • S$20,000
                                                                                          • Sub-limit for Valuables
                                                                                            • 5% of Contents Coverage
                                                                                            Income Enhanced Terrace (150sq)Landed Mkt Avg.
                                                                                            Annual PremiumS$351.15S$544.00
                                                                                            Value ($Insured/$Premium)1,7662,323
                                                                                            Building (150 sqm)S$400,000S$250,000
                                                                                            Renovation CoverageS$150,000S$90,455
                                                                                            Content CoverageS$60,000S$72,727
                                                                                            Cost to Add S$10,000 Bldg./Renov.S$4.00S$4.48
                                                                                            Cost to Add S$10,000 ContentS$19.00S$26.80

                                                                                            For landed buildings that are 200sqm and smaller, we think Income's Enhanced and MSIG's Enhanced HomePlus Standard plan represent great choices for home contents coverage that can save you about 20-25% of premium expenses compared to their competitors like AXA. In the market for smaller building coverage, both 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 that are important to you like jewelery, locks, and keys & security systems.

                                                                                            Best Home Insurance for Large Landed Properties: AXA SmartHome

                                                                                            Consider this if you want the best value plan for your landed property
                                                                                            • Third Party Liability Coverage
                                                                                              • S$500,000
                                                                                              • Insured Accident Coverage
                                                                                                • N/A
                                                                                                • Sub-limit for Valuables
                                                                                                  • 1/3 of Contents Coverage; S$7,000 sub-limit per article
                                                                                                  AXA SmartHomeLanded Mkt Avg.
                                                                                                  Annual PremiumS$457.38S$544.00
                                                                                                  Value ($Insured/$Premium)4,5152,323
                                                                                                  Building CoverageS$1,000,000S$1,000,000
                                                                                                  Renovation CoverageS$71,667
                                                                                                  Content CoverageS$135,000S$77,222

                                                                                                  AXA's SmartHome is the best-value option for most landed homeowners. If you opt for the minimum building and contents coverage, you will pay 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 that are 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.

                                                                                                  Best Home Insurance for Landlords: Income

                                                                                                  Consider this if you are a landlord and want affordable coverage
                                                                                                  • Third Party Liability Coverage
                                                                                                    • S$500,000
                                                                                                    • Insured Accident Coverage
                                                                                                      • S$20,000
                                                                                                      • Sub-limit for Valuables
                                                                                                        • 5% of Contents Coverage
                                                                                                        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

                                                                                                        We recommend Income for homeowners of HDB flats as well as private properties. For HDB flats, 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, 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.

                                                                                                        Best Home Insurance for Renters: Etiqa Tiq & AXA

                                                                                                        Consider this if you are a renter looking for no frills, consistently priced coverage
                                                                                                        • Third Party Liability Coverage
                                                                                                          • S$500,000 - S$1,000,000
                                                                                                          • Insured Accident Coverage
                                                                                                            • S$50,000 for homeowners & landlords (for add'tl fee)
                                                                                                            • Sub-limit for Valuables
                                                                                                              • 30% of Contents Coverage
                                                                                                              Tiq TenantTenant Market Avg.
                                                                                                              PremiumsS$51.56-S$124.81S$133.00
                                                                                                              Coverage RangeS$30,000-S$120,000S$64,024
                                                                                                              Contents coverage range is for 3, 4, and 5-room HDB flats and similarly sized condos (contents coverage of S$30k, S$60k, S$90k). Price after GST and 15% discount

                                                                                                              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 and 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.

                                                                                                              Consider this if you are the average renter looking for a high value plan
                                                                                                              • Third Party Liability Coverage
                                                                                                                • S$500,000
                                                                                                                • Insured Accident Coverage
                                                                                                                  • N/A
                                                                                                                  • Sub-limit for Valuables
                                                                                                                    • 1/3 of Contents Coverage; S$7,000 sub-limit per article
                                                                                                                    AXA SmartHome TenantTenant Market Avg.
                                                                                                                    PremiumsS$40.93 - S$232.73S$133.00
                                                                                                                    Coverage RangeS$45,000 - S$250,000S$64,024

                                                                                                                    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.

                                                                                                                    Best Home Assistance Plan: Allianz Easy Home

                                                                                                                    • Consider this plan if you are looking for emergency home assistance and appliance repair coverage without surprise repair costs
                                                                                                                    • Promotions:
                                                                                                                    • Subscription Cost: from S$44.65 per year for Bronze plan
                                                                                                                    • Number of call-outs: 4 per year

                                                                                                                    BronzeSilverGold
                                                                                                                    PremiumsS$44.65S$163.76S$252.08
                                                                                                                    24/7 Emergency Home Assistance
                                                                                                                    Up to 4 call outs per year
                                                                                                                    Appliance CoverageNo1 per year2 per year
                                                                                                                    Data Recovery CoverageNoNo1 device per year
                                                                                                                    Prices after discount

                                                                                                                    If you are not looking for a comprehensive home insurance policy and only want coverage for home assistance, then Allianz's Easy Home can be a good fit. Easy Home provides coverage for up to 4 emergency home assistance call outs for a myriad of unexpected issues like getting locked out of your home, experiencing a burst pipe or pest infestations. For the price of S$47 per year, the Bronze plan will indeed save you money, considering that these services typically cost between S$80 and S$350. People who invested heavily in appliances like washer & dryers, fridges, coolers, TVs and more or want data recovery protection can also upgrade to the Silver & Gold plans, which will provide coverage for appliances costing between S$500 and S$2,000 that are past their warranty.

                                                                                                                    However, while this unique offering can be a good option for people most concerned about paying for home assistance services or appliance repairs, it may not be the best option for people looking for contents or renovations coverage. If you are looking for a fully-fledged home contents insurance plan, you can consider the home insurance plans we mentioned above.

                                                                                                                    • Consider this plan if you are looking for emergency home assistance and appliance repair coverage without surprise repair costs
                                                                                                                    • Promotions:
                                                                                                                    • Subscription Cost: from S$44.65 per year for Bronze plan
                                                                                                                    • Number of call-outs: 4 per year

                                                                                                                    BronzeSilverGold
                                                                                                                    PremiumsS$44.65S$163.76S$252.08
                                                                                                                    24/7 Emergency Home Assistance
                                                                                                                    Up to 4 call outs per year
                                                                                                                    Appliance CoverageNo1 per year2 per year
                                                                                                                    Data Recovery CoverageNoNo1 device per year
                                                                                                                    Prices after discount

                                                                                                                    If you are not looking for a comprehensive home insurance policy and only want coverage for home assistance, then Allianz's Easy Home can be a good fit. Easy Home provides coverage for up to 4 emergency home assistance call outs for a myriad of unexpected issues like getting locked out of your home, experiencing a burst pipe or pest infestations. For the price of S$47 per year, the Bronze plan will indeed save you money, considering that these services typically cost between S$80 and S$350. People who invested heavily in appliances like washer & dryers, fridges, coolers, TVs and more or want data recovery protection can also upgrade to the Silver & Gold plans, which will provide coverage for appliances costing between S$500 and S$2,000 that are past their warranty.

                                                                                                                    However, while this unique offering can be a good option for people most concerned about paying for home assistance services or appliance repairs, it may not be the best option for people looking for contents or renovations coverage. If you are looking for a fully-fledged home contents insurance plan, you can consider the home insurance plans we mentioned above.

                                                                                                                    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

                                                                                                                    Home insurance (or home contents insurance) is not mandatory and can act as a supplement to your mandatory HDB fire insurance policy or can offer full protection for your condo or landed property.

                                                                                                                    Fire insurance is a mandatory policy for HDB home-owners who have an HDB mortgage loan. It will cover damage done to the building, structures, fixtures and fittings provided by the HDB arising from fire, smoke, explosion, aircraft, earthquake, malicious intent, riots & strikes, vehicle impact damage, sprinkler leakage, landslides and water damage. The current HDB appointed fire insurer is FWD. The sum insured for fire insurance is fixed and ranges between S$29,000 for a 1-room flat to S$106,200 for an Executive/Multi-generational flat.

                                                                                                                    On the other hand, home contents insurance covers damages to renovations, your home contents (such as furniture and personal belongings) and more. For instance, home contents insurance will also provide medical coverage if someone gets injured in your home and also has sub-limits for mover's damages, pets, and artwork. There are many home contents insurers on the market so you should compare wisely and choose the plan that provides the best value for your money.

                                                                                                                    Under-insuring can mean significant financial loss. If your insurer finds out you under-insured, your claim payout will be reduced by the percentage amount you under-insured. For instance, if you under-insured a property by 50%, your payout will be 50% of your submitted claim. In this event, you will have to make up the difference on your own.

                                                                                                                    While most insurers have similar general exclusions, you should always read your policy wording to make sure you know what is and isn't covered by your policy. Below, we've summarised some of the main exclusions found in most home insurance policies.

                                                                                                                    Common General Exclusions
                                                                                                                    Deliberate or malicious acts committed by household membersFailure to safekeep property (negligence)
                                                                                                                    Mysterious or unexplained lossClaims covered by other policies
                                                                                                                    Consequential or indirect lossDamage cause by normal wear and tear, deterioration vermin or insects
                                                                                                                    Damage caused by illegal actsWar, terrorism, radioactivity or sonic bangs

                                                                                                                    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.

                                                                                                                    Sample of Insurers
                                                                                                                    AXAAvivaEtiqa Tiq (previously Etiqa Home Insurance)Great Eastern
                                                                                                                    IncomeFWDMSIGOCBC
                                                                                                                    SompoHSBCAlliedWorldAIA
                                                                                                                    Liberty InsuranceTokioMarineChubbAIG
                                                                                                                    DBSEQHL Assurance
                                                                                                                    Anastassia Evlanova

                                                                                                                    Anastassia is a Senior Research Analyst at ValueChampion Singapore, evaluating insurance products for consumers based on quantitative and qualitative financial analysis. She holds degrees in Economics and International Business Management and her prior working experience includes work in the capital markets sector. Her analyses surrounding insurance, healthcare, international affairs and personal finance has been featured on AsiaOne, Business Insider, DW, Vice, Her World, Asia Insurance Review, the Australian Institute of International Affairs and more.