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.

Best Plan for…Best Plan for...
Affordable HDB CoverageIncomeHigh Value HDB CoverageFWD, Tiq
Condo HomeownersAviva, FWD & moreLanded Property OwnersAXA, Income
LandlordsNTUC IncomeRentersAXA, Tiq

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.

Read Our Full Review

HDB 3-RoomMkt Avg.HDB 4-RoomMkt Avg.HDB 5-RoomMkt Avg.
Annual PremiumS$35.31S$99.50S$51.36S$153.80S$60.99S$219.80
Value ($Insured/$Premium)1,4871,3151,5091,3641,5581,423
Renovation CoverageS$30,000S$86,961S$45,000S$119,298S$55,000S$179,206
Contents CoverageS$22,500S$26,039S$32,500S$46,702S$40,000S$73,508
HDB 3-RoomMkt Avg.HDB 4-RoomMkt Avg.HDB 5-RoomMkt Avg.
Annual PremiumS$35.31S$99.50S$51.36S$153.80S$60.99S$219.80
Value ($Insured/$Premium)1,4871,3151,5091,3641,5581,423
Renovation CoverageS$30,000S$86,961S$45,000S$119,298S$55,000S$179,206
Contents CoverageS$22,500S$26,039S$32,500S$46,702S$40,000S$73,508

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.

Promotion: "BestHome" for 20% off + S$50 CapitaVoucher (*minimum premium > S$150)

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.

Read our full review

HDB 3-RoomMkt Avg.HDB 4-RoomMkt Avg.HDB 5-RoomMkt Avg.
Annual PremiumS$44.58S$99.50S$69.38S$153.80S$98.87S$219.80
Value ($Insured/$Premium)2,4671,3152,5941,3642,2751,423
Renovation CoverageS$40,000S$86,961S$60,000S$119,298S$80,000S$179,206
Contents CoverageS$20,000S$26,039S$40,000S$46,702S$60,000S$73,508
HDB 3-RoomMkt Avg.HDB 4-RoomMkt Avg.HDB 5-RoomMkt Avg.
Annual PremiumS$44.58S$99.50S$69.38S$153.80S$98.87S$219.80
Value ($Insured/$Premium)2,4671,3152,5941,3642,2751,423
Renovation CoverageS$40,000S$86,961S$60,000S$119,298S$80,000S$179,206
Contents CoverageS$20,000S$26,039S$40,000S$46,702S$60,000S$73,508

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

Promotion: Save 15% off your premiums when you sign up for 5-year plan

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, but 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. 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.

Read our full review

HDB 3-RoomMkt Avg.HDB 4-RoomMkt Avg.HDB 5-RoomMkt Avg.
Annual PremiumS$60.80S$97.23S$78.30S$153.80S$159.84S$237.25
Value ($Insured/$Premium)1,5621,3531,8521,3641,4381,423
Renovation CoverageS$60,000S$77,560S$100,000S$128,667S$140,000S$202,083
Contents CoverageS$35,000S$26,039S$50,000S$46,702S$95,000S$73,508
HDB 3-RoomMkt Avg.HDB 4-RoomMkt Avg.HDB 5-RoomMkt Avg.
Annual PremiumS$60.80S$97.23S$78.30S$153.80S$159.84S$237.25
Value ($Insured/$Premium)1,5621,3531,8521,3641,4381,423
Renovation CoverageS$60,000S$77,560S$100,000S$128,667S$140,000S$202,083
Contents CoverageS$35,000S$26,039S$50,000S$46,702S$95,000S$73,508

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.

Read our full review

HDB 3-RoomMkt Avg.HDB 4-RoomMkt Avg.HDB 5-RoomMkt Avg.
Annual PremiumS$52.97S$97.23S$88.28S$153.80S$160.50S$237.25
Value ($Insured/$Premium)2,0761,3531,6991,3641,2461,423
Renovation CoverageS$75,000S$77,560S$100,000S$128,667S$100,000S$202,083
Contents CoverageS$35,000S$26,039S$50,000S$46,702S$100,000S$73,508
HDB 3-RoomMkt Avg.HDB 4-RoomMkt Avg.HDB 5-RoomMkt Avg.
Annual PremiumS$52.97S$97.23S$88.28S$153.80S$160.50S$237.25
Value ($Insured/$Premium)2,0761,3531,6991,3641,2461,423
Renovation CoverageS$75,000S$77,560S$100,000S$128,667S$100,000S$202,083
Contents CoverageS$35,000S$26,039S$50,000S$46,702S$100,000S$73,508
AXA Insurance
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

Promotion: 30% off

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.

Read our full review

HDB 3-RoomMkt Avg.HDB 4-RoomMkt Avg.HDB 5-RoomMkt Avg.
Annual PremiumS$137.10S$97.23S$158.90S$153.80S$180.56S$237.25
Value ($Insured/$Premium)3,9711,3533,7131,3963,5161,462
Renovation CoverageS$500,000S$77,560S$500,000S$128,667S$500,000S$202,083
Contents CoverageS$45,000S$28,309S$90,000S$52,207S$135,000S$82,543
HDB 3-RoomMkt Avg.HDB 4-RoomMkt Avg.HDB 5-RoomMkt Avg.
Annual PremiumS$137.10S$97.23S$158.90S$153.80S$180.56S$237.25
Value ($Insured/$Premium)3,9711,3533,7131,3963,5161,462
Renovation CoverageS$500,000S$77,560S$500,000S$128,667S$500,000S$202,083
Contents CoverageS$45,000S$28,309S$90,000S$52,207S$135,000S$82,543

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

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.

Promotion: "BestHome" for 20% off + S$50 CapitaVoucher (*minimum premium > S$150)

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.

Read our full review

FWD HomeS$60,000 PlanS$100,000 PlanS$140,000 PlanPrivate Mkt Avg.
PriceS$40.36S$79.74S$109.27S$197.09
Value ($Insured/$Premium)1,4871,2541,3361,189
RenovationS$40,000S$60,000S$80,000S$134,778
ContentS$20,000S$40,000S$60,000S$54,089
FWD HomeS$60,000 PlanS$100,000 PlanS$140,000 PlanPrivate Mkt Avg.
PriceS$40.36S$79.74S$109.27S$197.09
Value ($Insured/$Premium)1,4871,2541,3361,189
RenovationS$40,000S$60,000S$80,000S$134,778
ContentS$20,000S$40,000S$60,000S$54,089

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 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.

However, although Aviva is suitable for those 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$15-25. Lastly, Aviva's Home Plus plan has around 40% below average renovation coverage, giving this top-tier option slightly lackluster value.

Read our full review

Home LiteTier 1 Avg.HomeTier 2 Avg.Home PlusTier 3 Avg.
PriceS$52.97S$111.34S$88.28S$181.39S$160.50S$279.66
Value ($Insured/$Premium)2,0771,1171,6991,1488491,217
RenovationS$75,000S$83,148S$100,000S$127,685S$100,000S$187,121
ContentS$35,000S$27,046S$50,000S$49,065S$100,000S$81,379
Home LiteTier 1 Avg.HomeTier 2 Avg.Home PlusTier 3 Avg.
PriceS$52.97S$111.34S$88.28S$181.39S$160.50S$279.66
Value ($Insured/$Premium)2,0771,1171,6991,1488491,217
RenovationS$75,000S$83,148S$100,000S$127,685S$100,000S$187,121
ContentS$35,000S$27,046S$50,000S$49,065S$100,000S$81,379
AXA Insurance
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

Promotion: 30% off

AXA's SmartHome offers one of the best-quality home content 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—further highlighting the extent of coverage you get from this option.

Read our full review

S$545,000 PlanS$590,000 PlanS$635,000 PlanPrivate Mkt Avg.
PriceS$137.23S$158.90S$180.56S$188.17
Value ($Insured/$Premium)3,9713,7133,5171,198
RenovationS$500,000S$500,000S$500,000S$133,010
ContentS$45,000S$90,000S$135,000S$50,751
S$545,000 PlanS$590,000 PlanS$635,000 PlanPrivate Mkt Avg.
PriceS$137.23S$158.90S$180.56S$188.17
Value ($Insured/$Premium)3,9713,7133,5171,198
RenovationS$500,000S$500,000S$500,000S$133,010
ContentS$45,000S$90,000S$135,000S$50,751

Best Coverage Home Insurance for Private Property Owners

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.

Read our full review

Plan 1Plan 2Plan 3Plan 4Mkt Avg.
PremiumS$121.98S$173.34S$224.70S$355.05S$188.17
Value (S$Insured/S$Premium)1,0661,1541,1791,2671,198
RenovationS$55,00S$75,000S$100,000S$150,000S$133,010
ContentsS$75,000S$125,000S$165,000S$300,000S$50,751
Plan 1Plan 2Plan 3Plan 4Mkt Avg.
PremiumS$121.98S$173.34S$224.70S$355.05S$188.17
Value (S$Insured/S$Premium)1,0661,1541,1791,2671,198
RenovationS$55,00S$75,000S$100,000S$150,000S$133,010
ContentsS$75,000S$125,000S$165,000S$300,000S$50,751

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

Promotion: Save 15% off your premiums when you sign up for 5-year plan

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.

Read our full review

S$150,000 PlanS$500,000 PlanS$1,150,000 PlanPrivate Mkt Avg.
PriceS$143.46S$246.54S$357.21S$188.17
Value ($Insured/$Premium)3,1373,5494,1991,198
RenovationS$100,000S$400,000S$1,000,000S$133,010
Contents$50,000S$100,000S$150,000S$50,751
S$150,000 PlanS$500,000 PlanS$1,150,000 PlanPrivate Mkt Avg.
PriceS$143.46S$246.54S$357.21S$188.17
Value ($Insured/$Premium)3,1373,5494,1991,198
RenovationS$100,000S$400,000S$1,000,000S$133,010
Contents$50,000S$100,000S$150,000S$50,751
Great Eastern
Great Eastern

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)

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, 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.

S$75k PlanS$120k PlanS$165k PlanMkt Avg.
PremiumS$58.86S$98.99S$139.11S$188.17
Value (S$Insured/S$Premium)1,2741,2121,1861,198
RenovationS$50,000S$75,000S$100,000S$133,010
ContentsS$25,000S$45,000S$65,000S$50,751
S$75k PlanS$120k PlanS$165k PlanMkt Avg.
PremiumS$58.86S$98.99S$139.11S$188.17
Value (S$Insured/S$Premium)1,2741,2121,1861,198
RenovationS$50,000S$75,000S$100,000S$133,010
ContentsS$25,000S$45,000S$65,000S$50,751
MSIG
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 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$119-223 given the ambitious benefits it offers.

MSIG's 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.

Read our full review

StandardSuperiorUltimateMkt Avg.
PremiumS$118.77S$176.55S$233.26S$188.17
Value (S$Insured/S$Premium)1,0521,1051,1581,198
RenovationS$75,00S$115,000S$150,000S$133,010
ContentsS$50,000S$80,000S$120,000S$50,751
StandardSuperiorUltimateMkt Avg.
PremiumS$118.77S$176.55S$233.26S$188.17
Value (S$Insured/S$Premium)1,0521,1051,1581,198
RenovationS$75,00S$115,000S$150,000S$133,010
ContentsS$50,000S$80,000S$120,000S$50,751

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 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
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 Landed Properties: AXA SmartHome

AXA Insurance
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

Promotion: 30% off

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.

Read our full review

AXA SmartHomeLanded Mkt Avg.
PriceS$323.01S$566.00
Value ($Insured/$Premium)3,513.821,442
BuildingS$1,000,000S$1,000,000
RenovationS$71,667
ContentS$135,000S$77,222
AXA SmartHomeLanded Mkt Avg.
PriceS$323.01S$566.00
Value ($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 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.

Read our full review

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
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: 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

Promotion: Save 15% off your premiums when you sign up for 5-year plan

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.

Read our full review

Tiq TenantTenant Market Avg.
PremiumsS$57.21-S$138.52S$133.00
Coverage RangeS$30,000-S$120,000S$64,024
Tiq TenantTenant Market Avg.
PremiumsS$57.21-S$138.52S$133.00
Coverage RangeS$30,000-S$120,000S$64,024
AXA Insurance
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

Promotion: 30% off

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.

Read our full review

AXA SmartHome TenantTenant Market Avg.
PremiumsS$40.93 - S$232.73S$133.00
Coverage RangeS$45,000 - S$250,000S$64,024
AXA SmartHome TenantTenant Market Avg.
PremiumsS$40.93 - S$232.73S$133.00
Coverage RangeS$45,000 - S$250,000S$64,024

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
AXAAvivaEtiqaOCBC
NTUCFWDHL AssuranceSompo
MSIGHSBCAlliedWorldAIA
Liberty InsuranceTokioMarineChubbAIG
DBSGreat EasternEQ
Anastassia Evlanova

Anastassia is a Research Analyst at ValueChampion Singapore, focusing on insurance. She graduated with Honors from Mohawk College with a postgraduate diploma in International Business Management and holds a B.A. in Economics from New York University. Her prior working experience includes work in the capital markets sector.

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