The best home insurance in Singapore is the policy that covers what the compulsory fire insurance leaves out: your renovation, your contents and your liability to other people. HDB fire insurance costs only a few dollars for five years, and it protects the flat’s structure, not anything you put into it.
This article explains that gap, then compares four insurers’ home plans on their own published terms as at November 2026. It does not quote home insurance premiums, which vary with the sums you choose.
What HDB Fire Insurance Covers, and What It Does Not
If you have an outstanding HDB housing loan, you must buy fire insurance from HDB’s appointed insurer and renew it every five years. Etiqa Insurance has been the appointed insurer since 16 August 2024.
Etiqa’s scheme page says the policy covers fire damage to the building structure and to fixtures and fittings provided by HDB. It does not cover home contents, renovations or personal belongings.
| Flat type | Five-year premium (with GST) | Sum insured |
|---|---|---|
| 1-room | S$1.11 | $37,900 |
| 2-room | $1.99 | $57,000 |
| 3-room | $3.27 | $83,300 |
| 4-room | $4.59 | $117,000 |
| 5-room | $5.43 | $144,800 |
| Executive or multi-generation | $6.68 | $176,700 |
Source: Etiqa’s HDB Fire Insurance Scheme page, sums insured effective 16 August 2024. Confirm the current figures with Etiqa or HDB.
The General Insurance Association (GIA) makes the same point about bank loans. Fire insurance arranged for a mortgage is basic cover that mainly protects the lender. Renovations and contents, such as furniture, appliances and personal effects, need a separate policy.
The short version: After a fire, the HDB scheme restores the flat to the condition HDB handed it over in. The flooring, kitchen cabinets, wardrobes, appliances and everything in the drawers are yours to replace unless you hold a separate home insurance policy.
How We Compared Home Insurance
We read each insurer’s own product page for five things: what triggers a claim, how the sum insured works, the liability limit, help with temporary accommodation, and stated exclusions. The four are Income, Singlife, FWD and Tiq by Etiqa, chosen because their pages state these terms in figures.
This is a sample of the market and not a ranking. No insurer pays to be included.
Best Home Insurance in Singapore: Four Plans Compared
| Income (Enhanced Home) | Singlife (Home) | FWD (Home) | Tiq by Etiqa (Home) | |
|---|---|---|---|---|
| Contents cover | Sum you choose; sub-limits apply | $35,000, $50,000 or $100,000 by plan | Up to $100,000 | Sum you choose; valuables up to 30% of it |
| Renovation cover | Sum you choose | $75,000 or $100,000 by plan | Up to $100,000 | Sum you choose |
| If you under-insure | Claims reduced in proportion | No penalty; “first-loss” basis | Not stated on the page | Not stated on the page |
| Personal liability | $5,000,000 worldwide, for the family | $500,000 worldwide, for the family | Worldwide; limit not stated on the page | $500,000 or $1,000,000 by home type |
| Temporary accommodation | Hotel costs up to $350 a day, within an overall limit | Up to $1,000 a week for 12 weeks | Not stated on the page | Emergency cash allowance |
| Emergency home assistance | Up to 4 times a year, $150 each | Included on all plans | 4 services, up to $100 each a year | $200, up to 4 times a year, on plans of 3 years or more |
Source: each insurer’s own product page, as at November 2026. “Not stated on the page” means the detail is in the policy wording.
Insured events, not “everything”
The plans we read cover a list of named events. Income’s page lists fire, bursting or overflowing of water tanks and pipes, theft involving force, and windstorm and similar perils. Singlife’s list adds flood, explosion, riot and vehicle impact.
If something happens that is not on the list, there is no claim. Read the list before the limits.
Sub-limits on valuables
A contents sum of $50,000 does not mean $50,000 for a watch. Income’s page caps mobile phones at $500 each and laptops at $1,500 each, and valuables at 5% of the contents limit per item. Singlife caps each valuable at $1,750 to $5,000, depending on the plan.
Liability is easy to overlook
Personal liability cover pays if you are legally responsible for injury to someone or damage to their property. In a flat, the common case is a fire or a burst pipe that damages a neighbour’s home. The limits above range from $500,000 to $5,000,000.
The Maths: What Under-Insurance Costs
Some policies apply “average”. If you insure for less than the full value, each claim is cut in the same proportion. Income’s page says under-insurance results in a proportionate share of each claim being borne by you.
An illustration with our own figures:
- Your contents would cost $80,000 to replace. You insure them for $40,000, which is half.
- A kitchen fire destroys $10,000 of appliances.
- The policy pays half: $5,000. You bear the other $5,000, even though the loss was well below your $40,000 limit.
On a first-loss policy, the same claim would be paid in full up to the limit. Singlife’s page describes its cover this way. The trade-off is that first-loss plans come in fixed bands, which may be lower than your renovation cost.
Who Each Approach Does Not Suit
- HDB fire insurance alone does not suit anyone who has renovated or could not afford to refurnish from savings.
- Fixed-band plans do not suit a home with a renovation that cost more than the band, unless you buy the optional increase.
- Choose-your-own-sum plans do not suit owners who guess the figure. A low guess can shrink every claim.
- Any contents plan leaves a gap for expensive jewellery, watches or cameras above the per-item cap. Ask about declaring them separately.
What To Do Next
- Find your HDB fire insurance certificate and note the expiry date. It is a five-year policy and easy to forget.
- List your renovation cost and walk through each room to estimate what replacing the contents would cost today.
- Check each shortlisted policy for three things: the insured events, the per-item caps, and how water leaks are treated.
- Put the premium in our monthly budget planner with your other yearly bills.
- Home insurance protects the flat’s contents, not the loan. For cover that clears the mortgage on death or disability, see our guide to the Home Protection Scheme and the life insurance guide.
- Employing a helper? Some maid policies add home contents cover. See our maid insurance comparison.
- Vet bills are a separate kind of cover; see how to compare pet insurance for dogs and cats.
