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Your Ultimate Guide to Choosing the Right Home Insurance in Singapore

Maelyn Lagman

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Home insurance is a crucial aspect of protecting your most valuable asset in life. In Singapore, while fire insurance is mandatory, home insurance is not. That leaves your personal belongings and renovations vulnerable to unforeseen events. Investing in home insurance ensures you have comprehensive protection against various risks that could impact your home and financial stability.

Table of Contents

What is home insurance?

is your home covered with insurance? Here's how you can get 1 year insurance free

Unlike fire insurance, which mainly covers damage to your home’s structure, home insurance protects your personal belongings, renovations, and offers extra benefits like liability protection and temporary housing if your home becomes unlivable. 

Liability protection is a part of home insurance that covers you if someone gets hurt on your property or if you accidentally damage someone else’s property. For example, if a visitor slips and falls in your home and decides to sue you for medical expenses, liability protection can help cover those costs. It also applies if, say, your child accidentally breaks a neighbor’s window while playing. This protection helps cover legal fees and any settlements or judgments up to the policy’s limit.

Full list of home insurance coverage

Here’s a breakdown of what home insurance typically covers:

Coverage TypeDescription
Home ContentsProtection for furniture, appliances, electronics, and other personal belongings.
RenovationsCoverage for upgrades and enhancements made to your home, including built-in fixtures and fittings.
Personal LiabilityProtection against legal and financial liabilities if someone gets injured or their property is damaged due to your actions.
Personal AccidentCoverage for medical expenses arising from accidents within your home.
Alternative AccommodationCosts for temporary housing if your home becomes uninhabitable due to an insured event.
PetsVeterinary care coverage for your furry friends.
Personal Effects, Loss of Money, and ValuablesProtection against loss or theft of valuable items, including cash, jewelry, and important documents.
Insured Peril vs. All-Risks Coverage*Understanding the scope of coverage offered by different policy types.

*Insured peril vs All-risks coverage

  • Insured Peril: Covers specific risks explicitly listed in the policy, such as fire, theft, or water damage.
  • All-Risks: Provides broader coverage for a wider range of risks, except those explicitly excluded. This type offers more comprehensive protection but may come at a higher premium.

When do you need home insurance?

1. When you buy a new home

When you buy a new home, it’s likely one of the most significant investments you’ll ever make. Home insurance ensures that this investment is protected right from the beginning. It covers potential damages or losses that could occur, giving you peace of mind knowing your new property is safeguarded against various risks.

If you’re looking to sell your current property and buy a new home, drop us a message on WhatsApp. We’ll help you maximise your profit so you can use your sale proceeds for your next property purchase. 

2. When you renovate your home

Renovations can significantly increase the value and functionality of your home. Whether you’re adding a new room, upgrading your kitchen, or making other improvements, home insurance can cover these enhancements. This means that in the event of damage, you won’t lose the money you invested in making your home better.

If you’re thinking of renovating your new home, you can also partner with our renovation firm, DreamR, for a home renovation that reflects your vision and requirements, and more importantly, is completed on time.

A beautifully designed bedroom features a plush bed with beige linens, accentuated by a padded headboard and soft pillows. The room is bathed in natural light from floor-to-ceiling windows covered with sheer curtains, creating a serene and cozy atmosphere. The minimalist decor is complemented by a large abstract art piece above the bed, contributing to the tranquil and elegant aesthetic.

DreamR provides comprehensive renovation solutions, from the initial concept development to interior design and all the way to construction and handover, ensuring your home transformation is handled with the utmost care and professionalism.

With DreamR, you can enjoy the peace of mind that comes with knowing your renovation project is in expert hands​​​​.

Speak with our team at DreamR and drop us a message on WhatsApp or fill up this form to book a callback and meet with our interior designers. 

How much is home insurance?

The cost of home insurance varies based on several factors:

  • Type and Value of Coverage: More comprehensive coverage and higher coverage limits increase premiums.
  • Location: Homes in areas prone to natural disasters or higher crime rates may have higher premiums. (Not really so applicable if you live in Singapore. Alas.)
  • Property Value and Renovation Costs: Higher property values and extensive renovations lead to higher premiums.
  • Insurance Provider: Different insurers offer varying rates and packages. It’s crucial to compare quotes from multiple providers.

Full list of home insurance providers in Singapore

Now, if you’ve decided to go ahead with getting home insurance, you can consider any of these home insurance proviers in Singapore:

  1. Singlife
  2. NTUC Income
  3. AIG Singapore
  4. AXA Insurance
  5. MSIG Insurance
  6. FWD Insurance
  7. Etiqa Insurance
  8. Great Eastern
  9. Allianz Insurance
  10. Tokio Marine

Claim a FREE One-Year Home Insurance from Singlife, in partnership with Ohmyhome

With Ohmyhome, you can enjoy a FREE One-Year Home Insurance from Singlife. We have collaborated to provide Ohmyhome customers/users with comprehensive home insurance coverage at no cost. 

The plan will be valid for one year and is non-renewable, so you won’t have to worry about incurring any fees after 12 months. (As this is a complimentary cover, you will not be able to exchange it for cash.) 

However, if you have an existing home insurance plan with Singlife, you will not be able to apply for this as you are only allowed to claim under a single policy. 

Redeem a FREE One-Year Home Insurance with Singlife here.

What you’ll get with the One-Year Home Insurance

Here are the details of the free coverage.

  • Up to S$20,000 on Household Contents: Protection for your furniture, appliances, and other personal belongings.
  • Up to S$50,000 on Renovations: Coverage for upgrades and enhancements made to your home.
  • Up to S$50,000 on Family Worldwide Liability: Protection against legal and financial liabilities if someone gets injured or their property is damaged due to your actions.
  • Up to S$10,000 on Alternative Accommodation or Loss of Rent: Costs for temporary housing if your home becomes uninhabitable due to an insured event.

When you can make a claim

You can claim for the following perils:

  • Fire
  • Flood
  • Theft
  • Earthquake and Lightning
  • Explosion
  • Bursting or Overflowing of Water Pipes or Household Apparatus
  • Vehicle Impact
  • Riot, Strike or Civil Commotion

Redeem a FREE One-Year Home Insurance with Singlife here.

FAQs about home insurance

What is the best house insurance?

The best house insurance depends on your specific needs and budget. Look for comprehensive coverage, a reliable provider, and positive customer reviews. Ohmyhome’s FREE one-year home insurance with Singlife is an excellent option, offering substantial coverage at no cost.

How much does home insurance cost in Singapore?

Home insurance costs in Singapore can vary widely, typically ranging from S$100 to S$500 per year, depending on the coverage level, the value of your home and belongings, and the insurer.

Is home insurance compulsory in Singapore?

No, home insurance is not compulsory in Singapore. However, it is highly recommended to protect your personal belongings, renovations, and provide additional liability coverage.

The original version of this article is published on PlannerBee.

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