Comparing the Best Home Insurance Policies in Singapore

The Singaporean market is flooded with Insurance policies. It can be a challenge to choose the best as per your needs with so many insurance plans available. Before selecting a plan, it is advisable to determine the kinds of coverage that you require and are looking for. Then, estimate the amount of coverage you need, making sure that you are not under-insuring your property. We recommend you to narrow down the policies that deliver high value and fulfil all your requirements.

Here are some home insurance plans and providers that might suit your needs:

AXA Home Insurance Plans

AXA’s home insurance policies might offer great value plans with peace of mind. AXA’s plans provides S$1 million coverage that offers excellent benefits at low rates – which might suit landed property homeowners. Although it provides slightly lower coverage than other plans, still it is 27% higher than the market average.

MSIG

In case you are looking for comprehensive policies that provide widespread benefits, then you might consider MSIG’s Enhanced Home Plus. MSIG offers combined coverage of S$125,000 to S$270,000 at reasonable premiums of S$119-223 considering the benefits it offers.

SOMPO

SOMPO provides a decent coverage and offers you a comprehensive protection for your home along with all your home contents. SOMPO offers some exclusive features like 24-hour Home Emergency Assistance services, Worldwide family personal liability extension, Identity Fraud coverage and Personal Accident coverage under this policy.

You can avail reimbursements for the cleaning of your home in case of a disease outbreak. Sompo Home Bliss offers you the policies at premiums for Standard Home (Cosy) from S$96.30, Standard Home (Serene) from S$165.85 and Standard Home (Luxury) from S$249.31.

Etiqa

Etiqa offers home insurance policies with high coverage compared to its price. It provides long-term plans with affordable premiums. Apart from providing regular home insurance policies, the company also offers 24-hour Emergency Assistance Service. These add-on services offer coverage for emergency plumbing, locksmith, and electricity issues.

FWD

FWD’s home insurance plans prides themselves on providing great value at the lowest possible prices for the average private-property and condo owners. It lets you opt for the exact coverage you want by paying only for the content and renovation coverage you want.

You can always add on your plan by taking the personal accidents coverage and adding S$100,000 to your policy. Similarly, you can add S$5,000 for medical and pet care coverage making sure that everyone you care is well protected. You can also protect precious artefacts by adding as low as S$1000 to your policy.

NTUC Income

NTUC offers a customised home insurance plan for its wide customer base. NTUC’s Enhanced Home Insurance is one the cheapest plans for HDB flat owners in the market. It starts with a premium of as small as S$51.36 per annum for a four-room HDB flat. The plan offers S$1500 sum assured per dollar of premium paid, i.e. approximately 33% higher than the market average. NTUC prides itself in allowing its customers to shrink or increase their coverage amount under its flexible coverage scheme.

To come up with a policy that suits all your needs to protect you and your valuables in all situations, you’ll need to analyse the best available options and then finalise the best among all. As per the current market, here is a brief comparison of the amount of coverage provided under the featured home insurance policies.

*The advice offered in this column is intended for informational purposes only and not intended to replace or substitute for any professional, financial, legal, or other professional advice. If you have specific concerns or a situation in which you require professional help, you should consult with an appropriately trained and qualified adviser.