InsureGuru Learn

Insurance Costs for Different Types of Homes in Singapore

Insurance Costs for Different Types of Homes in Singapore

A typical home insurance company in Singapore provides protection to the homeowner for its home contents and structure. Home insurance’s price and coverage differ on the basis of the type and size of the property, its ownership status, and appraisal of the actual home value. Let’s look at the best insurers available in the market providing different policies for different kinds of homes in Singapore.

  • Best Insurers for HDB Flats Owners – NTUC, Tiq by Etiqa, FWD, and Aviva
  • Best Insurers for Private Homeowners – Aviva, FWD
  • Best for Landed Property Owners – AXA, NTUC

Let us now look at the costs for the above-mentioned types of homes in Singapore.

Average Home Insurance Cost for HDB Flat Owners

HDB homeowners looking to protect their contents as well as the interior renovations of the building should consider the premiums for HDB flat owners as per the different providers.

The average price of home insurance is coming out to S$154 a year for a 4-room HDB flat owner in Singapore. HDB is the most common type of housing in the country. Premiums range from S$50 to S$280 On an average these policies cover around S$30,000 of home contents and S$50,000 of home renovation costs, which is ideal for the basic needs of an average household.

HDB Flat Type Average Price Coverage Estimates Renovation Estimates
3 Room or Less S$93 S$20,000 S$30,000
4 Room S$138 S$30,000 S$50,000
5 Room & Above S$212 S$50,000 S$70,000

 

Average Home Insurance Cost for Private Home-Owners

As compared to an HDB flat, a typical private property requires a higher overall limit on the home insurance policy. Let us look at the demand of wealthy homeowners of private properties.

For private properties, the average cost of home insurance comes out to be S$111 for policies that cover home contents of approximately S$50,000 and renovation costs of S$70,000. Prices of individual policies range from S$84 to S$409, with some variations in coverage. This variation of policy should be sufficient for an average household living in a condo, equivalent to a 3-room HDB flat.

 

Private Home Tier Average Price Coverage Estimates (per year) Renovation Estimates (per year)
Tier 1 S$170 S$50,000 S$70,000
Tier 2 S$286 S$70,000 S$100,000
Tier 3 S$337 S$100,000 S$150,000

 

Best Home Insurance’s for Landed Property Owners

Apart from the premium coverage on renovation and contents, landed property owners also need to insure the building’s structure. There can be few optimal options depending on the cost of reinstating your landed property. Below are the top home insurance companies and their plans for landed property owners.

AXA Smart Home is among the best plans for landed property owners. If you choose the lowest building and contents coverage, you will be around 15% below the industry average and still receiving almost 4 times more structure and renovations coverage than average.

 

AXA Smart Home Landed Market Average
Price S$323.01 S$578
Value ($Insured/$Premium) 3,513.82 1,442
Building S$1,000,000 S$1,000,000
Renovation S$71,667
Content S$135,000 S$77,222

 

Best Home Insurance’s for Small Landed Property Owners

NTUC Income‘s Comprehensive Plan 1 and MSIG‘s Enhanced Home Plus Standard can be selected for small landed properties costing under S$300,000. Under these plans, the property owners can save you around 20-25% of the premium as compared to the plans offered by their competitor, AXA.

NTUC Income Plan 1 MSIG Home Plus Standard* Landed Mkt Avg.
Price S$203.30 S$225.77 S$272
Value ($Insured/$Premium) 1,894 1,661 1,486
Building S$275,000 S$250,000 S$250,000
Renovation S$60,000 S$75,000 S$105,600
Content S$50,000 S$50,000 S$48,400
Cost to Add S$10,000 Building/Renovation S$4.00 S$4.28 S$4.48
Cost to Add S$10,000 Content S$19.00 S$16.05 S$26.80

*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.

Joshua Foo

Joshua Foo

Financial Services Consultant

Joshua Foo joined Pana Harrison in 2019 after taking a break from the Life Insurance industry for 18 years. He joined the Insurance industry back in 1991 and decided that his passion still lies with helping individuals in their Financial Planning needs.

A dedicated individual who is sincere in listening to his clients and provides quality advise and solutions to cater to each needs.