Updated Jan 2026: Compare the best home insurance in Singapore side-by-side. Whether you need basic HDB fire insurance or comprehensive all-risk coverage, we analyse insurers like FWD, MSIG, and Tiq to secure your renovations and belongings.
Get free quoteHome insurance covers losses and damages to your property, furnishings and other belongings in the home. It typically includes liability protection for incidents occurring on the property.
Fire insurance is a subset of home insurance, and provides less comprehensive coverage for your property.
While both types of policies may appear to offer similar protections, fire insurance typically offers a more basic coverage limited to damages caused by fire to both interior and exterior structures. On the other hand, home insurance provides a broader range of coverage, extending to personal belongings and home renovations.
For HDB owners who have a mortgage loan with HDB, fire insurance is mandatory. However, for those residing in private properties, it is optional. Owners of private condominiums typically rely on their apartment block’s management to provide a master fire insurance plan covering the buildings.
The top two causes were electrical fires and cooking accidents.
Source: The Straits Times
There are 3 main types of home insurance:
Types of home insurance | What it covers | Levels of coverage | ||
| Fire only | Insured perils | All risks | ||
| Basic HDB fire insurance | The building and wall structures or pillars provided by HDB or an approved developer | ✅ | ||
| Home contents insurance | Renovation costs, fixtures and fittings, and items you own, such as your TV and sofa | ✅ | ✅ | ✅ |
| Comprehensive home insurance | Covers both building and wall structures, and renovation costs, fixtures and fittings, and items you own | ✅ | ✅ | |
Explore the leading fire and home insurance plans in Singapore by their key benefits and features, then review a detailed comparison of HDB fire insurance versus comprehensive home insurance to understand coverage differences.
Comprehensive third party liability: MSIG Enhanced HomePlus
Comprehensive coverage for luxury items: Chubb Masterpiece Home
Supplementary benefit – accidental death or theft of pet: Income Home
Supplementary benefit – handyman assistance: Income Home
Low cost: FWD Home insurance for HDB, MSIG for private properties
Flat owners with existing HDB loans commencing on or after 1 September 1994 must be insured under the HDB fire insurance. The current appointed insurer for the HDB Fire Insurance Scheme is FWD Singapore Pte Ltd. Here’s a breakdown on how it differs to a comprehensive home insurance:
| Clause / Term | FWD fire insurance | Comprehensive home insurance |
| Building structure | Cost of reinstating damaged internal structures, fixtures, as well as areas built and provided by HDB | Covered |
| Renovation | Not covered | Covered |
| Contents e.g. furnitures | Not covered | Covered |
| Perils covered | Fire only | Option to cover limited perils such a fire, flood, explosions or to cover all risks |
| Third party personal liability | Not covered | Covered |
| Premium | Lower | Higher |
| 4-room flat premium | $6.05 for 5 years Sum assured: $82,000 | From $375 for 5 years onwards |
Source: HDB
You may buy additional home insurance to extend further protection over items in your home that are not covered under the HDB fire insurance. You can get the additional coverage from a separate insurance policy of your choice.
When selecting a home insurance plan, it’s important to understand the difference between All-Risk and Insured Perils coverage.
Here’s a breakdown of each to help you choose the best protection for your home.
All-Risk Coverage: Protects against a wide range of unexpected losses, covering any incident not specifically excluded in the policy.
Insured Perils Coverage: Covers only specific risks that are explicitly listed in the policy.
Summary of differences between all-risk and insured perils coverage
| Feature | All-Risk Coverage | Insured Perils Coverage |
| Scope | Covers all risks unless specifically excluded | Covers only listed risks |
| Common Inclusions | Theft, fire, vandalism, certain water damage, etc. | Fire, lightning, explosions, vehicle impact, natural disasters |
| Exclusions | Wear and tear, intentional damage, war, nuclear hazards | Any risk not specifically listed |
| Cost | Higher premium due to broader coverage | Generally more affordable |
| Ideal For | Homeowners wanting comprehensive coverage | Those seeking basic, budget-friendly protection |
| Pros | Offers broad protection and peace of mind, covering most risks unless specifically excluded. | More affordable than all-risk coverage due to its limited scope. |
| Cons | Tends to be more expensive than insured perils coverage due to its wide scope of protection. | Only covers listed perils; any non-listed events are not covered, potentially leaving coverage gaps. |
Third party liability coverage protects you or your family members if you’re found legally responsible for inadvertently injuring someone or causing loss or damage to someone else’s property.
This coverage includes bearing the legal costs and expenses associated with representing or defending you or your family member.
For instance, if a kitchen fire spreads to your neighbour’s unit resulting in damage to their property, this coverage would come into effect.
This refers to enhancements and modifications made by either yourself or any previous owners. Examples of such improvements may include flooring, built-in wardrobes, air-conditioners and kitchen cabinets.
Home contents means any physical and movable household items or personal belongings including money and valuables kept within the premises that belong to you or your family members.
$213,000
The estimated cost to repair a 4-bedroom HDB after a fire.
Source: Sompo’s reinstatement calculator
It’s important to get covered for adequate amounts. If the property is under-insured, the insurer will work out the percentage covered. This figure is based on the difference between the benefit limits as listed in your schedule, and the total actual replacement cost of your building, renovations or contents at the time of the loss or damage.
Here’s an example based on Income’s Home insurance plan:
Insured amount
Actual cost of damage
Computation of insurance coverage in percentage:
This will result in you bearing 61% of the repair costs.
Example 2: If there is a loss of or damage to the building or renovations at $100,000 and to the contents at $20,000, you will be responsible for paying:
The insurer will only pay $40,000 to repair, replace or reinstate the building or renovations and $4,000 to repair or replace the contents.
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You may want to extend your coverage to valuables kept in your home. This may include precious artworks, luxury bags, jewellery or even cash.
Some lenders may accept fire insurance, while others may insist on a more comprehensive home insurance policy. Check with your mortgage lender to understand their specific requirements.
If you are a landlord, limit your liability that can arise from your tenant’s injuries. For example, a loose shower screen that shatters causing hurt to your tenant and the resulting cost of medical attention or other compensation.
If you live in older properties, there are higher chances of water leakage, and even electrical fires. With higher odds of such incidents happening, home insurance becomes more of an essential.
This is protection for you and your family if there is accidental damage, injury or death caused to third parties. An example could be a kitchen fire that started in your home and causes damage to your neighbours’ homes.
Different insurance companies also offer a range of other benefits — protection against theft, fixed glass breaking accidentally, debris removal, home quarantine allowance and the cost of temporary accommodation, to name a few.
Having an an emergency hotline you can call for help in times of emergency can be a source of security. Some plans even provide you with access to a handyman or a locksmith if you forget your keys by mistake.
Read more: Home Insurance: What To Consider and How To Know Which To Choose
