Home Insurance Policies – Do You Need It and What’s The Price Range

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This will be a short write up on what’s the different in HDB fire and Home insurance and the price plan for Home insurance.


HDB Fire Insurance

HDB home owners must buy and renew the HDB fire insurance for your homes, for as long as you have an outstanding HDB loan. 

The HDB fire insurance covers the cost of reinstating damaged internal structures, fixtures, as well as areas built and provided by HDB. It does not include home contents such as furniture, renovations and personal belongings.

The current appointed insurer for the HDB Fire Insurance Scheme is FWD Singapore Pte Ltd and the insurance is valid for a 5-year period; renewal is done once every 5 years.

From 16 August 2019 to 15 August 2024, the 5-year premiums (including 7% GST) are as follows:

Credits: HDB; HDB Fire Insurance

Home Insurance Plan

Home Insurance provides coverage for the building, fixtures, fittings as well as renovations and your household content. Its a good to pair the compulsory HDB Fire Insurance with a home insurance plan so that there’s comprehensive coverage for your home.

I did some research and purchase from AIG. Since I got some data, I might as well share in here so readers can benefit from It.

Plan Name Household Contents Building Covrrage Personal Liability Personal Accident 1 Year Plan 2 Year Plan 3 Year Plan 5 Year Plan
AIG Enhanced Public Housing Contents$150,000$100,000$400,000$20,000$70.62 $353.10
FWD Home insurance $100,000 $120,000 $500,000 $20,000 $161.38$314.69
Tiq Home Insurance $90,000$98,200$500,000$50,000$131.26$374.10$557.89
HLAS Home Protect 360 Silver $100,000 $100,000 $500,000 $35,000$381.96
MSIG Enhanced Home PlusStandard Plan $80,000$115,000$100,000,000 $75,000$158.90

Conclusion

The reason why I choose AIG is cause they offer competitive rates for 5 years premium at $353.10 and there will be a $50 shopping vouchers if you took up their 5 years plan. Another reason will be I do not like to source for insurance yearly.

Author: The Financial Guy

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