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Home Insurance Singapore Guide — Types, Costs & What You Need
There are three types of property insurance in Singapore. Most people confuse them, overpay for coverage they don't need, or skip the one they actually do. Here's the full picture.
Answer: Singapore home insurance falls into three categories: fire insurance (~$5/yr for HDB, mandatory with mortgage), home contents insurance ($100–$400/yr, optional but recommended), and mortgage insurance (Home Protection Plan, mandatory for HDB loans, paid via CPF). For HDB owners, the must-haves cost under $10/yr. For condo owners, budget $200–$400/yr for proper contents coverage.
The Three Types of Property Insurance
| Type | What It Covers | Mandatory? | Cost/Year |
|---|---|---|---|
| Fire insurance | Building structure (walls, floors, fixtures) | Yes (HDB mortgage) | ~$5 |
| Home contents | Furniture, reno, electronics, valuables | No | $100–$400 |
| Mortgage / HPS | Outstanding loan (death/TPD) | Yes (HDB loan) | CPF-paid |
HDB Fire Insurance Scheme via FWD Insurance. Home Protection Scheme via CPF Board.
Fire Insurance — The Mandatory One
If you have a mortgage on an HDB flat (HDB loan or bank loan), fire insurance is compulsory. Most HDB owners are auto-enrolled in the HDB Fire Insurance Scheme, underwritten by FWD Insurance.
| HDB Flat Type | Coverage | Annual Premium | 5-Year Premium |
|---|---|---|---|
| 1–2 room | $77,000 | $1.5 | $7.5 |
| 3-room | $77,000 | $1.5 | $7.5 |
| 4-room | $97,000 | $3.85 | $19.25 |
| 5-room | $113,000 | $4.85 | $24.25 |
| Executive / EA | $139,000 | $6.2 | $31 |
Coverage is for rebuilding cost, not market value. Paid via GIRO or one-time 5-year payment.
Home Contents Insurance — The One You Probably Need
Fire insurance covers the structure. Home contents covers everything inside — renovations, furniture, appliances, electronics, clothing, valuables. If a kitchen fire destroys your $40,000 renovation, fire insurance won't pay. Contents will.
| Coverage Tier | Sum Insured | Annual Cost | Best For |
|---|---|---|---|
| Basic | $20,000–$30,000 | $80–$120 | Minimal reno, rental |
| Standard | $50,000–$70,000 | $150–$200 | Typical HDB 4-room |
| Comprehensive | $80,000–$150,000 | $200–$350 | Extensive reno, valuables |
| Condo / Landed | $100,000–$300,000 | $250–$500 | Larger units, premium finishes |
What Home Contents Insurance Covers (and Doesn't)
| Typically Covered | Usually NOT Covered |
|---|---|
| Built-in renovations (wardrobes, kitchen cabinets) | Normal wear and tear |
| Furniture and appliances | Pest damage (termites, mould) |
| Electronics (TV, laptop, phone) | Intentional or self-inflicted damage |
| Clothing and personal items | Cash, securities, crypto |
| Alternative accommodation (if home uninhabitable) | Vehicles and bicycles (usually) |
| Personal liability (visitor injury in your home) | Pre-existing damage or defects |
| Burst pipes and water damage | Government acquisition / land compulsion |
Add-ons vary by insurer. Read the policy exclusions carefully. Worldwide personal belongings coverage is usually optional.
HDB vs Condo — Insurance Differences
The insurance requirements are different depending on your property type. Here's a side-by-side.
| Insurance | HDB (HDB Loan) | HDB (Bank Loan) | Condo (Bank Loan) |
|---|---|---|---|
| Fire insurance | Auto (HPS ~$5/yr) | Required (own policy) | MCST master policy covers structure; bank may require top-up |
| Mortgage insurance | CPF HPS (compulsory) | Own MRTA or decreasing term | Own MRTA or decreasing term |
| Home contents | Optional | Optional | Optional (strongly recommended) |
| Typical total cost | <$10/yr + CPF | $200–$500/yr | $300–$600/yr |
For condos, the MCST building insurance covers common property and the unit shell. Interior renovations and belongings are your responsibility.
Home Protection Plan (HPS) — Mortgage Insurance for HDB
If you have an HDB loan, CPF Board automatically enrols you in the Home Protection Scheme. This is mortgage insurance — it pays off your remaining loan if you die or become totally and permanently disabled (TPD) before age 65. Premiums are deducted from your CPF OA.
| Feature | CPF Home Protection (HPS) | Bank MRTA | Standalone Decreasing Term |
|---|---|---|---|
| For | HDB loan holders | Bank loan holders | Bank loan holders |
| Mandatory? | Yes | No (bank may require) | No |
| Premium source | CPF OA | Cash | Cash |
| Coverage ends | Age 65 | End of loan | End of loan |
| Portable? | HDB loan only | No (tied to bank) | Yes (keep on refinance) |
| Cost comparison | — | Baseline | 20–50% cheaper than MRTA |
If you refinance from HDB loan to bank loan, you lose HPS coverage and must arrange your own mortgage insurance.
What I'd Recommend
HDB owner with HDB loan
You already have fire insurance (auto) and HPS (auto). Add home contents insurance ($150–$200/yr) and you're fully covered. Total cash outlay: under $200/yr.
HDB owner with bank loan
Arrange your own fire insurance (or keep HDB's scheme). Get a standalone decreasing term plan instead of the bank's MRTA — 20–50% cheaper. Add contents insurance. Budget $300–$500/yr total.
Condo owner
MCST covers the building. Get home contents insurance with interior renovation coverage ($250–$400/yr). Arrange mortgage insurance via a standalone plan, not the bank's MRTA. Budget $400–$600/yr total.
Insurance is one cost of many
Factor in stamp duty, legal fees, down payment, and monthly mortgage to get the full picture of your property purchase.
FAQ
Is home insurance mandatory in Singapore?
It depends on the type. Fire insurance is mandatory if you have an HDB mortgage — you’re auto-enrolled in the HDB Fire Insurance Scheme (~$5/year). The Home Protection Scheme (HPS) is mandatory for HDB loan holders — it pays off your loan if you die or become permanently disabled. Home contents insurance is always optional, but strongly recommended.
How much does home contents insurance cost in Singapore?
Home contents insurance costs $100–$400 per year depending on coverage ($20K–$150K sum insured), flat size, and add-ons. A standard HDB 4-room plan runs about $150–$200/year. Condo plans with higher coverage and personal liability run $250–$400/year. Popular providers include NTUC Income, MSIG, AXA, and Etiqa.
What is the difference between fire insurance and home contents insurance?
Fire insurance covers the building structure — walls, floors, ceilings, built-in fixtures — against fire and related perils. Home contents insurance covers everything inside: your furniture, electronics, renovations, clothing, and valuables. If a fire destroys your $40K kitchen renovation, fire insurance won’t pay. Home contents will.
Do condo owners need fire insurance?
The MCST’s master policy covers the building structure (common property and unit shell). But it usually does not cover your interior renovations, fixtures, or personal property. Most banks require you to have a fire/property insurance policy as a loan condition. You should also get home contents insurance for your interior and belongings.
What does the Home Protection Scheme (HPS) cover?
HPS is a mortgage insurance scheme run by CPF Board. It pays off your outstanding HDB loan if you die or become totally and permanently disabled before age 65. Premiums are paid from your CPF OA. It is compulsory for all HDB loan holders. If you have a bank loan on an HDB flat, HPS does not apply — you need your own mortgage insurance.
Can I use CPF to pay for home insurance?
Only for the Home Protection Scheme (HPS) — premiums are automatically deducted from your CPF OA. Fire insurance premiums and home contents insurance premiums must be paid in cash. Some insurers offer monthly payment plans to spread the cost.
Related
- Fire & Home Insurance Cost — quick cost comparison
- Total Cost of Buying a Condo — all fees and hidden costs
- Condo Maintenance Fee Singapore
- Refinance Home Loan Singapore
- Property Loan Interest Rates 2026
Last updated Feb 2026. HDB Fire Insurance Scheme rates via FWD Insurance. Home contents premiums are market estimates. This is informational, not financial advice.