Essential Things You Need to Know About Home Insurance in Singapore


Buying a home is a big deal; you need to put a lot of effort to own one, but it is worth it. Like buying, preserving your home and its valuable contents is also essential. You can safeguard your home, its contents, and precious memories with appropriate insurance. The increasing number of accidents and theft in society has made it inevitable to buy insurance to protect your home. 

Owning a home is a dream for everyone; we spend almost the fortune we earned in our lifetime to have it. Protecting it with a good home insurance policy is essential. Insurance coverage reimburses or compensates the loss due to fire, theft, etc. It saves us from heavy losses owing to such accidents.

You can find several leading insurance companies offering home insurance plans if you are living in Singapore. For instance, myHome Protect II from DBS is one of the best insurance plans that cover fire or a burst pipe at home.

You can compare the insurance quotes of different companies online to get a suitable insurance plan at a low price. Further, you can find tailor-made house insurance programs based on your objectives and other factors such as your assets, tax circumstances, etc.

Some benefits of Buying Home Insurance Online

Home insurance covers any damage like electrical leakage, fire, theft, natural calamities, burst pipes, etc. Home insurance protects you from any financial loss you may suffer due to electrical, fire, theft, or natural causes. You can claim an amount up to the insured sum on your household insurance to compensate for the loss. 

You can choose comprehensive home insurance in Singapore based on your requirement and financial condition. The home insurance in Singapore protects the building, electrical fittings, pipes, and other personal properties from the events such as: 

  • Storm or hurricane 
  • Cyclone 
  • Typhoon and flood
  • Bursting and leaking of pipes  
  • Overflowing of water tanks or pipes 
  • Earthquake impact
  • Fire 
  • Lightning or explosion
  • Riot or civil commotion
  • Vandalism
  • Acts of malicious damage 
  • Theft attempted 
  • Theft or burglary 

In addition, home insurance in Singapore also provides coverage for valuable personal gadgets such as mobile phones or tablets. You can claim an advance payment to replace your mobile phone, tablet, or any other gadget immediately after the occurrence of the event. The insurance policy covers alternative accommodation where the insurer can claim for rented accommodation or alternate accommodation if the insured home becomes uninhabitable due to the insured event.

The insured can also enjoy other benefits like a No Claim Bonus, wherein you will get a 10 percent refund of the 12-month premium paid. 

How to choose the best home insurance company?

You can search online on the web portals of reliable insurance companies like DBS to know more about various insurance plans, the approximate amount of premium, benefits, and the things covered and not covered. Also, you can check out customer feedback online to get authentic and genuine information about a particular insurance company.

Such information is essential for making the correct decision before buying home insurance. You can talk to the customer care person to get a rough idea about the company and how they handle tough situations and complaints.

It is also essential to check the premium amount, which is calculated based on the amount of risk in which the insured person is involved. Moreover, the insurance premium assessment depends on several factors such as:

  • Type of plan you choose
  • Sum insured
  • Tenure

As with home insurance in Singapore, you can find some plans offering add-ons and benefits like worldwide coverage for household and personal belongings, third-party insurance coverage for accidental death or injury, property damage, and sports equipment, like treadmills or bicycles, at home.

Several websites provide complete information about insurance companies. You can visit the web portals of different insurance companies for more information on their home insurance plans, premium, and benefits.