Our Top Pick for Home Insurance in 2026

Residential fires rose from 968 cases in 2024 to 1,051 cases in 2025 with the two leading causes being unattended cooking and electrical faults. Of these fires, Active Mobility Devices (AMDs) such as Personal Mobility Devices (PMDs), Power-Assisted Bicycles (PABs) and Personal Mobility Aids (PMAs) accounted for a substantial proportion of electrically caused fires with 44 out of 299 cases linked to these devices. About half of the AMD-related fires occurred while the devices were charging, and with more than 70 per cent of AMD fires in HDB flats over the past three years involving illegally modified and/or non-compliant devices.

Beyond the emotional toll, rebuilding and renovating a home after a fire can be financially overwhelming. Home content insurance provides essential protection by covering the cost of repairs, replacements, and home appliances to help families recover faster and rebuild their lives. In this article, we share tips on how to choose a home insurance plan that best fits your needs.

1.     Fire insurance is not the same as home content insurance

HDB homeowners or owners of a condominium or apartment property in Singapore are required to purchase or pay for a fire insurance policy. This fire insurance covers the building structure and common areas and is not to be confused with home content insurance that cover the homeowner's personal belongings and renovations within their individual unit. 

Here are the differences between the compulsory fire insurance (mandated for HDB and Condominium owners) and a home content insurance plan:

	HDB fire insurance or MCST fire insurance	Home content insurance
Covers for	The cost to reinstate the building structure. Does not cover homeowner’s personal belongings and renovations done within their unit.	The contents in your home such as your personal belongings, furniture, renovations and any other home improvements made to your unit. Additional features such as alternative accommodation allowance, assistance services for plumbing, air-conditioning, electrical repairs, and/or locksmith services may also be offered as part of your home content insurance.
Is this coverage mandatory?	Yes	Optional
Intent of coverage	Protects the interest of HDB or MCST. Claims payable will be given back to HDB or MCST for the purpose of reinstating the property after damage has taken place.	Protects the interest of the homeowner. To help the homeowner to rebuild or replace damaged furniture and/or renovation after a loss or damage.

Additionally, if the fire in your unit spreads to your neighbour's house or the common corridor you could be held legally liable for the damages caused to the corridors, facade or lift. Coverage for personal liability is a feature that is usually included in home content insurance but is not available in a basic HDB or MCST fire insurance.

Do note that for homes insured by HDB or the MCST, claims should first be made with the respective parties before filing for a claim with your home insurance provider.

2.     Receive comprehensive coverage with an all-risk home insurance

Home content insurance can be categorised into insured perils and all risk home insurance plans. Here are the differences between the two:

• Home insurance with Insured Perils coverage applies only to a specified list of events as outlined in the policy. Common insured perils include fire, lightning, explosion, theft accompanied by forcible entry, and bursting or overflowing of domestic water tanks or pipes in your home. Under an insured peril home insurance policy, a claim can only be made if the loss or damage results directly from one or more of these listed events.

Do note that definitions and scope of coverage for the insured events may vary between insurers. Please refer to your respective home insurance policies for the most accurate and up-to-date coverage information.

• All Risk home insurance covers for insured perils as well as the accidental loss or damage arising from any cause, unless specifically excluded in the policy. As a result, all risk policies offer a broader scope of protection compared to insured perils policies. However, do note that all-risk home insurance plans tend to come with a heftier price tag due to the broader level of coverage provided.

	Insured peril home insurance	All risk home insurance
Plans available on FSMOne	FWD Home Insurance Income Enhanced Home Insurance MSIG Enhanced Home Plus Sompo HomeVital	Allianz Home Protect (add-on available for all risk home content and renovation cover) Great Eastern GREAT Home Protect QBE Home Prestige (all risk coverage for building and structure only) Sompo HomeMax

3.     Avoid receiving a pro-rated claim with a first-loss home insurance policy

Average clause is a home insurance provision that penalises underinsurance by reducing claim payouts proportionally to the shortfall in coverage. This underinsurance happens when your home is insured for less than the actual cost required to rebuild, repair or replace your property and home contents.

When underinsurance occurs, the insurer will apply a formula and pay only a percentage of your claim. For instance, if you insure your home for only 50% of its true value, the insurer will pay only 50% of any reported loss leaving you to cover the remaining balance out of your own pocket.

Unlike policies that apply an average clause, first loss home insurance does not penalise you for underinsurance and will not reduce your payout for underinsurance. Claims are paid up to the insured amount stated in your benefit table without any reduction or proration applied. Choosing a first loss policy can therefore help you avoid a prorated settlement if you need to make a claim.

	First loss home insurance plans	Home insurance with an average clause
Plans available on FSMOne	Allianz Home Protect FWD Home Insurance Great Eastern GREAT Home Protect QBE Home Prestige (home content only, building coverage is subjected to average clause)	Income Enhanced Home Insurance MSIG Enhanced Home Plus Sompo HomeVital Sompo HomeMax

💡Tip: Some insurers offer standardised plans based on your housing type (for example a studio, 3-, 4-, or 5-room HDB flat, private condominium, or landed property). If you are unsure how much coverage is required, these plans can provide a convenient option. For homeowners of landed properties, you may seek the assistance of a qualified property valuer to determine the appropriate level of coverage needed to sufficiently insure both the property and the building structure of your home.

Our recommendation for comprehensive first-loss, all risk home insurance plan:

• For HDB and/or condominium owners: Allianz Home Protect with all-risk add-on

Allianz Home Protect offers an affordable option for first-loss, all-risk coverage, with the option to add all-risk home contents cover. Premium for this package cost just $109.82 (after discount) for $40,000 home content and $60,000 renovation coverage making it one of the most affordable comprehensive home insurance plans available.

Moreover, this plan is particularly suitable for HDB and condominium homeowners who already have building coverage under their compulsory fire insurance policies. By excluding building cover in Allianz’s home insurance plans, this works to the advantage of such homeowners by helping them to avoid duplicate coverage.

While Allianz’s home insurance plans are less customisable, this fixed-package approach will appeal to customers who value convenience as it reduces confusion when selecting a plan suitable for their homes. Simply select between three plans (Silver, Gold, or Platinum) with varying coverage levels and opt for optional add-ons if required.

Get a quote for Allianz Home Protect ➜

• For landed properties: Great Eastern GREAT Home Protect

Apart from offering comprehensive first-loss, all risk home insurance coverage, GREAT Home Protect also offers customisable coverage. This allows homeowners to insure up to $2.5 million for building and renovation and up to $250,000 for home content coverage making GREAT Home Protect suitable for homeowners of landed properties who may need to be covered for a higher amount.

Get a quote for GREAT Home Protect ➜

Home insurance plans available on FSMOne:

One of the biggest reasons people skip home content insurance is the assumption that home insurance plans are expensive. However, the reality is that home insurance plans can be surprisingly affordable.

To check how much your home insurance may cost, head over to Insure > Lifestyle Insurance and filter by “Home Insurance” to view the plans available, check your prices, and make your purchase.

Or click here if you require assistance on your insurance.

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Available Products on FSMOne Insurance

Term Life, Whole Life, Critical Illness, Annuity, Health, Endowment, General Insurance (Personal and Commercial) from AIA, AIG, Allianz, China Taiping, Cigna, Chubb, Etiqa Insurance, FWD Insurance, Great Eastern, Henner, Income, Liberty, Manulife, MSIG, Raffles Health Insurance, Singlife, Sompo, Tokio Marine, and QBE. *Please check with our team if the product you want is available on FSMOne Insurance

Information obtained from:

https://gia.org.sg/property-insurance-faq/418as-a-general-guide-how-do-i-estimate-the-sum-insured-as-a-general-guide-how-do-i-estimate-the-sum-insured.html

https://www.channelnewsasia.com/singapore/review-early-findings-hong-kong-investigation-wang-fuk-court-fire-5852651

https://www.scdf.gov.sg/docs/default-source/media-room-(publications)/annual-statistics/fire-ems-and-enforcement-statistics-2024.pdf

https://www.mha.gov.sg/mediaroom/parliamentary/statistics-for-fires-involving-active-mobility-devices-and-measures-against-such-fires-at-hdb-flats/

https://www.mha.gov.sg/mediaroom/parliamentary/singapores-approach-towards-fire-safety-for-residential-buildings

Information retrieved on 15 January 2026.

Disclaimer:

All materials and content found in this article are strictly for information purposes only and should not be considered as an offer or solicitation to transact in any product. This article is not a contract of insurance.

Insurance products are underwritten by the respective insurance partners and distributed by iFAST Financial Pte Ltd (“iFAST”). You are advised to review the specific terms, conditions and exclusions in the relevant policy contract.

You are advised to read the key product documents, including (but not limited to) the product summary, before deciding whether the product is suitable for you. You should consider carefully if the products you are purchasing are suitable for your financial objectives, experience, risk tolerance and other personal circumstances. If you are uncertain about the suitability of a product, please seek advice from a financial adviser before making a decision to purchase the product.

While iFAST and its third-party providers strive to provide accurate and timely information, there may be inadvertent omissions, inaccuracies, and typographical errors. Opinions expressed herein are subjected to change without notice.

The comparisons and opinions provided are based on publicly available data/information and are intended to provide a general overview of the insurance products discussed. These comparisons do not cover all available products and may not fully illustrate every aspect of the products discussed.

This advertisement has not been reviewed by the Monetary Authority of Singapore.