Property Insurance

Coverage protecting property against loss caused by a fire or lightning that is usually included in homeowners or commercial multiple peril policies.


Common Types of Home Insurance

Your home insurance needs can vary depending on the type of property. Here are 3 common types of home ownership:


Property Types

HDB homes

Private apartments or homes with Strata Title

Landed homes or private property without Strata Title

Building & Structural Coverage

  • Flat owners with HDB loans starting after 1994 must join the HDB Fire Insurance Scheme, which covers the building and its structures
  • The Management Corporation (MC) of your strata titled development is responsible for insuring the buildings and common property for fire damage
  • You may wish to buy fire insurance for your buildings and structures

Home Contents Insurance

  • Covers your home contents including furniture, renovations as well as personal belongings against loss and damage from perils like fire, flood, burglary & theft
  • Provides extra cover like alternative accommodation expenses or loss of rent when your home becomes uninhabitable

Mortgagee Interest Policy (MIP)

  • If your property is mortgaged to a bank, the bank might require you to take up a MIP to protect its financial interest for the amount of loan outstanding
  • If there is a failure to service the loan as a result of the damage to the mortgaged home, the bank can make a claim on the MIP
  • You remain liable for the outstanding property loan amount to the MIP insurer


What Does Fire Insurance for Residential Property Cover?

Most fire insurance for buildings cover against damages caused to an apartment/unit by:

  • Fire
  • Lightning
  • Domestic Explosion
  • Bursting or Overflowing of Water Tanks and Apparatus
  • Road Vehicle Impact
  • Aircraft Impact
  • Malicious Intent
  • Riot and Strike
  • Earthquake, Windstorm and Flood


Contents of your property are usually not covered. You have to purchase a separate or additional policy for home contents.


What Does Home Contents Insurance Cover?

It covers the contents of your apartment/unit, including:

  • Appliances
  • Furniture
  • Ornaments
  • Computers
  • Kitchenware
  • Books
  • Personal Effects
  • Fixtures & Fittings which do not form part of the building

This policy is also applicable to tenants.