Your HDB has very basic home fire insurance, not just to protect you, but to protect HDB from fire damages, and therefore they ask you to buy more home insurance to protect your home contents and furniture.
If you own a landed or condo, this is even more important for you. Your neighbors are rich, well-connected residents too. In any event of a fire or disaster that starts from your home, you are legally culpable for their losses! A great home protection policy will help you to settle any big losses arising from fire, flood, and other disasters.