Many HDB residents have compulsory fire HDB fire insurance but they are not aware that HDB Fire insurance does NOT cover home contents nor home renovation. (Not covering furnishing, renovations, home furniture etc)
This article is on 22nd July 2019 and demonstrated how so many HDB flat residents lost their fortunes, met with high hospital death (and in some cases funeral costs) without insurance compensations.
What is covered under home contents insurance? What are these that are not covered by HDB Fire insurance?
Home contents insurance covers these:-
- their precious personal belongings
- electric appliances
- renovated furnishings
These are home contents that are NOT covered by the HDB fire insurance scheme but can be easily covered by any affordable plans offered by the numerous fire insurance companies in Singapore.
HDB Fire insurance does not cover home contents, does not cover PMD (Personal Mobility devices) such as e-scooter, e-bicycles that are charged at home and cause fire.
What does HDB Fire insurance coverage covers?
The HDB fire insurance scheme was introduced to protect HDB INTERNAL structures, fixtures as well as area built and provided by HDB.
What does fire insurance plan cover for HDB?
They protect HDB’s assets, not the HDB residents. This is so that HDB does not need to ask for the HDB flat dwellers for compensations on repairs works after any fire accident. HDB can simply claim from the fire insurance company, which collects the necessary premiums from the HDB owners yearly.
Till 15 August 2019, the 5-year premiums (including 7% GST) are as follows:
|Flat Type||5-Year Premium (Including 7% GST)||Sum Insured|
|2-room/ 2-room Flexi||$2.50||$26,300|
|Executive/ Multi-Generation flats||$7.50||$98,200|
|Studio Apartment (Type A)||$3.50||$29,000|
|Studio Apartment (Type B)||$4.00||$37,200|
This is also why HDB fire insurance is so cheap, it only covers the structures of the HDB flats and not on the flat residents’ furniture, furnishing, and belongings.
Is HDB fire insurance compulsory?
Yes, it is compulsory for all HDB flat owners with HDB mortgage loans to buy basic HDB fire insurance. If you have a bank loan for HDB, the bank will almost certainly require you to buy fire insurance from their appointed insurers partners too.
HDB and banks do not want their assets to be without cover.
Do I have fire insurance?
Probably no. You may have the compulsory HDB structures fire scheme, but most likely you do not have fire insurance for your home contents.
In the Straits Times report on 22 July 2019, more than 50% of all HDB residents do NOT have Home Content Fire insurance.
You should probably speak to an agent with more than a few comparison insurers for the best value for money plan.
As a condo owner, does condominium MCST has fire insurance?
No. Even if your condominium MCST has fire coverage, it would be for the structural and common assets, NOT for your own personal belongings.
How much does fire insurance cost?
Very little. A basic home contents plan will cost you less than $50 a year or $4 a month. Yes, barely $50! Even more premium and wider coverage plans cost you barely $10-$30 a month. Singaporeans generally treasure their belongings at home and tend to choose the popular wider coverage home contents insurance.
Even for condominium and landed property owners such as bungalow, semi-detached, etc, fire insurance coverage for your home amounts to only a few cents or dollars per day. Some costs less than $200 per year.
How do I claim for fire insurance?
For HDB fire insurance scheme, HDB can claim directly with the appointed fire insurer, and an officer will probably need you to help in providing the situational report on the fire.
For home content fire insurance, you can refer to the insurers’ website for the correct forms or refer to your fire insurance brokers. Update your insurers fast because they need to check the scene as soon as possbile before you start cleaning and clearing away the debris.
You can also contact us directly for help.
Does home insurance cover fire caused by PMD charging?
If a fire is caused by a PMD (personal mobility device) charging while you are at home and not sleeping, home content insurance usually covers these fire or accidents.
However, if your PMD such as E-scooters battery is charging unsupervised while you are asleep or not at home, any fire or accidents that occurred would not be covered by your home contents insurance.
Do NOT charge your PMD batteries unsupervised.
Which home fire insurance is best in Singapore?
The home insurance that you have paid and is active in covering your family home.
There are 101 different fire and home insurance in Singapore, and thanks to MAS, all General Insurers are regulated with proper financial assets to back their protections.
The best insurance plan is useless if you are not under it. Get something fast and get it over with quickly because there are too many people who are procrastinating and regretting it when “it won’t happen to me” happens.
How do I get fire insurance?
Get it from a trusted fire insurance broker. HM Consultancy works with many insurance companies to get affordable and value for money plans for their clients. If you do have special cases, such as more sentimental or valuable belongings in your home for assessment, you can contact us for customised plans.
HM Consultancy has worked with condominiums, landed properties such as good-class bungalows, semi-detached, terrace as well as HDB flats for home and fire coverage. Not only that, we have done specialised cases for people with unusual art works, drones, electronics at home too.
Do check HM Consultancy for the best home fire insurance coverage.