Orlando Harmon
HDB fire insurance is compulsory for all flat owners who have an outstanding HDB loan. The insurance covers the cost of repairing or rebuilding your HDB flat, as well as the cost of replacing fixtures and fittings. It does not cover home contents such as furniture, renovations, and personal belongings. The current appointed insurer for the HDB Fire Insurance Scheme is Etiqa Insurance Pte Ltd, and the insurance is valid for a five-year period. You can purchase or renew your HDB fire insurance online, at any AXS Kiosk in Singapore, or via the AXS Mobile App. To do so, you will need to provide your HDB scheme account number or reference number, as well as your postal code and unit number.
| Characteristics | Values |
|---|---|
| Who needs to buy HDB fire insurance? | All HDB flat owners with an outstanding HDB loan. |
| When to buy HDB fire insurance? | Before taking out an HDB loan to purchase a BTO flat. |
| How often to renew HDB fire insurance? | Every 5 years, for the entire loan period. |
| What does HDB fire insurance cover? | Damage caused by fire to the building, structures, fixtures, and fittings provided by HDB and its approved developers. Includes extension to cover fires in adjoining properties and water damage from burst pipes. |
| What is not covered by HDB fire insurance? | Home contents such as furniture, renovations, and personal belongings. |
| How to buy HDB fire insurance? | Online, at any AXS Kiosk in Singapore, via the AXS Mobile App, or through a qualified insurance advisor. |
| What information is required to buy HDB fire insurance? | HDB scheme account number/reference number, postal code, unit number, HDB flat number, and date of HDB loan (if applicable). |
| How much does HDB fire insurance cost? | The cost varies depending on the size and type of the HDB flat. For example, the premium for a 5-year policy for a 4-room flat is currently S$5.94. |
| Who is the current appointed insurer for HDB Fire Insurance? | Etiqa Insurance Pte Ltd. |
| Is additional insurance needed? | It is strongly recommended to buy additional home insurance to extend protection over home contents that are not covered under HDB fire insurance. |
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What You'll Learn
HDB fire insurance requirements
HDB fire insurance is compulsory for all HDB flat owners with an outstanding HDB loan. This includes homeowners with HDB loans that commenced on or after 1 September 1994. In such cases, you must buy and renew your HDB fire insurance every 5 years for the entire loan period.
The insurance covers fire damage to building structures, fixtures, and fittings provided by the HDB or its approved developers. It does not cover home contents such as furniture, renovations, and personal belongings. To cover these, you can purchase Tiq Home Insurance, which is offered by the appointed HDB fire insurer, Etiqa Insurance Pte. Ltd. Tiq Home Insurance offers comprehensive renovation and home contents coverage, as well as emergency cash allowance and home assistance services.
You can purchase or renew your HDB fire insurance online, at any AXS Kiosk in Singapore or via the AXS Mobile App. Information required includes your HDB scheme account number, reference number, postal code, and unit number. You can also purchase HDB fire insurance through a qualified insurance advisor. The cost of HDB fire insurance varies depending on the size and type of your HDB flat.
It is important to note that HDB fire insurance is different from home insurance. Home insurance is not compulsory by law in Singapore, but some banks may require it if you are taking out a home loan. Home insurance typically covers temporary accommodation benefits and offers optional add-ons such as coverage for valuable jewelry, electronics, or home renovations.
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Purchasing HDB fire insurance
Eligibility and Requirements
Flat owners with HDB loans commencing on or after 1 September 1994 are required to purchase and renew HDB fire insurance every five years for the duration of their loan period. This insurance is mandatory to relieve financial stress in the unfortunate event of a fire. Even if you do not have an HDB loan, it is highly encouraged to purchase fire insurance to protect your flat.
The HDB fire insurance scheme covers the cost of repairing or rebuilding internal structures, fixtures, fittings, and areas initially constructed and provided by HDB. This includes damage caused by fire and other perils, such as water damage from burst pipes. However, it is important to note that the basic policy does not cover home contents like furniture, renovations, or personal belongings.
Purchasing Options
There are several ways to purchase HDB fire insurance:
- Visit the HDB website or any HDB branch office.
- Log in to your My HDB account on the HDB website, click on the "HDB Fire Insurance" tab, and follow the prompts to purchase.
- Engage a qualified insurance advisor to assist you in the process.
Cost Considerations
The cost of HDB fire insurance varies depending on the size and type of your flat. The premium for a 5-year policy for a 4-room flat, for example, is currently S$5.94. You can refer to the CPF Board website for a Home Protection Scheme Premium Calculator to estimate the cost based on factors such as the coverage percentage, loan amount, age, and gender of the insured.
Additional Considerations
While HDB fire insurance is essential, it may not provide comprehensive protection for your property and belongings. You may want to consider adding Tiq Home Insurance to boost coverage for your home contents and renovations. Additionally, some homeowners opt for separate home insurance to ensure more extensive protection.
Remember to carefully review the terms, conditions, and exclusions of the HDB fire insurance policy to ensure you have the coverage you need. By purchasing HDB fire insurance, you are taking a crucial step towards safeguarding your home and finances.
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HDB fire insurance coverage
HDB fire insurance is compulsory for all flat owners who have an outstanding HDB loan. It is also compulsory for flat owners with HDB loans commencing on or after 1 September 1994. The insurance is valid for five years and must be renewed once every five years. The current appointed insurer for the HDB Fire Insurance Scheme is Etiqa Insurance Pte Ltd.
HDB fire insurance covers fire damage to building structures, fixtures, and fittings provided by the HDB or its approved developers. It covers the cost of reinstating damaged internal structures, fixtures, and areas built and provided by HDB. It does not include home contents such as furniture, renovations, and personal belongings.
To buy HDB fire insurance, you can visit the HDB website or any HDB branch office. You will need to provide your HDB flat number and the date of your HDB loan (if applicable). The cost of HDB fire insurance will vary depending on the size and type of your HDB flat.
If you would like further protection for your home contents, you can buy a separate home insurance policy from an insurer of your choice. Tiq Home Insurance is also offered by Etiqa, which complements HDB Fire Insurance by offering comprehensive renovation and home contents coverage.
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HDB fire insurance renewal
HDB fire insurance is compulsory for flat owners with an outstanding HDB housing loan. This insurance scheme was introduced to relieve flat owners of the financial burden of repair work in the event of a fire. It covers the cost of reinstating damaged internal structures, fixtures, and fittings provided by the HDB or its approved developers. It does not include home contents such as furniture, renovations, and personal belongings.
HDB fire insurance is valid for a 5-year period, and renewal is done once every 5 years. Flat owners must renew their HDB fire insurance when they receive their renewal notice from HDB. The renewal process can be done online, at any AXS kiosk in Singapore, or via the AXS Mobile App. Information required includes the HDB scheme account number or reference number, or the postal code and unit number.
It is important to note that HDB fire insurance does not cover the broader spectrum of belongings and home contents. Therefore, it is recommended to purchase additional home insurance to extend protection over home contents. Tiq Home Insurance is offered by Etiqa Insurance Pte. Ltd., the appointed HDB fire insurer, as a complement to HDB Fire Insurance. It offers comprehensive renovation and home contents coverage.
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HDB fire insurance vs. home insurance
HDB fire insurance is compulsory for all HDB flat owners with an outstanding HDB loan. This insurance covers fire damage to the building structure, fixtures, and fittings provided by the HDB or its approved developers. It also includes extensions to cover fires in adjoining properties and water damage from burst pipes. However, it does not cover home contents such as furniture, renovations, and personal belongings. The cost of HDB fire insurance varies depending on the size and type of the HDB flat and can be purchased online or through a qualified insurance advisor.
On the other hand, home insurance is not compulsory by law in Singapore but may be required by banks if you are taking out a home loan. Home insurance offers a wider range of coverage, including loss or damage to home contents, renovations, and personal belongings. It also often includes coverage for temporary accommodation benefits, which can be useful if your home becomes uninhabitable due to a covered event. Home insurance typically offers more optional add-ons, such as coverage for valuable jewelry, electronics, and worldwide personal belongings.
When deciding between HDB fire insurance and home insurance, it is important to consider your specific needs and risks. If you are an HDB flat owner with an HDB loan, you are required to have HDB fire insurance. However, if you want more comprehensive coverage for your home and belongings, you may want to consider purchasing home insurance in addition to or instead of HDB fire insurance. The decision should be made based on your budget and the level of protection you want for your property.
To check your HDB fire insurance status, you can visit the HDB website or log in to your My HDB account. You will need to provide your HDB flat number and the date of your HDB loan, if applicable. Once you have purchased HDB fire insurance, you will receive a confirmation email and a policy document in the mail. It is important to note that HDB assumes no responsibility or liability for the pricing, schedule, or service rendered by the insurer(s).
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Frequently asked questions
HDB fire insurance covers fire damage to building structures, fixtures, and fittings provided by the HDB or its approved developers. It is compulsory for flat owners with an outstanding HDB loan.
You can check if you have HDB fire insurance by logging in to your My HDB account on the HDB website. You can also call Etiqa’s enquiry line at 6887-8777, or visit Etiqa’s website. Etiqa Insurance Pte Ltd is the current appointed insurer for the HDB Fire Insurance Scheme.
You can purchase HDB fire insurance online on the HDB website, at any AXS Kiosk in Singapore, or via the AXS Mobile App. You can also visit any HDB branch office or purchase it through a qualified insurance advisor.
The cost of HDB fire insurance depends on the size and type of your HDB flat. For a 4-room flat, the premium for a 5-year policy is S$5.94.
