Home Insurance

Coverage

Building Reinstatement Cost

Use the Calculator to obtain the building reinstatement cost for your private property.

Eligibility

The applicant must be:

• the owner or co-owner of the property to be insured;
• the mortgagor or co-mortgagor or borrower or co-borrower of the mortgage loan for the property to be insured; or
• a tenant or co-tenant who rents the property to be insured and reside(s) in it.

The property to be insured must be:

• located in Singapore;
• solely used for private dwelling and there is no commercial or industrial activity conducted in it; and

If the applicant is a tenant or co-tenant of the property to be insured, the applicant may only insure the contents which he/she owns.

Frequently Asked Questions

1. I already have the HDB fire insurance, why should I buy home insurance?
   According to HDB website¹, HDB Fire Insurance Scheme helps relieve flat owners of the financial burden of repair works in the unfortunate event of a fire, it covers the cost of reinstating damaged internal structures, fixtures, as well as areas built and provided by HDB. Home insurance covers loss or damage caused by insured perils other than fire e.g. damage caused by burst water pipes, burglary or impact damage by a flying object (such as a drone). It also extends to cover loss or damage caused to the home renovations, the furniture and your personal belongings in there.
   Sompo's home insurance² offers other benefits as well, amongst others:
   • helps you pay the cost to remove the debris arising from these damages so you could begin reinstating your home,
   • pay you for the additional cost of alternative accommodation (e.g. hotel stay) while you are restoring your home if it became uninhabitable due to these damages.


2. I stayed in a condominium and I thought it has a fire policy in place. Why should I buy a home insurance like HomeVital or HomeMax?
   If you reside in a condominium or an apartment registered as a Management Corporation Strata Title (MCST) property, it is the legal responsibility of your Management Committee (MC) to insure the entire property for fire damage. If the property is damaged, the MC will make a claim on the insurance policy and use the claim amount to reinstate the property.
   The MCST fire insurance policy may not cover the homeowners' improvements and/or renovations made to their individual properties. Homeowners are encouraged to check the coverage of their MCST's fire insurance policy and arrange for additional or separate fire insurance to cover improvements and/or renovations made³.
   Buying home insurance such as HomeVital or HomeMax, improvements and additions to your apartment would be covered along with your furniture and household contents.
   The other benefits² you get to enjoy include ‐ to name a few:
   • 24-hour Home Assistance such as plumbing assistance,
   • replacement of laptops or mobile devices if these are damaged due to an insured peril or accidents (depending if you take up HomeVital or HomeMax),
   • your legal liabilities to third parties that may arise due to an accident.


3. What should I insure for my home insurance?
   What you need to insure depends on your insurable interest to the property or items to be insured. You may refer to the table below:

   		If you are a
   		Homeowner	Tenant
   You may insure	Building	✓
   	Renovations	✓
   	Home Contents	✓	✓



4. How much I should insure?
   Our home insurance covers building based on the property type. If you choose to insure the building, it is important that it is adequately insured at its reinstatement value. If the building is insured below its reinstatement value, you could only claim a portion of the damages in the event of a loss. E.g. if it takes $1,000,000 to reinstate the building and you only insure it at $750,000, we will only pay up to 75% of the damages in the event of a loss.
   
   If you are a homeowner of a HDB apartment, it is compulsory to insure the building. You may refer to the minimum sum insureds for building, renovations and home contents as below:

   Types of HDB apartment	Building	Renovations	Home Contents
   3-room or smaller	$100,000	$30,000	$20,000
   4-room	$100,000	$40,000	$20,000
   5-room	$100,000	$50,000	$30,000
   Executive Apartment HUDC (non-privatised) Multi-generational Flat	$120,000	$60,000	$30,000
   Jumbo Flat	$200,000	$60,000	$30,000

   
   As homeowner of a private property, you may choose whether to insure the building or not. If you choose to insure the building, you will need the built-up area of your property, our Calculator would help calculate the property's building sum insured. The minimum sum insureds for renovations and home contents are as below:

   Types of Private Property	Building	Renovations	Home Contents
   Condominium (incl. Executive Condo)	Calculator	$60,000	$50,000
   Landed (e.g. terrace, detached home)		$80,000	$50,000



5. How do I apply for Sompo's home insurance?
   You may apply for Sompo's home insurance online.


6. Is there a minimum premium for Sompo's home insurance?
   The minimum premium per policy is $54.50 (inclusive 9% GST).

¹source: www.hdb.gov.sg/residential/living-in-an-hdb-flat/fire-insurance
²refers to our policy wordings: HomeVital, HomeMax
³source: https://gia.org.sg/help-support/property-insurance/101-mortgagee-interest-policy/421-what-is-the-difference-between-mip-and-mcst-fire-insurance.html

Important Notice

1. Building means the following:
   • The apartment, condominium, cluster housing or HDB flat which includes the building structure (excluding the foundations and drains), fixtures and fittings based on the standard specifications by the property developer or HDB. It excludes all common areas and/or facilities that are provided by the property developer or HDB for common access or use or such areas and/or facilities that are under the care of the Town Council or MCST,
     or
   • The landed property such as bungalows, semi detached and terrace house, which includes the building structure (excluding the foundations and drains) which is built of brick, stone or concrete and roofed with concrete, tiles or slates and/or other incombustible materials, together with the garages, outbuildings, hard courts and in-ground pools, drive paths, patios, terrace, landscaping and the walls, gates and fences and other private areas You own and which the public do not have access to.


2. Renovations refers to any improvements, installations and additions made within the Insured Dwelling by You or any previous owner or tenant in the form of fixtures and fittings. This includes flooring, air conditioners, built-in wardrobes and kitchen cabinet, but does not include any part of the Building itself.


3. Home Contents include any moveable physical household items, Personal Effects and Valuables belonging to You and/or Your Family Members and are kept within the Insured Dwelling. It does not include, amongst other items, motor vehicles, pets and items connected with your business or trade.
   Please refer to the policy contract for the exclusions and the benefit sub-limits.


4. Insured Events covered under HomeVital are:
   • Fire, lightning or explosion.
   • Being hit by a road vehicle, train, animal, flying object or aircraft which You or Your Family Members do not own or control.
   • Actual or attempted theft as long as force and violence are used to get into or out of the Insured Dwelling only if the Insured Dwelling is not left Unoccupied at the time of loss or damage.
   • Bursting or overflowing of domestic water tanks, apparatus or pipes within the Insured Dwelling (but not damage to water tanks, apparatus and pipes and expenses for tracing the source of leak) only if the Insured Dwelling is not left Unoccupied at the time of loss or damage.
   • Hurricane, cyclone, typhoon, windstorm, earthquake or volcanic eruption.
   • Flood caused by water overflowing or escaping from normal channels. This includes flood caused by the sea, windstorm, bursting or overflowing of public water mains or any other flow or build-up of water coming from outside the building structures.
   • Subsidence or landslip caused by flood only.
   • Riot, civil commotion or strike.
   • Malicious acts only if the Insured Dwelling is not left Unoccupied at the time of loss or damage.


5. Under-insured or Under-insurance means where the sums insured shown in the Schedule are lower than the actual full reinstatement or replacement costs at the time of loss or damage.


6. A Policy Year means each 12-month period commencing from the start date of the Policy.


7. You may contact our 24-hour Home Assist Hotline at 6221 3393 for referral of suitable repairer(s) to assist with your problems.

This policy is protected under the Policy Owners' Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the GIA/LIA or SDIC websites (www.gia.org.sg or www.lia.org.sg or www.sdic.org.sg)