Etiqa Insurance Singapore (Etiqa Singapore) has been appointed as the official fire insurer for the Housing and Development Board's (HDB) Fire Insurance Scheme.
In a statement, Etiqa Singapore said, “This significant appointment marks a pivotal moment in Etiqa’s commitment to safeguarding owners against financial losses arising from fire incidents in their HDB flat and ensuring their peace of mind.”
The HDB is Singapore’s public housing authority that builds subsidised homes.
Affordable Protection
With effect from 16 August 2024, Etiqa has been providing basic fire insurance coverage for all sold HDB flats. The insurance premium for a five-year term, which ranges from S$1.11 (84 US cents) to S$6.68 depending on flat type, ensures that fire insurance is affordable and accessible to HDB flat owners.
Existing HDB flat owners with a valid fire insurance policy that expires after 15 August 2024 will not be affected by the change in the appointed fire insurer.
“At Etiqa Insurance Singapore, we understand the importance of home security, especially in the face of unforeseen events like fires,” said Mr Raymond Ong, CEO of Etiqa Singapore.
Extending Home Protection Beyond HDB Fire Insurance
The HDB Fire Insurance Scheme helps to alleviate the financial burden of repair works for flat owners due to fires. The HDB fire insurance will cover the cost of reinstating damaged internal structures, fixtures, and fittings provided by HDB and its approved developers, as well as cover the cost of repair works due to fires in adjoining properties and water damage from burst pipes.
For more comprehensive coverage, homeowners can consider additional home content insurance plans separately, because such policies can cover potential losses not included under the HDB Fire Insurance Scheme, such as flat contents, personal possessions, or renovations made to the HDB flats.
There are more than 1.1m HDB apartment units in Singapore.