Fire Insurance on HDB Flats
The Housing Development Board is the Housing authority in Singapore. The board owns a number of flats in the country and as part of its mandate have an insurance scheme. For anyone to reside in a hbd flat they have to apply for this insurance scheme.
Known as the fire insurance hdb https://www.hlas.com.sg/PersonalInsurance/FireInsurance.aspx scheme, this scheme insures flat owners against fire. The scheme covers structures, fittings and fixtures and does not cover common property held in trust by the HBD and any variations, modifications or renovations made on a flat by its previous owner. The scheme also excludes household items.
The fire insurance hdb policy can only be purchased from an hdb approved insurer and must be renewed upon its expiry, which is usually after a five year period. Therefore, hdb flat owners renew their insurance policies after every five years. The amount of money paid will depend on the type and size of the flat. Thus, a one room flat will cost less in premiums than a studio type or two bedrooms flat. When renewing or applying for this insurance one has to provide their address and hdb account number to the hdb approved insurer. This insurance policy will help a flat owner pay for damages incurred as a result of fire, hence the name fire insurance hdb.
Fire is the insured risk and insurance cannot be paid out in the event of any other accident, such as flooding or theft. Individuals who wish to take a loan from HDB have to produce a certified copy of the insurance policy when picking their apartment’s keys. Thus when entering in to a new hdb flat, one has to have the fire insurance policy issued by the approved hdb insurer. Information on approved fire insurance hdb insurers can be got from the official Housing Development Board website.