Oral Answer by Ministry of National Development on fire insurance for properties
Jan 30, 2015
Mr Baey Yam Keng: To ask the Minister for National Development why it is not made compulsory for all residential and commercial property owners to take up property fire insurance.
Answer:
As with many other forms of insurance, fire insurance for properties is not mandated. It is the responsibility of property owners to ensure that they have the financial means to repair and restore their properties should these properties be damaged in a fire.
Nevertheless, HDB home owners who take up HDB loans are required to purchase fire insurance from the HDB-appointed insurer. In addition, under the Building Maintenance and Strata Management Act, Management Corporations are required to obtain insurance for strata-titled developments, so that they are able to undertake restoration work to the developments in the event of accidents such as a fire.
Regardless, I encourage all owners to ensure that their properties are adequately insured against damages caused by unfortunate accidents such as a fire. It would be prudent to do so.