Coverage for Third-Party Claims under HDB Fire Insurance Scheme

Debated in Parliament on 11 Jul 2016.

Summary written by AI (learn more)

Gan Thiam Poh asked if the Ministry would consider making it mandatory to include third-party claims coverage under the HDB Fire Insurance Scheme.
Lawrence Wong explained that the current scheme only covers the reinstatement cost of building structures and fixtures to keep premiums affordable and aligns with market practice for private properties.
The scheme does not cover third-party liability or renovations, but flat owners have the flexibility to purchase additional coverage from insurers of their choice.

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Gan Thiam Poh

Mr Gan Thiam Poh asked the Minister for National Development whether the Ministry will consider making it mandatory to cover third-party claims under the HDB Fire Insurance Scheme.

Lawrence Wong

Currently, all flat owners with an outstanding housing loan from HDB are required to take up a basic fire insurance policy under the HDB Fire Insurance Scheme.

The HDB fire insurance policy provides basic coverage for the reinstatement cost of the building structures and fixtures, in the event of a fire. It does not cover renovation or third-party liability, in order to keep the premium low and affordable. This is in line with the market practice for private properties where the bank is the mortgagee.

However, flat owners who wish to take up additional insurance cover for third-party liability have the flexibility to do so with an insurer of their choice.

Coverage for Third-Party Claims under HDB Fire Insurance Scheme | PAPERCUTS

Coverage for Third-Party Claims under HDB Fire Insurance Scheme

Debated in Parliament on 11 Jul 2016.

Summary written by AI (learn more)

Gan Thiam Poh asked if the Ministry would consider making it mandatory to include third-party claims coverage under the HDB Fire Insurance Scheme.
Lawrence Wong explained that the current scheme only covers the reinstatement cost of building structures and fixtures to keep premiums affordable and aligns with market practice for private properties.
The scheme does not cover third-party liability or renovations, but flat owners have the flexibility to purchase additional coverage from insurers of their choice.

Questions identified by AI (learn more)

Full Transcript

Gan Thiam Poh

Mr Gan Thiam Poh asked the Minister for National Development whether the Ministry will consider making it mandatory to cover third-party claims under the HDB Fire Insurance Scheme.

Lawrence Wong

Currently, all flat owners with an outstanding housing loan from HDB are required to take up a basic fire insurance policy under the HDB Fire Insurance Scheme.

However, flat owners who wish to take up additional insurance cover for third-party liability have the flexibility to do so with an insurer of their choice.

Coverage for Third-Party Claims under HDB Fire Insurance Scheme

Summary

Questions Identified

Full Transcript

Gan Thiam Poh

Lawrence Wong

Summary

Questions Identified

Coverage for Third-Party Claims under HDB Fire Insurance Scheme

Summary

Questions Identified

Full Transcript

Gan Thiam Poh

Lawrence Wong

Summary

Questions Identified