What is the difference between Home Protection Scheme , HDB Fire Insurance and Home Insurance?
Home Protection Scheme (HPS) is a mortgage-reducing insurance that protects you and your loved ones from losing your Housing & Development Board (HDB) flat due to the inability to make mortgage payments in the event of death, terminal illness or total permanent disability. HPS, which is administered by CPFB, insures members up to age 65 or until the housing loans are paid up, whichever is earlier.
The HDB Fire Insurance Scheme, which is administered by HDB, helps to relieve flat owners of the financial burden of repair work in the event of a fire. The HDB fire insurance covers the cost of reinstating damaged internal structures, fixtures, as well as areas built and provided by HDB.
Home Insurance (also known as Home Content Insurance or Homeowners Insurance) is a type of property insurance that covers a residence and helps in paying for repair or replacing one’s belongings if they are damaged by perils such as fires, vandalism, burglary and more. Home insurance can be purchased from private insurers.