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When do I need to adjust my Home Protection Scheme cover?

You need to adjust your Home Protection Scheme (HPS) cover if:

  • The loan repayment period or loan amount has increased, or
  • Your share of responsibility in repaying the loan has changed.

This is to ensure that you are not over or under-insured and that your share of HPS cover is sufficient to pay your share of the outstanding loan in the event of a claim.

Please apply online using your Singpass to inform us of the changes in your outstanding housing loan.

If you are refinancing your housing loan, e.g. from a Housing & Development Board (HDB) loan to a bank loan or a change in mortgagee, you do not need to apply to adjust your HPS cover. We will automatically adjust your HPS cover if your loan quantum and/or repayment period has reduced. A new HPS cover will be issued to you based on the latest loan details and the premium for the new cover will be deducted from your CPF Ordinary Account. If there are no changes to your housing loan details, we will update our records to reflect your new mortgagee.

If your HPS cover is adjusted, the HPS premium will also be adjusted and a new HPS cover will be issued to you.

In addition, a new health declaration is required if you are adjusting your HPS coverage upwards due to an increase in loan repayment period, loan quantum or share of cover. If you are not eligible for the additional coverage, you may continue to be insured under the cover that was extended to you earlier.