SINGAPORE - Fire insurance for properties is not mandatory, as with many other forms of insurance, Minister of State for National Development Desmond Lee explained in Parliament on Friday.
It is up to owners to ensure they have the financial means to repair their properties, should a fire occur, he said.
Mr Lee was responding to Mr Baey Yam Keng (Tampines GRC), who asked why it is not compulsory for all residential and commercial property owners to buy fire insurance.
Mr Lee said that Housing Board home owners who take up HDB loans are required to purchase such insurance from an HDB-appointed insurer.
Also, management corporations must have insurance for strata-titled developments, which includes condominiums, under the Building Maintenance and Strata Management Act.
"Regardless, I encourage all owners to ensure that their properties are adequately insured against damages caused by unfortunate accidents such as a fire," said Mr Lee. "It would be prudent to do so."