Your Home Protection Scheme (HPS) cover will start when all the following conditions are met:

1. You have obtained legal ownership of the flat i.e. legal documents are signed and keys are collected.
2. You have executed the loan document with HDB or the approved mortgagee and are legally responsible for the loan.
3. You have declared your health and have been accepted for cover under HPS.
4. You have paid the HPS premium. Deduction of the premium from your Ordinary Account will take place generally within two weeks from the legal ownership date of your flat. 

This information is sourced from CPF