What can I do if I do not want to be insured under the Home Protection Scheme?
Here is what you need to do:
- Contact your private insurance provider to submit your application to be exempted from HPS.
- Submit supporting documents to your insurer that show details of your current* housing loan, such as the commencement date, balance loan amount, balance term of loan and mortgage rate. You can find this information on your housing loan statement.
*Within six months of the submission date of your exemption application.
We will only accept applications submitted by insurers. Once we receive the application and necessary documents, we will assess your eligibility for exemption from HPS and inform you of the outcome generally within five working days.
If you are successful in the exemption application, your existing HPS cover will be terminated. You will receive a full premium refund credited to your CPF Ordinary Account (OA), provided that the exemption application is received by the Board within one month from the issuance of the HPS cover. Otherwise, a pro-rated refund will be credited to your OA upon the termination of your HPS cover.
This information is sourced from CPF
Related questions
How can I apply to be exempted from Home Protection Scheme?
If I did not apply to use my CPF savings when buying my HDB flat, can I apply to be exempted from the Home Protection Scheme and use my CPF savings for monthly housing instalments now?
If I am currently insured under the Home Protection Scheme (HPS), how much premium refund will I get if my application to be exempted from HPS is approved?
How can I apply for Home Protection Scheme exemption (HPS) using multiple private insurance policies from different insurers?
