First of all, there's a general distinction between "all risks" and "named perils" home insurance. I highly prefer "all risks" coverage. There are many articles explaining the difference between these two categories.
Here's one such article.
I haven't found a better overall value than QBE's "Home Prestige" policy yet. I keep an open mind, though, and I hope someone has found a better value policy. There's a broker advertising on Qoo10 (no relation) that sells QBE Home Prestige at a discount, and if you go to the broker's own Web site you can get a quotation for HDB flat coverage if you need that instead of private condo coverage. (Coverage for a HDB flat costs less.)
Please note that, if your have a private mortgage lender (a bank), the lender may charge an "administrative fee" if you choose some policy the lender doesn't prefer. And usually the administrative fee is ridiculously high compared to the premium. In many countries this practice would be deemed for what it is: anti-competitive and thus illegal. Not in Singapore at the moment.
