Disclaimer: This article is translated with the assistance of AI.
Home insurance protects the policyholder during the insurance period against losses to property inside the home due to accidents or theft, third-party liability from accidents inside the home, and specified injuries from home accidents. It mainly consists of three parts: 1️⃣ home contents coverage, 2️⃣ third-party liability insurance, and 3️⃣ personal accident coverage. Additionally, some coverages can be optionally purchased.
Home insurance covers losses to property caused by accidents, such as those from typhoons, lightning, fires, theft, or burst pipes. The coverage includes clothing, footwear, furniture, appliances, renovations, food, and more. Some home insurance policies also provide protection for loss of personal and family documents as well as damage to personal items, with each household item having an individual limit.
Home insurance generally includes coverage for temporary accommodation expenses, which applies when an accident makes your home temporarily uninhabitable, requiring you to move out. Some policies even cover temporary accommodation costs and meal allowances if a No. 8 or above typhoon signal or black rainstorm warning causes water or power outages, or elevator services to be suspended for a specified continuous period.
Home insurance typically includes third-party liability insurance, which protects the policyholder and family members from compensation claims for injuries or property damage caused to others due to accidents or negligence. For example, if a window falls during a storm and injures a passerby, a burst pipe causes water damage to a neighbor’s ceiling, or a fire spreads to adjacent units resulting in property loss or injuries, these are all covered.
Most home insurance plans cover permanent disability or death resulting from accidents inside the property, such as fires or burglaries, though the coverage amounts are generally only in the tens of thousands to a few hundred thousand dollars.
Assuming a homeowner is insuring a private housing unit that is 25 years old with a usable area of 499 square feet , here are the details and premiums for 14 popular home insurance plans on the market:
Home Insurance Plan | Total Home Contents Coverage | Liability Coverage Amount | Personal Accident Coverage Amount | Maximum Building Age Covered | Premium/Year |
Zurich Homechoice Householder – Standard Plan | $750,000 | $10,000,000 | $100,000 | 40 years | $1,049 |
Dah Sing Insurance HomeSure Household Insurance Plan – Premium | $1,200,000 | $12,000,000 | ❌ | 60 years 👍 | $1,280 |
QBE Home Plus Protection Package – Premium | $1,000,000 | $5,000,000 | $100,000 | 50 years | $1,041 |
Prudential PRUChoice Home – Home Contents Insurance – Elite Home | $1,500,000 👍 | $15,000,000 | $200,000 | Not specified | $1,240 |
Chubb MyHomeGuard – Plan B | $500,000 | $10,000,000 | $300,000 | Not specified | $1,058 |
MSIG iHome Insurance – Plan A | $1,000,000 | $8,000,000 | $50,000 | 45 years | $1,740 |
Blue Cross HomeSafe Protection – Plan B | $750,000 | $9,000,000 | $400,000 👍 | 45 years | $979 |
Bank of China Insurance Premier Home Comprehensive Insurance Plan 3 | $1,200,000 | $10,000,000 | $400,000 👍 | 40 years | $1,424 |
HSBC Insurance ResidenceSurance Plan 3 | $1,200,000 | $20,000,000 👍 | ❌ | 50 years | $1,850 |
OneDegree Home Insurance (Plus) | $1,000,000 | $12,000,000 | $200,000 | 50 years | $1,294 |
AXA AXA SmartHome Plus – Plan B | $1,200,000 | $10,000,000 | $20,000 – $40,000 per person | 40 years | $2,104 |
Allianz Allianz Home Protect – Gold Plan | $1,000,000 | $7,500,000 | ❌ | 60 years 👍 | $724 👍 |
FWD HomeCare Insurance | $750,000 | $5,000,000 | $400,000 👍 | 35 years | $880 |
Generali Home Package Insurance | $1,000,000 | $7,500,000 | $250,000 | 40 years | $888 |
Buying home insurance can protect homeowners from losses to items inside the home caused by accidents like fires, flooding, explosions, or theft. Additionally, home insurance often includes third-party liability coverage, which safeguards homeowners against legal responsibilities if an accident occurs in the property or common areas of the building, resulting in injury or damage to others.
Tenants should also think about getting home insurance, as some belongings in the home might belong to them personally. In case of an accident, such as a typhoon in the summer or a burst pipe in the middle of the night causing water damage to household items, tenants can claim through home insurance. Furthermore, whether you’re a tenant or a homeowner, if negligence leads to something like a window falling off or an accident inside the unit that injures a third party or damages their property, you could be held legally liable. That’s why tenants might want to get home insurance for that extra peace of mind.
If you employ a domestic helper or household assistant, you should consider home insurance that includes domestic helper coverage. Domestic Helper Insurance covers areas like medical expenses for the domestic helper, their belongings, repatriation costs, and third-party liability insurance, so you can save a bit if an accident happens.
If you want to buy home insurance at a more affordable price, you can go through various online platforms, where they often offer different promotions to attract customers. You can also use discount codes to cut down on premiums. Some insurance companies or banks provide discounts for their members when purchasing home insurance, so keep an eye out if you’re looking to save.
We’ve all heard stories of pedestrians being hit by falling windows or elevators malfunctioning due to burst pipes—home insurance includes third-party liability, covering lawsuits and medical expenses for injured parties. These accidents can rack up unpredictable costs, but with home insurance, you can protect your wallet from the unexpected. On the flip side, keep in mind that some covered items have limits—for instance, if you have valuable antiques, artwork, or jewelry at home, look for policies that specifically cover those. Generally, home insurance covers common issues like theft, flooding, or fire damage to furniture, clothing, and other possessions.
If a unit suffers from broken windows or flooding due to a typhoon, or any other home accident that leads to third-party claims, who’s responsible? Whether you’re a tenant or homeowner, the unit itself or the belongings inside could be yours, so to avoid shouldering all the losses alone, it’s wise to have home insurance. As a homeowner, make sure to regularly maintain your unit—if the property or insured items are in poor condition and cause an injury, you might not be covered under third-party liability.
When shopping around, pay attention to factors like coverage limits for general and valuable items, the total insured amount, deductibles, and how the insurer calculates their share. For example, with a HK$800 deductible and HK$5,000 in damages, the insurer might only pay HK$4,200.
Fire Insurance is mainly related to the structure of the residential building and is only available to homeowners—it’s often required when applying for a mortgage , covering things like fire damage, burst pipes, or storm-related losses to the building structure, such as walls and windows.
So, the key difference is that fire insurance focuses on the building’s structure, while home insurance zeros in on your belongings and contents.
You can easily input your property details online to get a quote, such as the desired coverage, building type, whether it’s owner-occupied or rented, year built, and if it includes a rooftop garden. For a typical 2-bedroom unit around 700 to 800 sq ft, premiums usually range from about a thousand to a few thousand HK dollars, depending on your actual coverage needs—the more items and areas you want covered, the higher the cost.
Does a leaking pipe count as covered? Turns out, standard home insurance (or comprehensive policies) typically doesn’t cover issues from aging or natural wear and tear—only explicitly listed causes are included.
On the other hand, specific risk policies only cover the items listed, so if aging pipes cause a leak, that might be included as long as it’s specified.
Some insurance companies have specific terms or claim requirements, but the most important thing is to document everything right away if an accident occurs—take videos and photos, the more detailed the better, and notify your insurer immediately so they can send someone to investigate.
If your belongings are damaged, the insurer might want them back, so for added protection, keep receipts for major purchases like appliances. If a third party is involved, since the details of the incident, compensation, and any legal issues aren’t clear, it’s best to have them contact the insurer directly rather than handling it yourself impulsively.
Home insurance typically only covers personal accidents for permanent disability and death, and with very limited coverage amounts. Therefore, homeowners and tenants absolutely need to consider purchasing health insurance. In case of an unfortunate home accident that requires hospitalization or surgery, you won’t have to pay out of pocket. If you have health insurance*, you can use it to cover medical expenses and reduce your out-of-pocket costs.
Bowtie Pink VHIS Plan offers several key benefits, whether you’re a homeowner or a tenant—Bowtie Pink can be your health safety net:
Home insurance premiums depend on factors like property type, age of the building, and property size. For example, for a private building with a usable area of 499 square feet and 25 years old, premiums range from around HK$700 to HK$2,000. However, Hong Kong has various property types, including standalone villas, village houses, and tenement buildings, so premiums and coverage may vary. This is for reference only.
When applying for home insurance, you generally need to provide details such as unit size, building age, property type, and property use.
Basic home insurance generally doesn’t cover damage to the building structure or shell, such as wind or rain damage to original doors, windows, floors, or walls. If you want coverage for the building structure like ceilings and walls, homeowners should add building structure insurance (fire insurance). In fact, banks often require fire insurance for properties with mortgages.
Common exclusions in home insurance include damage from natural wear and tear, such as corrosion, aging of walls, ceilings, floors, window frames, or sealant leading to leaks, or water damage to belongings. On the other hand, if a storm breaks a window and causes rain damage to furniture or appliances, you can claim compensation. Additionally, units vacant for over 30 days are not covered.
When making a claim, you need to provide proof of the items, so keep purchase receipts and photos of the items to support your claim and minimize disputes.
Generally, properties under 40 years old can be insured. However, some insurers accept properties up to 60 years old. Insurers will consider the property’s location; for example, properties in Taikoo Shing are more likely to be covered than those in older districts like To Kwa Wan or Sham Shui Po. Factors like property management and regular maintenance also affect insurability. Even if an older property is insurable, insurers might add conditions, such as higher premiums or deductibles.
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