Fire Insurance

Fire insurance covers damage or loss to a property because of fire.

Fire insurance policies cover damage to the property, and may also cover damage to nearby structures, personal property and costs because of alternative accommodation, if damage occurs.

A fire insurance policy may contain exclusions based on the cause of the fire, such as not covering a fire caused by war.

The policy typically includes additional coverage against smoke or water damage due to a fire.

In Hong Kong, banks and finance companies offering mortgages, peversely require customers to insured their property for an amount at least equalling the loan amount. We say 'perversely' as what really should be insured is the rebuilding cost.

The bank's basic requirement is for the borrower to provide 'Fire and Perils' cover. Such cover is more difficult to claim on as you need to prove the link between the damage and the defined peril. You are far better off with a 'Property All Risk' cover where in the case of a claim, you simply need to show there has been accidental damage or loss.

For the banks, they will remind you to renew your 'Fire' cover well ahead of renewal and they will stipulate that they be mentioned in the policy document as having an interest in the property.

Before the expiry date of your cover you will be reqwuired to prove you have paid for the next year's insurance. And if you don't, the banks will take out cover on your bahalf and charge you!

The Fire rate charged by banks for the insurance they provide will normally be at least 20-40% higher than you will find in the market!

Speak to Robin Brown - +852 2530 2530 or email to crew@navigator-insurance.com for assistance.

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