Home Insurance
There are basically three kinds of home plan on offer in Hong Kong, depending on the insurers’ target market. We would categorise the plans on offer as either being designed for the:
Those that rate by the square feet are typically more of a mass market product, designed to simplify the calculation process, as we all know size of our homes.
These products tend to be lower priced than the more traditionally rated products and to have correspondingly more restrictive cover. Eg: no cover for iPhones or iPads etc.
Get in touch with us to find out which Home Insurance plan is best suited for your needs!
Home Insurance Comparison Table
Circle Assets
Features
- Cover for Lost cash HKD75,000
- Cover for Lost/ damaged portable consumer electronics on a 'new for old' basis
- Worldwide jurisdiction offered by Circle Assets
- Covers house moves within the country or overseas
- Cover can be included for foreign property as well
Market Plan
Executive Market
ArtPlus
Features
- Covers for Lost cash HKD5,000 - 30,000
- Cover for Lost/ damaged portable consumer electronics on a 'new for old' basis: Mobile phones for example, not covered or capped at HKD1,000 or with HKD2,000 + deductible
- Jurisdiction if sued for negligence will be reinterpreted according to HK laws
- Minimum Annual premium: HKD8,000
Market Plan
Mid Market
Home Protector
Features
- Cover for Lost cash HKD3,000-5,000
- Cover for Lost/ damaged portable consumer electronics on a 'new for old' basis: Mobile phones for example, not covered or capped at HKD1,000 or with HKD2,000 + deductible
- Jurisdiction if sued for negligence will be reinterpreted according to HK laws
- Minimum Annual premium: HKD1,000-HKD2,000
Market Plan
Mass Market
Looking for Executive Home Insurance?
An 'Executive' Home insurance product we define as one that offers an 'agreed value' policy and one that covers over USD8,000 in lost cash. As we are still updating our website content, please contact us directly to learn more!
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Home Insurance Insights
Home Insurance Endorsements and Riders
Homeowners can add endorsements or riders to their policies to customize coverage for specific needs. For example, they can add coverage for expensive jewelry, art, or collectibles.
Home insurance Coverage Types
Home insurance typically offers coverage for different types of risks. The main types of coverage include:
a. Dwelling Coverage: Protects the physical structure of the home, including the walls, roof, floors, and built-in appliances.
b. Personal Property Coverage: Covers personal belongings inside the home, such as furniture, electronics, clothing, and other possessions.
c. Liability Coverage: Provides financial protection in case someone is injured on the property and the homeowner is held legally responsible for the injury.
d. Additional Living Expenses (ALE) Coverage: Covers the cost of temporary accommodation if the insured home becomes uninhabitable due to a covered event.
Perils Covered in Home Insurance
Home insurance policies typically cover various perils, such as fire, lightning, windstorm, hail, theft, vandalism, and certain types of water damage. However, certain perils, such as earthquakes and floods, are usually excluded and may require separate coverage.
Home Insurance FAQ
The key points to understand about home insurance in Hong Kong:
Coverage: Home insurance policies typically cover several areas, including:
a. Building Coverage: This covers the structure of the home, including walls, floors, ceilings, roof, and fixtures, against risks such as fire, typhoon, flood, and vandalism.
b. Contents Coverage: This covers personal belongings and furniture inside the home, such as electronics, appliances, furniture, clothing, and valuables, against risks such as theft, fire, and damage.
c. Personal Liability: This provides coverage if someone is injured on your property, and you are held legally liable for their injuries or property damage.
d. Additional Coverages: Some policies may offer additional coverage options, such as loss of rent, alternative accommodation, accidental damage, and more. These may vary depending on the insurance provider and policy.
Exclusions: Home insurance policies usually have specific exclusions or limitations. Common exclusions include wear and tear, gradual deterioration, damage caused by war or nuclear hazards, and intentional acts. It’s crucial to review the policy details to understand what is covered and what is excluded.
Premiums: The cost of home insurance premiums depends on factors such as the value of the property, location, construction type, coverage limits, deductible amount, and additional coverage options. Insurance providers will assess these factors to determine the premium amount.
Policy Limits and Deductibles: Home insurance policies have coverage limits, which represent the maximum amount the insurer will pay for a covered loss. Deductibles are the amount the policyholder must pay out of pocket before the insurance coverage applies. Higher deductibles generally result in lower premiums.
Renovation and Personalization: If you make renovations or add significant personalization to your home, it’s important to notify your insurance provider. These changes may impact the value and risk profile of your property, requiring adjustments to your coverage.
Comparing Policies: It’s advisable to compare home insurance policies from different insurance providers. Look at coverage limits, exclusions, deductibles, premium costs, and any additional benefits or services offered. This helps ensure you choose a policy that suits your specific needs.
Documentation: It’s essential to keep records, photographs, and receipts of valuable belongings, as these can assist in the claims process if you need to make a claim for damaged or stolen items.
Let us help guide you through the process and help you choose the most suitable coverage for your home and belongings.
All your valuables like jewellery, watches, electronics, or anything of value you are carrying is covered under the worldwide cover section of the policy. The cover may vary policy to policy, please ensure to check coverage before you carry items out of the house and make sure to mention this to your broker while shopping around for home insurance products.
Yes, damage caused by your fur babies is covered as well. As every insurance policy is different we would strongly advise to look at the benefits and fine prints or talk to us.
All your electronic devises are covered as well, however the limits of cover would depend on the policy you have. Make sure to check the benefits if your electronics have sufficient cover as every policy limits would vary.
Back home the landlord might be responsible for the window damage, depending on where you have moved from, however in HK this falls under tenant’s responsibility. But not to worry as most of the insurance policies cover window damage as well.
Depending on the type of policy you have or are going to purchase, mould and mildew damage might be covered, we suggest you to study your policy carefully, or check with your insurance broker.
Sporting equipment are covered with the policy as well, though the limit cover would depend on the product. In case the cover is not sufficient, you can chose to add them to valuables.
Some of the home insurance products cover local or even international move. Please talk to your broker if you have the need to make any changes before the move.
