Property All Risks (PAR)
Property All Risks, unlike Fire insurance, includes cover for accidental damage.
Banks and finance companies in Hong Kong commonly insist on the borrower taking out a 'Fire' policy on their house or apartment for an amount equal to the mortgage.
These 'Fire' or 'Fire and Allied Perils' policies are difficult to claim on as you must prove a causal connection between the damage and a 'defined' peril.
In contrast, with a Property All Risk or PAR. policy you only need to prove the damage or loss.
IF you dont have a mortage, though, (or even if you do) the most sensible thing to do is to insure the cost of rebuilding.
Figures on Hong Kong regarding rebuilding are hard to come by, but there is a report, such as below, that shows what the various bids come out at for each type of product.
More information on rebuilding costs can be found:
Contact Thomas Chiu - email@example.com for more Information.