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Best Home and Content Insurance in Hong Kong 2022
| Home Insurance Plan | Annual Premium | HIGHLIGHTED BENEFITS |
|---|---|---|
| MSIG iHome Insurance Plan B | HK$770.94 | Cover accidental loss of or damage to household improvement for up to HK$100,000 |
| AXA SmartHome Plus - Plan A | HK$941.80 | Cover outdoor furniture and similar items that are usually in the open |
| Sompo HouseholdJoy | HK$700.60 | Pay for the accidental breakage of window glass at your Home caused by typhoon or “Black” rainstorm. |
| Zurich HomeChoice Insurance Plan | HK$750.64 | Worldwide protection including repair cost for mobile phone, laptop or tablet computers |
| FWD HomeCare Insurance | HK$630.54 | Valuables are covered up to $10,000 per item |
Home Insurance vs Fire Insurance
Fire Insurance
If a property is mortgaged, fire insurance is mandatory. It protects the interest of you and the mortgage lenders, covering the structure of the premise such as walls, roof and floor against fire damage. But fire insurance doesn’t cover home contents.
Home Insurance
If your premise is exposed to major accidents such as fire, typhoon, explosion, theft, a burst of water pipes, etc., general home insurance can protect against your loss but the amount of insurability varies. What’s more, home insurance does not just cover your family’s belongings at home, but it could extend to things that you carry with you outside of your every day. Some even provide coverage against frozen food and beverage protection or outside door locks, window, etc.
Landlord Insurance VS Renters Insurance
Landlord Insurance
It is important for a landlord to purchase fire insurance, home insurance and third-party liability insurance to protect his or her assets, from building structure, home contents to potential liability to third party due to accidents. Moreover, there is also the protection plan available in the market specifically designed for landlords for loss of rent.
Renters Insurance
A lot of home rental contract specifies that a tenant is held responsible for all the fixed installations and furnishing in the rented premise. It is important for renters to get home insurance in order to protect their interest. Moreover, any injury or property damaged to a third party could lead to enormous compensation. Therefore, it is important to get third party liability insurance to protect oneself against these risks.
Common Coverage of Home Insurance
Public Liability Insurance
Public liability insurance protects policyholders in the event of negligence resulting in third party injury or property damage.
Household Contents Insurance
Home insurance protects insurers against accidental loss or damage to home contents such as curtains, furniture, etc. Some also provide worldwide protection against accidental loss or damage of personal valuables worldwide such as watches, photographic equipment, etc.
Construction Insurance
Some home insurance provides basic protection to interior building improvement work carried out before moving in such as renovation and refurbishment of fixtures, fittings, repainting and flooring. For loss or damage caused by building improvement work that takes place after you have moved in, they may not be included. However, some home insurance provides third party liability insurance which may protect policyholders against any injury/ damage caused by the renovation work.
Burst Pipe Insurance
Water damage is usually covered as a standard feature in general home insurance, providing protection to your home contents such as furniture and personal belongings. If your home becomes unfit to live in temporarily, you may also get reimbursement on the expenses for alternative accommodation.
Home Burglary Insurance
Loss of household property is covered due to burglary in a general home insurance policy. Home insurance can compensate for any loss in personal effects and repair costs for getting new locks.
Compare Home Insurance Coverage
| Insurance Provider / Insurance Plan | Home Contents Coverage | Liability to Third-Party Coverage |
|---|---|---|
| AXA SmartHome Plus Plan B | HK$600,000 | HK$20,000,000 |
| Zurich Home Choice - Householder | HK$1,250,000 | HK$10,000,000 |
| Chubb MyHomeGuard | HK$6,000,000 | HK$10,000,000 |
| AIG Premium Home Plus – Enhanced Version (Standard Plan) | HK$1,000,000 | HK$5,000,000 |
Home Insurance FAQ
Do I need home insurance if I already bought a fire insurance policy?
- Yes. To give you peace of mind and financial security, it is important to get home insurance which provides coverage for your household possessions and the liability to third party protection.
How to calculate the premium cost of home insurance?
- In general, the premium of Home insurance is calculated based on the floor area of a premise. Policyholders can also extend coverage to add-on items. The higher the insurability, the higher the premium.
What should I do if I encounter any damage to my home contents?
- It is advised to take photos of the damage without attempting to fix it. For larger claims, the insurer may send a loss adjuster to look into the situation.
What is the definition of Personal Belongings?
- By personal belongings, it is referred to personal possessions that the insurer normally wears or carries, such as jewellery, clothing, watches, wallets, handbags, purses, mobile phones, etc.
Can village houses be insured?
- Not all homes of all floor area, types and building ages are insured. It is usually more difficult to get a village house insured.
What are the general exclusions of home insurance?
- It doesn’t apply to unauthorised building work or illegal structure, water seepage and theft or water damage after a premise has been unoccupied for 30 consecutive days.
Is there any excess for home insurance?
- Not all home insurance requires excess. But in general, the higher the excess, the lower the premise.