The year of the monkey is almost over, and come January 28 we will all be celebrating the year of the rooster. For many in Hong Kong this means travelling to visit family in China and abroad. In fact, it was reported by the International Business Times that across all of China (including Hong Kong) "the estimated total volume of passengers is expected to reach more than 2.91 billion."
Chances are high that you too will be travelling during this period and while it is certainly great to spend the New Year break with family and friends it can also be stressful, especially if you face travel delays, come home to a car that isn't working, or come home to find that your home has been burgled. That's why it would be a good idea to consider securing insurance before you head out for the new year. The question is, what insurance will you need? Here Kwiksure takes a look at the four types of insurance you might want to secure.
Travel insurance, as you can probably guess from the name, is designed to help protect people while they are away from their home country. The vast majority of plans available on the market cover a variety of different things including travel delays, cancellations, lost luggage, and most importantly emergency medical care.
One of the most important things to note regarding these plans is that they are short-term in nature meaning they will usually only cover you for a set period of time e.g., 30 days, or the duration of your trip. They will also not cover you in your home country.
It is also worth mentioning here that these plans are usually only for emergency purposes. For example, if you are travelling and your flight is delayed or you need to visit a doctor for an injury. They will not cover you for elective things e.g., you decide to change your flight and are charged by the airlines (the fee will not be covered) or you go to a doctor for an elective surgery.
To learn more, and secure coverage for your trip, visit our travel insurance page now.
Home insurance is designed to help cover your valuables and property from destruction or loss. Many people in Hong Kong secure this type of insurance in order to cover things like TVs, computers, jewelry, etc. that is stored in the house or in a storage locker from being stolen or damaged.
Most plans available in Hong Kong will actually offer cover of valuables on a worldwide basis meaning that if your laptop is damaged by an airline, or jewelry goes missing from your bag it should be covered regardless of your location, as long as you listed it when you secured your policy.
The key thing to be aware of here is that these plans operate on an 'accidental' basis, meaning that if you knowingly put your valuables at risk it is highly likely they will not be covered.
Of course, this type of insurance is not only beneficial for covering the valuables you are taking with you, it can also cover the valuables you leave at home. Because so many people travel during the New Year there is almost always an increase in house thefts as thieves know this is the best time of year to find empty apartments.
If you do plan on leaving your valuables at home, it would be a good idea to ensure they are protected, especially if they have more than just physical value. We also recommend that it could be beneficial to purchase a safe where you lock up extremely valuable possessions. They will still be covered if you have listed them when you secure home insurance, but storing them in a safe will show you have taken adequate steps to protect these valuables. Should something happen, there is a much higher chance of a successful claim being settled.
This is, of course, an optional piece of insurance. If you don't have a car, there is little to no need to actually secure this type of insurance. Of course, if you do have a car it would be a good idea to not only secure insurance but also ensure that you have minimized the risks of your car being damaged, especially if you will be gone for an extended period of time.
Some things to consider when it comes to leaving your car parked are:
Ensure the car is parked properly and legally - If you are in-between lines, or are not parked in a legal zone there is a good chance your car will be ticketed and towed. If your car has been ticketed and something happens, there is a chance the insurer may dispute any claim.
Ensure your lights and any electronic components are off - Nothing is worse than coming home to a car that won't turn over. In the vast majority of cases this will be due to an electric component like the lights being left on causing the battery to run dry. If this does happen and you need to call roadside assistance or a tow-truck your insurer will likely not cover the cost.
Remove all valuables - It would also be a good idea to remove any valuables from the vehicle. First off, should they be stolen, the theft will not be covered by your insurance and secondly valuables in the car do increase the chance of theft occurring, especially if you park your car in an open lot like the ones at the airport. If you absolutely must leave valuables in the car, make sure they are in the trunk or well hidden. It would also be a good idea to secure home insurance, as this will cover the valuables (if you list them when you secure the policy).
Read the documentation included in your insurance policy - This is important as there may be stipulations in your plan as to parking your vehicle. For example, some plans will not cover damage to cars parked in unattended lots.
Many in Hong Kong rely on domestic helpers, so much so that there are a number of policies available in the city that help cover any helpers you employ, beyond the fact that it is legally required for you to secure a policy for your helper.
These plans will often help cover your from any damages caused to property, any costs related to healthcare, and even theft. Theft by helper is rare in the city, however there have been reports of it happening, especially when an employer is out of town.
Policies will often include coverage for this meaning that should a helper steal a valuable, the cost of recovery will be covered. One important thing to be aware of here is that these plans will often attach a limit to theft, and it can be fairly low so be sure to check and ensure that your valuables will be covered.
Visit our maid insurance page to learn more about your options.
If you would like to learn more about your insurance options this Chinese New Year, visit Kwiksure today to learn more about your options.