Kwiksure’s guide on key home insurance coverage options
Given the skyrocketing prices and rents of residential real estate in Hong Kong, most homeowners will purchase a home insurance policy to protect their property and contents within their household. Apart from prevalent benefits, such as property damage from fire, the coverage scopes of most home insurance policies are in fact much wider than what you may expect. This infographic by Kwiksure showcases the top three benefits that build up a comprehensive home insurance plan, as well as other more unexpected things that are covered under a home insurance policy.
What else there is to know about home insurance in Hong Kong?
Premiums for a home insurance policy are determined based upon the projected value of your home and its contents. Quite often, you are the one to establish the value of your home contents, and the declared value will influence your premiums.
An interesting point about home insurance in Hong Kong is that buildings that are lower to the ground, such as village houses, are often put through greater scrutiny by insurers. This could lead to higher premiums for coverage of such buildings and some policies will outright exclude coverage for these types of homes.
Also, there are many common exclusions that can result in a denial of your home insurance claim. The most common home insurance exclusions include:
- General wear and tear, including rust or corrosion, rot, moisture, mold, mildew, or market depreciation
- Theft or property loss or damage as a result of homeowner negligence
- Accidents or injuries caused by an act of willful maliciousness, violence, recklessness, or vandalism by the homeowner
To learn more about home insurance, or other types of insurance solutions offered by Kwiksure, contact us today by email, call +852 3113 1331, or click the chat box on the right-hand side of this page. Our expert advisors will provide you with free, impartial advice, as well as non-binding quotes and plans comparisons.