Hong Kong residents consider their home to be one of their most valuable assets. Purchasing the proper insurance to protect a home, the contents within, and mitigating the risk of liability should therefore be a serious consideration, and not taken lightly.
Buildings Insurance can be purchased as a packaged product that will provide all the necessary coverages that will be used to protect your home during all the years you enjoy it. The most efficient and affordable way to purchase the necessary insurance is to shop for a package policy among the many insurers in Hong Kong. The typical package policy will include the following covers:
Structure Insurance – This section provides replacement coverage for the structure you live in, freestanding garages, outbuildings, walls, and fences against the covered perils listed in the policy.
Personal Liability Insurance – This cover protects you and your family in the event you are found liable for injuries or property damage to a third party (visitor) who is on or in your property. The policy will also pay for defence costs associated with the claim against you.
Alternative Accommodation Insurance (Loss of Use) – Many times a homeowner will be forced to temporarily relocate while their home is under repair after a loss has taken place. This cover will reimburse the insured for these additional expenses until the home can be safely re-occcupied. This cover can also reimburse for any loss of rental income if your home is being rented to another party who is forced to move while the home is under repair.
Death and Disablement Insurance – This cover will pay up to the limit selected in the event an insured party dies or becomes totally disabled as the result of a fire, theft, or attempted theft.
Theft or Attempted Theft Insurance – This cover extends the list of perils or risks that are included in the policy to include theft or attempted theft when there is evidence of a forcible entry or exit from your premises.
What is covered in a Buildings Insurance Policy?
The typical risks your home is insured against includes fire, bursting of pipes, water tank overflow, damage from sprinkler linkage, explosions, earthquakes, impacts, riots and civil unrest, vandalism, damage from aircraft, typhoons, windstorms, and floods. The applicant can also request coverage for Landslip and Subsidence for an additional premium.
When considering your buildings insurance, it’s important to talk to your Trusted Union insurance broker to properly determine the replacement cost of your home and the contents within. We will take the time to consider all of the characteristics of your home as well as the value of your personal belongings to help you determine an amount sufficient enough to replace the structure and all of your valuables in the event of a total loss.