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7 Tips To Make Choosing The Right Insurance in Hong Kong Easy

  • By
  • Spacious
  • August 20, 2020

Owning a luxury home in Hong Kong is an expensive investment; one which you need to make sure you look after with the right Insurance in Hong Kong. Your Hong Kong home will be an expression of who you are, what you like and what you’ve worked so hard to achieve. You’ll be putting a lot of effort into finding the perfect space to call your own, and you need to make sure that you are covered if something goes wrong. You need to have Hong Kong home insurance for your Hong Kong home.

Home Insurance in Hong Kong is essential you simply cannot live without. After all, you need to make sure you protect your investment. When you look at taking out insurance for your home in Hong Kong you need to look at insuring the property space you have as well as the belonging you want to put in it.

When you look for home insurance in Hong Kong, you need to make sure you have all your bases covered. You need to ensure that every aspect of your luxury space is covered. You must also understand the importance of having home insurance, what all the different terms mean and how it will benefit you in the long run. You need to understand the costs of taking out home insurance and how and when to claim against your insurance. We’ve put together a detailed guide on everything you need to know about insuring your Hong Kong home.

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What is Insurance?

Imagine you take out a mortgage on a home in Hong Kong and a fire breaks out. When you have Hong Kong insurance your property is covered for replacements. When you have insurance the items you have inside your home are covered for the replacement. Without insurance, you will be left paying your mortgage but you’ll have no place to stay, you’ll have no home to go to after a long day’s work.

Everything you’ve worked so hard to achieve will have been lost. It is for this very reason that mortgage companies in Hong Kong stipulate that you must have Hong Kong property Insurance on your property when you buy a home in Hong Kong. Even when you own the property you have bought and owe no money on a mortgage you need to make sure that valuable property you own is insured. Insurance in Hong Kong makes sure you are covered in any eventuality of damage or loss. And, while insurance cannot replace the sentimental value of the items you own, it can replace the physical items.

Types of Insurance in Hong Kong

If you thought Hong Kong insurance was a one-size-fits-all solution you are sorely mistaken. There is no type of insurance that will fit everyone. Your insurance coverage will need to be tailored to your needs. You may even be surprised to learn that your home insurance will consist of various coverages depending on your unique situation. Here are a few of the different types of insurance you may encounter in Hong Kong:

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Dwelling or Building Insurance in Hong Kong

This is the most common insurance sold in Hong Kong through Hong Kong Insurance Company. This type of insurance covers the physical building you are staying in. This insurance will cover your building structure, the walls, windows and doors. You can even cover fixed structures within your home under your Building Insurance. These will include fixtures in your bathroom or kitchen such as cabinets.

Home Content Insurance in Hong Kong

Through Home Content Insurance in Hong Kong you are able to cover everything inside your home with you Hong Kong insurance policy. You can choose to cover your appliances, special belongings or clothes. You can even cover furniture under your home content insurance. You need to remember that luxury, high-end or valuable items need to be specified to your insurer, else they won’t be covered. This is because content insurance is worked out on the replacement value of the times in your home. When you specify valuable items you may have to provide special documentation or proof of ownership especially in the case of rare collectable items in your home.

Liability Insurance

This type of cover protects you against third party claims against your property. This means if someone should slip and fall in your home they can sue you for the damage caused. When you have liability insurance in Hong Kong, these types of claims will be covered by your insurer. It could include medical bills, loss of income claims, and legal fees against you.

Tenant / Landlord Insurance

If you are buying a luxury property in Hong Kong with the aim of renting it out, even for a short period, you need to make sure you are covered with Hong Kong landlord insurance. These types of insurance policies are tailored to protect the homeowner or tenant against loss and damages.

Theft Insurance

Crime in Hong Kong is rare but it does happen. You can protect yourself against losses at your property as a result of crime by taking out insurance against theft. This is called Hong Kong theft insurance. While you can opt to take this type of insurance separately from your main policies, you can also take out an additional policy to cover losses as a result of theft.

Repair Insurance

Appliances do not last forever although we hope they would. Hong Kong Repair Insurance will cover the costs of repairing or replacing specific appliances in your home. This is a good idea to have if you own large valuable appliances such as 100+inch TV’s, projectors and walk-in refrigerators. These appliances can cost a small fortune to repair if they are not insured against the costs.

Fire Insurance

Once again you can choose to have fire insurance included in your main insurance policy, or you can choose to take out a separate policy to protect yourself against loss caused by a fire with you Hong Kong property Insurance. Fire insurance will cover the cost of rebuilding your home as well as replacing the items you had inside your home in the eventuality of a devastating fire. Fire insurance covers the cost of rebuilding all of or some of your property should it be destroyed by a fire.

Disaster Insurance

Disasters both natural and man-made can happen at any time and you need to be sure you are covered should it happen with a Hong Kong insurance policy. Disasters include earthquakes, typhoons, explosions, and floods and they can be devastating to any property. Disaster insurance will cover you and your property should you be caught up in a disaster situation.

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Why Insurance is needed?

Insurances are not simply cut and paste solutions for protecting your home and the contents therein. Insurance policies are detailed. Additionally, many of the top Hong Kong Insurance Companies offer value-added services when you choose to take out insurance through them. You need to make sure that you understand these services and what they will mean to you. For instance, many insurers in Hong Kong Insurers provide home assistance 24-hours a day. This means that your insurance can guide you when you are looking for an approved plumber, electrician, nurses and handymen.

Some home insurance companies offer replacement value on items and you need to know that this means you won’t be getting the same TV if yours is damaged. You’ll get one which is of the same value as the one you bought. Look out for moving benefits that cover you should you want to move home. Another interesting feature of Insurance in Hong Kong is rental benefits. These will cover you should you need to rent a house if yours is damaged. Some policies also offer to pay you out if you are hospitalised due to an accident at your home. Some of the other interesting features your Hong Kong Insurance could offer is the replacement of locks, removal of debris, and the cover of foods in your home.

Insurance in Hong Kong – Important Things to Know

Insurances come in various shapes and forms. For instance, if you have bought a home in an apartment building in Hong Kong you may be offered policies by building management companies. This is an added insurance which will be covered by your levies every month and is designed to cover the management of the building should anything go wrong. Additionally, when you take out Hong Kong Property Insurance you cannot cause the damages by being neglectful. You should take reasonable steps to prevent damage to your property and injury to those visiting you.

Your Insurance in Hong Kong will not cover your property if you fail to maintain it. For instance, if you have a leaking geyser and fail to have it repaired your insurance may decline to pay for the damage repair if they can prove you were neglectful in your maintenance duties of the geyser. Your Hong Kong Property Insurance will also not cover you if your property doesn’t meet the relevant health and safety regulations. Also, if you have more than one property in Hong Kong, you need to specify insurance for each of the properties; no two properties are automatically covered under the same policy.

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What is an Insurance Premium? What is Excess in Insurance?

When you want to claim against your insurance or Hong Kong insurance policy in Hong Kong you may be asked to pay an upfront fee. This is not unusual and is called an Excess payment. When you take out insurance in Hong Kong you will be told about relevant excess payments before the policy is finalised. You also need to know that there is no standard fee payable for Hong Kong Home Insurance. Your monthly premiums will be dependent on the value of your property, the risk you pose to your insurer and the value of the items you have inside your home.

Insurance companies in Hong Kong also look at different dwellings in a different light. Village houses will often be subjected to higher premiums than apartment homes. Having said this, there are insurers who specialise in insuring certain types of homes. If you own a lavish apartment you don’t want to choose an insurance company that specialises in beachside properties. You need to make sure that you find the perfect fit for your needs.

Insurance in Hong Kong Exclusions

While your Hong Kong Insurance will cover most of the things that can go wrong in your home, there are a number of exceptions for any policy. For instance, your insurer may choose to exclude general wear and tear from the policy. Other policies may exclude corrosion and rust or mould. Other exclusions, especially on your Hong Kong theft insurance may include theft as a direct result of negligence. This means leaving your home unlocked and the windows open. Terrorism is also often excluded from home insurance policies as are fines from the government.

Malicious accidents, recklessness, violence and vandalism are also often excluded from insurance policies in Hong Kong with Hong Kong property Insurance. Your house catching fire because you left the stove on is negligence and will not be covered by any policy in Hong Kong. Repair Insurances also do not cover the failure of mechanical mechanisms in electronic devices. Always be sure that you read the fine print of your policy document to find out what you are covered for and what you are not.

Conclusion

Insurance in Hong Kong is a necessity. Whether you are looking to insure your property with a basic policy or you’re looking to ensure you are fully covered in any eventuality, you need to have the right insurer on board. You need to find a Hong Kong Insurance Company that understands your needs and can cover you. Always read through the fine print of your policy document and make sure you understand every aspect of your policy. Choosing the right insurance will mean you have a partner that protects you rather than simply a company taking money from you every month.

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Important Insurance Hong Kong – Everything You Need to Know

Hong Kong Insurance is essential for those who own homes, cars and who employ domestic help around their homes. Insurance Hong Kong will keep you covered should you experience any loss or damage. And, while home insurance is one of the most popular on the market. There are other insurances that play a specialised and important role in covering cars, employees and health.

Helper Insurance in Hong Kong

Hong Kong insurance laws stipulate that if you have anyone employed in your home to help with cleaning or childcare, they need to be insured. Typically, this is known as helper insurance or maid insurance. The policies are pretty easy to come by and can be obtained from registered insurance providers as well as through banks. Families and households that fail to ensure their domestic help, can face a hefty $100,000 fine or two years in prison.

The importance of this type of insurance cannot be overstated. It protects the employer against any liability claims should the domestic Hong Kong helper insurance fall ill or be injured while working. Your domestic help will be covered for $100,000 per incident as a minimum requirement according to government laws. While some domestic employers only choose to cover their employees under the minimum requirements, others opt for more detailed plans. More expensive plans have higher benefits available. These will include:

  • Health Insurance Hong Kong
  • Cover for repatriation expenses
  • Accident insurance
  • Fidelity cover
  • Dental Insurance
  • Worker subsidy (Temporary)
  • Replacement expenses
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Benefits and Pricing of Helper Insurance in Hong Kong

When you take out helper insurance Hong Kong it provides your domestic household workers with comprehensive coverage. This includes medical coverage that every employer of domestic help in Hong Kong is required to take out for their employees. By law, employers of helpers in Hong Kong are required to provide their employees with free medical treatments throughout their employment contracts.

This is inclusive of hospital visits, emergency treatments both medical and dental and consultations with a registered doctor. And seeing as medical treatments can be costly to start off with, many employers choose to insure their household helpers and their medical needs. But, not all helper insurance Hong Kong plans are created the same. If you are employing a helper at your home, you need to know that you are only required by law to provide them with a basic insurance plan. The basic pans usually cost around $350 per year and cover injuries to the body, accidents and diseases. If you are choosing to take out a policy which covers your helper more comprehensively you can look at paying around $800 per year.

Why Take out Helper Insurance in Hong Kong

Aside from being forced to pay high medical bills and facing the full wrath of the law for non-compliance in Hong Kong, you also need to make sure that your helper is in the best possible physical and mental condition. After all, your helper is the one who will be dealing with your children while you are at work. There is a good chance that your household helper will be in constant contact with your children and you want to ensure that you keep them and your children safe and cared for. As the employer, you need to make sure that you send your helper regular medical examinations through the Best Hong Kong Domestic Insurance.

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Car Insurance in Hong Kong

If you thought you’d have a choice in whether or not to take our insurance on your motor vehicle in Hong Kong, you’re wrong. It’s illegal to own or even use a car or any vehicle in Hong Kong without having insurance on it. And, this is not without good reason. Hong Kong Car Insurance Vehicle insurance of any kind protects not only the driver but also others on the road, should there be an incident.

The reality is that no matter how careful you drive, you are not the only person on the road. You can never predict just how anyone else will drive. Accidents can happen at any time to anyone and often they happen when it’s least expected. Just four years ago, there were nearly 16,500 accidents in Hong Kong alone. This equated to one accident almost every half an hour in the city with the majority taking place in the New Territories. Needless to say you need Insurance in Hong Kong.

An accident is exactly what the name implies it to be – an event which is unplanned for and unexpected. But, while you cannot plan when you’ll be involved in a car accident, you can plan for the eventuality when you are involved in one by taking out Hong Kong vehicle insurance against it. Vehicle insurance is designed to cover you for the repair of damage or replacement of your car as a result of an accident as well as any medical expenses which arise from the incident.

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Types of car Insurance in Hong Kong

When you are looking for car insurance in Hong Kong, you’ll be met with four main options. You need to know which suits your needs best and which you need to avoid. Taking out car insurance in Hong Kong is no walk in the park, you need to know which insurers offer the best products and you need to understand how each of the different products available works.

Act Only

Out of the four insurance options available in Hong Kong for vehicles, this one offers the least protection and coverage. It is also the most affordable. Act Only Insurance Hong Kong is the most basic of policies which were created to only just meet the requirements stipulated by the government that every person using a vehicle in the city, needs to have insurance. If you take this type of insurance you will be covered for only the basics and you shouldn’t expect to be paid out much either should you be involved in an accident.

Third-Party Liability

This type of insurance policy is a combination of Act Only insurance Hong Kong with a number of added benefits. With this type of insurance, you are wholly covered for any third party claims against you. This means if you are involved in a crash and the result is damage to another person’s party, whether there is a loss or not, your insurance will cover the cost of the repairs or loss that was the result of the accident. If you incur any legal fees as a result of the accident, you will also be covered for that.

Third-Party, Fire and Theft Insurance

Taking one step up from Third Party Liability Insurance Hong Kong, you’ll encounter Third party, fire and theft insurance. This type of insurance will cover you for any damages and loss to your vehicle in an accident, through theft or as a result of a fire. Additionally, you will also be covered for everything that falls under the Act Only and Third Party Liability insurances. This is the most popular insurance type across Hong Kong.

Comprehensive Car Insurance

If you are looking to be covered for car insurance from every angle, you need to look at comprehensive car insurance Hong Kong. This type of essential vehicle insurance will cover you for everything that the other three policies do and more. You’ll also be covered for damages as a result of storms, riots, attacks and more.

You need to know that the premium you pay for your Insurance in Hong Kong is dependent on the coverage you choose to take out for your vehicle. The more coverage you take out, the higher your insurance premiums will be.

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Important car Insurance in Hong Kong Information

There are a number of things you need to take into consideration before you make your final choice for vehicle insurance and Hong Kong insurance providers. Firstly, you need to know that the premiums you will pay every month for your car, will be dependent on the information you supply to your insurance company as well as your personal driving history. If you are determined to be a higher insurance risk you will pay more for your premiums. Higher risk drivers are those who are frequently involved in incidents or who regularly claim from their insurance providers.

Secondly, the premium you will be expected to pay every month for your Hong Kong insurance providers will be dependent on whether you have bought a new or second-hand vehicle. This is determined by the replacement costs of the vehicle you choose. You also need to note that high-value vehicles, such as supercars and alike fall into an insurance class of their own. When choosing your insurance provider, it is important to not withhold any information on your driving history. If you are caught lying to your insurance provider, you may be denied the claim.

Did you know you can qualify for a lower insurance premium by simply securing your vehicle and the area where you park? Many Hong Kong insurance companies look favourably at drivers who securely park their vehicles at night as well as those who invest in anti-theft devices and systems to secure their vehicles. Lastly, don’t be in a rush to find an insurance provider for your vehicle. Shop around and make sure you have the right company looking after your vehicle.

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Insurance in Hong Kong – A Focus on Health

Hong Kong offers world-leading healthcare facilities with everything from bespoke personal treatments to long term specialised care. If you are looking for Insurance for medical treatment in Hong Kong you can always rest assured that you will be in the right hands no matter what your ailment. The problem is that many of these services come at a high cost if they were to be paid for in cash.

The alternative to this is health insurance in Hong Kong. If you want to make sure you get the best possible treatments available, you need to be able to book into a private healthcare facility in Hong Kong and to do this, you need to have medical insurance – not only for you but also for your entire family. When you choose health Insurance Hong Kong, you can be assured that when the need arises, you will have access to the best doctors and some of the world’s leading hospitals.

What is an Insurance in Hong Kong premium?

When you take out an insurance policy you will be charged a monthly instalment in exchange for the coverage that is provided to you. This cost is referred to as your insurance premium. Depending on the Hong Kong insurance you choose, you might be charged a monthly or bi-annual premium. Some people even choose to pay an entire year’s premiums upfront. Payment of your insurance policy could be through debit order on your bank account of choice or cash deposits at your bank.

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How is an Insurance in Hong Kong Premium Calculated?

When you are given your insurance premium it may just so sound as though your insurer is throwing random numbers at you. But, this simply isn’t the case. In fact, there is a very intricate process that goes with calculating Hong Kong insurance and premium costs, for each person. You need to remember that the insurance premiums for each class of insurance are calculated differently. For instance, a patient with a history of heart disease will pay more for their insurance than a perfectly healthy patient.

Insurance premiums are calculated on the risk posed by the client on the company offering the insurance. This is the same across the board for all insurance options. Whether you are taking out home, car, pet or health and life insurance you are given a risk factor. For Hong Kong best car insurance, the insurance provider takes into account your driver behaviour from the previous years, the number of claims you’ve had with a previous insurer and your age to determine your risk factor. Because each person poses a different risk factor to the insurance company, not two people will pay the same for their insurance.

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How Insurance in Hong Kong Premiums are Calculated – a Quick Guide

Insurance companies across the world and in Hong Kong use a detailed system for calculating premiums. Here are several of the factors that influence your insurance premium Hong Kong price:

Age

Your age is the number one factor many insurance companies take into consideration when pricing insurance premiums in Hong Kong. Younger individuals are likely to pay far less for their insurance especially when it comes to life and health insurance. On the other end of the scale though, older persons are likely to receive better premiums for vehicle and household insurance as they are seen are more stable and responsible.

Coverage

The next thing to take into consideration is the type of coverage you are looking for when you speak to your Hong Kong insurer. Comprehensive insurance will be far more expensive every month when compared to insurance that only covers the basics. This will be the same for all spheres of insurance from home to life.

Amount of Insurance

Hong Kong Insurers also look at the total cost of replacement when calculating your insurance premiums. Look at it this way; if you’re insuring a $1-million Ferrari you can expect to pay more every month for your insurance than if you were driving a second-hand sedan. This is because it will cost more to repair and even replace the Ferrari.

Information Supplied

The last thing your insurance company will do is look at the personal information you give them when applying for the insurance in Hong Kong. If you have a history of bad driving and a long list of accident claims you’ll be paying more for insurance then when you have a clean driving record. The same goes for life insurance. If you smoke and live a generally unhealthy lifestyle, you’ll pay more than if you were in good health.

Conclusion

When looking for the perfect fit for your Insurance in Hong Kong, you need to shop around. Look at what every company is offering you and make sure that your chosen insurer can tailor your cover. Remember that no two people are the same and therefore their insurance will greatly differ too. Be sure to read the fine print in your Hong Kong insurance contract and make sure that you are covered for any and all losses you may experience. Insurance is necessary and it’s best to take your time to pick the right cover for your home, car, health, helper or life.