I think it is ridiculous that HK contents insurance plans don't cover phones. Any other insurance plan I've had overseas did as part of contents. The fact is, there are only three things I own in HK worth insuring - my laptop, my wife's engagement ring and my iPhone - and of those, only the laptop is covered (I hope).
Believe me, I don't want anything happening to any of them - i.e. I would never deliberately "lose" one - and the chance of anything happening to any of my other contents is utterly negligible. So if those few things I own that are worth covering aren't covered, what am actually I paying for?
I'll tell you what, I would gladly pay more to have those covered - why don't they at least give you the option like in most other countries?