Home Insurance

Closed Thread
  1. #1

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    48,340

    Your mortgage will have a mandatory insurance component which should meet most requirements. I think its best to just get it from the same bank as your mortgage - keeps things simple.

    Add on would be contents insurance - water, fire, theft etc ..

    Am I missing something?


  2. #2

    Join Date
    Aug 2017
    Location
    Beautiful Britain
    Posts
    2,089

    I never bothered with contents insurance in Hong Kong. I suppose really I never had much of great value as it was always a temporary residence. However, I also thought surely theft risk is small in a private, concierge staffed estate? (Of course I am aware you could want fire/accidental damage)


  3. #3

    Join Date
    Feb 2012
    Posts
    411

    My wife thought it was important to get home insurance. The company just sent a renewal notice for a 1,200HKD annual premium (500 to 800 sqft flat) and amended the terms to exclude damages due to communicable diseases. 1,200HKD isn't a lot of money, and it supposedly provides 1m in coverage for something and 10m in liability or something, but I personally think it's a waste of money, but you have to buy whatever insurance helps you sleep at night and just count it as an expense for better sleep.

    My estate's (Park Island) insurance somehow was seemingly good enough for both of my mortgages (one at a time (not together)). I know if something destroys my entire block, the insurance pays to rebuild the block or makes an equivalent payment in lieu. I put the chance of that happening at about 0. If a fire consumes my flat, which I deem very unlikely, I feel I could either sell it for whatever it's supposedly worth - the cost of fixing it; or pay whatever it costs to fix it. Insurance companies aren't charities, so I'd rather self-insure for home insurance in HK, but to each their own.

    Also yeah my stuff isn't particularly valuable, and I wish I had less stuff in my flat (it's mainly my wife and son with too much junk). I aspire to be a minimalist, but I don't live with other minimalists.

    Last edited by LoganH; 19-11-2021 at 10:37 AM.

  4. #4

    Join Date
    Jan 2018
    Location
    Taiwan and HK
    Posts
    6,203

    For me the most important part of insurance is if my flat damages someone else's flat- I am thinking here of water damage from a leak. Because that can do a huge amount of damage. As a renter, I also didn't want to owe the landlord in case of some damage from a leak that somehow got blamed on me. My insurance (500 square foot flat) was super cheap, like 600 or so, I forget the exact amount. Buys you peace of mind.


  5. #5

    Join Date
    Apr 2003
    Location
    Hong Kong
    Posts
    4,097
    Quote Originally Posted by MABinPengChau:
    For me the most important part of insurance is if my flat damages someone else's flat- I am thinking here of water damage from a leak. Because that can do a huge amount of damage. As a renter, I also didn't want to owe the landlord in case of some damage from a leak that somehow got blamed on me. My insurance (500 square foot flat) was super cheap, like 600 or so, I forget the exact amount. Buys you peace of mind.
    agree 100%, or the event of a fire, several flats could be looking for compensation for water damage

  6. #6

    Join Date
    Nov 2005
    Location
    Cramped island
    Posts
    5,676

    Reviving an old thread since the topic relates.

    If you are renting a place, will you buy home insurance on that unit in protection of potential 3rd party liabilities ? What kind of 3rd party liabilities would be of your concern (just saw the above on water leaks, any others) ?

    Asking because recently at my block one of the unit some pipe broke and flooded the unit. The flooding flowed into one of the elevator and the whole elevator have to be repaired. The management post some notice mentioning that they are dealing with the liability insurance company blar blar blar.

    If a pipe broke due to wear and tear its the landlord's liabilities. Don't think its the tenant's unless its gross negligence by the tenant (e.g. knocking out the pipe or something). So under that case the insurance is the responsibility of the landlord instead of the tenant ?


  7. #7

    Join Date
    Nov 2019
    Posts
    2,275

    You only need contents insurance. Why would you need third party liability?

    LL / Owner buys third party or additional insurance….if they want

    https://www.clic.org.hk/en/topics/in...of_property/q2


  8. #8

    Join Date
    Nov 2005
    Location
    Cramped island
    Posts
    5,676

    e.g. extract from dbs webpage.

    1. Why would a tenant need a home insurance?
    Home accidents occur day to day. When browsing the internet, you will see many stories of housing windows dangerously falling on to the streets, or short circuit from small appliances that causes fire. Most people think that these types of problems are covered by the landlord’s insurance policies. However, this is a common misunderstanding as in the event of accident due to negligence that results in injury of a third party or property damage, both the tenant and landlord may need to bear legal responsibility. Under these circumstances, it would be beneficial for the tenant to also purchase household and third party liability insurance to ensure their protection.