Compare fire insurance in Hong Kong (premiums/coverage)

February 8, 2022

Fire insurance, as the name implies, protects you from financial ruin if something unexpected happens to your home in case of a fire. But that, in fact, is not the only peril most plans in the market cover. Mishaps you're protected against is usually pretty broad, from fire to lightning strikes, explosion, water damage and so on. 

The premium you have to pay for a fire insurance policy is calculated by applying a rate percent to the sum insured, which is usually based on either: 

  1. Full mortgage amount; 
  2. Outstanding loan amount; or 
  3. Property reinstatement cost. 

Right now, the sum insured in most plans are set based on the full outstanding mortgage amount. That’s why the sum insured – and your premium – goes down year by year at the time of renewal. And by the time when your mortgage term ends, the sum insured will instead depend upon the rebuilding value of your property looking at factors such as location, GFA and the neighborhood that you’re living in. If you buy fire coverage through an insurer or bank in Hong Kong, the premium rates in general range between 0.03% and 0.15% of your sum insured.

Here’s a look at what the fire insurance policies available in town cover and how much they cost: 

One Degree
Plan Event covered Premium rate
Fire Insurance Fire
Flood
Lightning
Boiler or gas explosion
(Coverage can be adjusted depending on your mortgage bank’s requirements)
0.03% of sum insured

HSBC (underwritten by AXA General Insurance)
Plan Event covered Premium rate
Standard Cover Fire and lightning
Explosion
Typhoon, windstorm and flood
Landslip and subsidence
Earthquake
0.11% of sum insured
Comprehensive Cover Fire and lightning
Explosion
Typhoon, windstorm and flood
Landslip and subsidence
Aircraft
Earthquake
Vehicle impact (by third party vehicle)
Riot and strike
Malicious damage
Water tanks, apparatus and pipes
0.15% of sum insured

Standard Chartered (underwritten by Allianz)
Plan Event covered Premium rate
Standard Cover Fire, thunderbolt or subterranean Fire
Explosion
Aircraft damage
Water tanks, apparatus or pipes
Theft
Impact by road vehicle
Earthquake or volcanic eruption
Hurricane, cyclone, typhoon, windstorm and flood
Riot and strike
Malicious damage
Sprinkler Leakage
Landslip and subsidence
Spontaneous combustion
Bush fire
0.125% of sum insured

BEA (underwritten by Blue Cross Insurance)
Plan Event covered Premium rate
Fire Insurance Fire
Lightning
Bush fire
Aircraft and other aerial or spatial devices or articles dropped from them
Earthquake (fire shock and flood)
Explosion
Vehicle impact (by any vehicle)
Riot and strike
Malicious damage
Sprinkle leakage
Typhoon
Windstorm and flood
Water tanks, apparatus and pipes
Landslip and subsidence
0.15% of sum insured

AIG
Plan Event covered Premium rate
Premium Home Plus - Enhanced Version Fire
Lightning
Explosion
Earthquake
Impact of aircraft
Bursting or overflowing of domestic water tanks or pipes
Windstorm
Typhoon or flood
Riot or strike
Malicious damage
Impact by third party vehicles
Landslides and subsidence
Sum insured > HK$1.5M 0.07% of sum insured
Sum insured ≤ HK$1.5M 0.08% of sum insured

Ping An Insurance
Plan Event covered Premium rate
Fire Insurance The replacing cost for any loss or damage caused by:
Fire;
Lightning; or
Explosion of boilers or gas used for domestic purpose
0.01% of sum insured

Kai Fung Insurance
Plan Event covered Premium rate
Kai Fung Mortgage Insurance Aircraft or other falling objects
Fire
Lightning
Earthquake
Explosion
Typhoon
Windstorm and flood
Bursting or overflowing of water tanks or pipes
0.05% of sum insured (subject to age of property)

Looking for a Fire Insurance for your new home? With OneDegree, you’ll pay just 0.03% for a policy, and if you find a better rate elsewhere, we’ll match it! Click here to learn more.

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