Fire Insurance

Home Insurance Refunds are calculated based on the Short Term Premium Refund Table. An administration fee of HKD 500 will be deducted from the refundable premium. The total amount retained by the company includes the pro-rated premium for the covered period plus the HKD 500 administration fee. The remaining balance will be refunded to the customer. 　 Fire Insurance Refunds for Fire Insurance are also calculated on a pro-rata basis; however, the administrative fee structure differs from Home Insurance. A minimum administration fee of HKD400 applies. If the calculated pro-rata premium is less than HKD 400, a minimum retaining fee of HKD 400 will be charged as the total administration cost for the cancellation. 　 Policy Amendment Fees (Applicable to Fire Insurance Only) The following administrative fee arrangements apply to modifications of Fire Insurance policy details (such as insured property address, mortgage information, etc.): 　 If the customer identifies an incorrect and contacts us to request an amendment within 48 hours of policy issuance, the administrative fee will be waived. 　 Any amendment requests submitted after 48 hours will incur an administration fee of HKD 300 per request.

We accept Sum Insured from HKD 500,000 to HKD 50,000,000. Please refer to this FAQ for more on Sum Insured: How do I determine the Sum Insured for my policy?

OneDegree Fire Insurance only covers residential properties for now. However, we have plans to introduce different types of insurance protection in the future. Subscribe to our mailing list or follow us on Facebook for our latest updates. 

If you wish to transfer your existing fire insurance policy (issued by another insurance company) to  OneDegree for your fire insurance protection:    For the application of a new fire insurance policy with OneDegree, we will notify your mortgage bank and submit the new policy documents.    Please note that we are unable to represent you in making inquiries or cancellations of your existing fire insurance policy with the mortgage bank or other insurance company. If you wish to cancel the renewal of your existing fire insurance policy or apply for a premium refund, you will need to follow up with the relevant parties directly.    Regarding our current list of banks/companies that accept mortgage customers for OneDegree fire insurance, please refer to the information below:  Do all banks in Hong Kong accept OneDegree Fire Insurance?   

If you're buying a home in a newer residential development, it's likely that fire coverage is included in the management fee and you won't need to purchase a separate fire insurance policy. While your mortgage bank should be aware which developments have master fire insurance, it doesn't hurt to confirm with them to ensure you're not paying for coverage you don't need.