You can choose one of the following to be your policy's Sum Insured: 1) Your original mortgage loan value; 2) the cost of your property reinstatement; 3) your current mortgage loan value. If you choose your Sum Insured to be the cost of rebuilding your property, a property valuation must be conducted annually and the Sum Insured may change year to year depending on the valuation. Many homeowners choose a Sum Insured equal to their current mortgage loan value. However, a mortgage loan's value drops over time, which means the Sum Insured will also decrease. If you have any doubt, you may check with your mortgage bank for the exact Sum Insured required.
A number of HSBC, Bank of China, Standard Chartered, The Bank of East Asia, Hang Seng, Fubon and China Construction Bank mortgage customers have successfully switched their fire insurance coverage to OneDegree. We are actively expanding our bank network. If you're interested in OneDegree Fire Insurance, but your mortgage lender is not one of the banks mentioned above, please leave us your contact info here and we'll get in touch if we can cover your property.
The default policy start date is set to be 28 days after your purchase. If you would like a specific policy start date, please email us at email@example.com and advise on the desired policy start date.
Annual policy premiums range from 0.03% to 0.15% of your Sum Insured, depending on your insurer's terms. For example, for a policy with HKD 6,000,000 Sum Insured, you may pay between HKD 1,800 and HKD 9,000 each year. OneDegree offers a Best Price Guarantee on our 0.03% premium rate. If you find a better rate elsewhere, we’ll match it! Get a quote for your property here.
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?