Fire Insurance
Currently, we accept mortgage customers of the following banks/companies to apply for our Fire Insurance, - The Hongkong and Shanghai Banking Corporation Ltd. (HSBC) - Hang Seng Bank Limited - Bank of China (Hong Kong) Limited - Standard Chartered Bank (Hong Kong) Limited - The Bank of East Asia, Limited - China Construction Bank (Asia) Corporation Limited - Fubon Bank (Hong Kong) Limited - China Minsheng Banking Corp., Ltd., Hong Kong Branch - China CITIC Bank International Limited - Mortgage 360 Limited - Sun Hung Kai Credit Limited - HKMC Mortgage Management Limited - HKCB Finance Limited (HKCB) - The Hong Kong Mortgage Corporation Limited (HKMCorp)
If your property suffers from damage, please immediately: - Take steps to minimize the damage. - Report to the Police in the event of deliberate or malicious damage. - Reach out to the claims department as soon as possible. In Addition, you need to submit your claim application and supporting documents in writing through the member portal within 30 days of the incident or discovery of the loss. 1.Pictures of damaged items and scene of incident 2.Claimed item’s purchase invoices/receipts and replacement invoices/receipts (if unrepairable) 3.Quotations/invoices/receipts from contractors 4.Police report/police statement/witness statement if applicable 5.Building management office’s incident report if applicable 6.Other supporting documents Should you require additional information or documentation, our claims team will reach out to you. For any supplementary information, please send it to claims@onedegree.hk.
If the insured property has been fully paid off and is no longer under a mortgage, the customer may choose to use the property's reconstruction cost as the sum insured for fire insurance. The reconstruction cost refers to the expenses required to restore the insured property to its original condition prior to any damage, excluding the value of the building foundation and the land. Please note that the cost of rebuilding the property can be influenced by various factors, including the scope and extent of repairs, the size of the building, the condition of maintenance, material choices, and market conditions. Therefore, when customers choose to insure based on the rebuilding cost, the property should be re-evaluated annually, and the sum insured should be adjusted accordingly. If the sum insured is insufficient, it may affect the compensation amount provided by the fire insurance.
A fire insurance policy typically covers only the building structure and does not include the household contents within the premises. If you require coverage for household contents, such as jewelry and artwork, we recommend our Home Insurance, which provides coverage for Valuables.
The fire insurance policy includes a 7-day cooling-off period. If the policy is canceled within the first 7 days, we will refund the full premium you paid. If you cancel the policy after the cooling-off period, the refund will be calculated based on the table below. If the calculated refund results in the total premium we retain being less than HKD 400, we will charge a minimum premium of HKD 400 and only refund the portion exceeding HKD 400.
