We will work through the following procedures after receiving your application: ⠀⠀ ⠀⠀⠀⠀⠀ Firstly, we will examine if the submitted details correspond to the uploaded documents. ⠀⠀ ⠀⠀⠀⠀⠀ Should there be an information discrepancy or require further confirmation, our team will contact you through email, you may refer to: Why would I receive policy suspension notice after fire policy purchase? ⠀⠀ ⠀⠀⠀⠀⠀ If the information is verified, we will deliver your policy document by courier to your mortgage bank within 7 working days for their assessment, the electronic version of the policy will also be sent to you through email. ⠀⠀ ⠀⠀⠀⠀⠀ ** Due to privacy reasons, banks will not disclose clients’ details including but not limited to the fire policy assessment results, the current mortgage loan value, the required sum insured, etc... to any third parties. If you have any questions regarding the assessment status of your policy, you may contact your mortgagee a few days later upon receiving the electronic version of the policy. ⠀⠀ ⠀⠀⠀⠀⠀ For the same reasons, we are not able to inquire about the existing Fire policy with the mortgage banks or other insurers on behalf of our customers. If you need to inquire about or cancel your existing fire policy, please contact them directly. ⠀⠀ ⠀⠀⠀⠀⠀ The requirement for the sum insured varies among every mortgage bank, customers are encouraged to confirm the exact sum insured required with their mortgagee before the application. That way, it can save your time and avoid delayed assessment. The assessment of the policy shall be subjected to the decisions of the mortgage bank, which shall be final and binding. ⠀⠀ ⠀⠀⠀⠀⠀
After the applicant has purchased or submitted the renewal application for the Fire insurance, according to the situations below, we will contact the applicant through email to further confirm whether the sum insured fulfills the requirement of the mortgage bank or not. This is to avoid unnecessary delay during the assessment of the mortgage bank if the sum insured is not accepted by which. Situation 1 The most updated sum insured amount is not clearly indicated on the document uploaded during the application Situation 2 Discrepancy of the sum insured between the submitted and indicated amount on the uploaded document during the application Situation 3 No submission of relevant documents for the insured property during the application Situation 4 You decreased the sum insured amount on your own during the policy renewal If you receive such notification, please simply respond to us by referring to the email guidance. We will then follow up on your application accordingly.
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 Bank mortgage customers have successfully switched their fire insurance coverage to OneDegree, their mortgage are from: - 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
We will send you a reminder by email or SMS 3 months before your policy end date. To prevent any lapse in coverage, please complete the policy renewal via the designated link attached to the renewal notice. *If you need to decrease the sum assured, please confirm the amount with your bank before the renewal, and inform us through email at email@example.com after the renewal.