Fire Insurance

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. 　

If you need to cancel your fire insurance policy and have not made any successful claims, you can fill out the Fire Insurance Policy Cancellation Form and follow the steps below to upload the required documents to your member portal to arrange for the policy cancellation: 　 1. Log in to your account: Login | OneDegree 2. Click on [Account] 3. Select [Upload Documents] and Submit 　 Once we receive your completed cancellation form, the Policy Administration Team will send an email to your registered email address for follow up. Please follow the instructions in that email to provide the required information.

Home Insurance and Fire Insurance are different, but complementary. Home Insurance covers the content in your home, such as furniture, electrical appliances, refurbishments, and personal belongings. Fire Insurance covers the building structure, including walls, windows, ceiling, floor, pipes and the property's original fixtures and fittings. When these are damaged by fire, typhoons/windstorms, explosions, or other covered events, your fire policy will help cover the repair costs. Having both types of insurance will give your home comprehensive protection.

Yes, Buildings Insurance is also commonly known as Fire Insurance. It covers a property's structure if there is damage caused by events including fire, typhoons/windstorms, and explosions. Many homebuyers looking to take out a mortgage need to buy fire insurance, as it is required by banks before they will approve a home loan.

OneDegree Fire Insurance premiums are fixed at 0.042% of the Sum Insured. The rate is applicable to residential properties of all types and all ages. Get a quote for your property here. When purchasing fire insurance from a bank, the premium rate may depend on your property's type and valuation. For example, village houses and older buildings will tend to cost more to insure than private housing estates and newer buildings. The rates offered by banks generally range from 0.042% to 0.15%.