Currently, we accept mortgage customers of the following banks/companies to apply for our Fire Insurance,

- The Hongkong and Shanghai Banking Corporation Ltd. (HSBC)

- Standard Chartered Bank (Hong Kong) Limited

- China Construction Bank (Asia) Corporation Limited

- China Minsheng Banking Corp., Ltd., Hong Kong Branch

Do all banks in Hong Kong accept OneDegree Fire Insurance?

A number of Bank mortgage customers have successfully switched their fire insurance coverage to OneDegree, their mortgage are from:

The policy start date must be within the period from 10 to 180 days after your purchase. 

If you did not specify, the default start date will be 28 days from your purchase date. You may change the policy start date by emailing us at care@onedegree.hk within 24 hours after purchase - please state the desired policy start date and your policy number for the process.

Can I choose the effective date for my fire insurance policy?

The policy start date must be within the period from 10 to 180 days after your purchase. 

If you did not specify, the default start date will be 28 days from your purchase date. You may change the policy start date by emailing us at care@onedegree.hk within 24 hours after purchase - please state the desired policy start date and your policy number for the process.

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. 
       

Is Building Insurance same as “Fire Insurance”?

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.

No, we will take care of that for you. After your OneDegree Fire Insurance policy is issued, we will send a hard copy to your mortgage bank.     

Do I need to notify my mortgage bank after purchasing a OneDegree Fire Insurance policy?

No, we will take care of that for you. After your OneDegree Fire Insurance policy is issued, we will send a hard copy to your mortgage bank.

If your property suffers from damage, please immediately:

1. take steps to minimize the damage;

2. give notice to OneDegree by emailing to claims@onedegree.hk;
3. report to Police in the event of deliberate or malicious damage.    

How do I file a fire insurance claim?

If your property suffers from damage, please immediately:
1. take steps to minimize the damage;
2. give notice to OneDegree by emailing to claims@onedegree.hk;
3. report to Police in the event of deliberate or malicious damage.

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.

How would you handle my Fire policy after a successful submission?

We will work through the following procedures after receiving your application. Firstly, we will examine if the submitted details correspond to the uploaded documents ...

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.

The most updated sum insured amount is not clearly indicated on the document uploaded during the application

Discrepancy of the sum insured between the submitted and indicated amount on the uploaded document during the application

No submission of relevant documents for the insured property during the application

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.

Why would I receive policy suspension notice after fire policy purchase?

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.

OneDegree Fire Insurance premiums are fixed at  0.038% 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 0.08% to 0.2%.

Are premiums higher for certain property types?

OneDegree Fire Insurance premiums are fixed at  0.038% 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 0.08% to 0.2%.

Fire insurance policyholders can notify us in writing by email to cancel the policy, and the cancellation date of the policy will be based on the actual date we receive the aforementioned written request.

We will calculate the refundable premium based on the table below; if the calculated refundable premium results in us charging less than HKD400, we will charge a minimum premium of HKD400 and only refund the portion exceeding HKD400.

Period Covered (not exceeding)       Premium Refund
 1 month                                                      90%
 2 months                                                     80%
 3 months                                                     70%
 4 months                                                     60%
 5 months                                                     50%
 6 months                                                     40%
 7 months                                                     30%
 8 months                                                     20%
 9 months                                                     15%
 10 months                                                   10%
 11 months                                                     5%
 Over 11 months                                            0%


How to cancel a fire insurance policy and how to calculate the refundable premium?

Fire insurance policyholders can notify us in writing by email to cancel the policy, and the cancellation date of the policy will be based on the actual date we receive the aforementioned written request.

We will calculate the refundable premium based on the table below; if the calculated refundable premium results in us charging less than HKD400, we will charge a minimum premium of HKD400 and only refund the portion exceeding HKD400.

Annual policy premiums range from 0.038% to 0.2% of your Sum insured, depending on your insurer’s terms. For example, for a policy with HK$ 3,000,000 Sum insured, you may pay between HK$ 1,140 (HK$ 3,000,000 x 0.038%) and HK$ 6,000 (HK$ 3,000,000 x 0.2%) each year.

OneDegree offers a Best Price Guarantee* on our 0.038% premium rate. If you find a better rate elsewhere, we’ll match it! Get a quote for your property here.

*If you find the same product at a lower price in the market, we will refund the difference. However, our lowest price guarantee only applies to Fire Insurance products with the same coverage and general terms at OneDegree Fire Insurance, and the price must be open to the public and does not include any discounts, deductive or waivers.
 

How much does a fire insurance policy cost?

You can choose one of the following to be your policy's Sum Insured:


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.

How do I determine the Sum Insured for my Fire insurance policy?

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.

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 care@onedegree.hk after the renewal.

How do I renew my fire insurance policy?

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 shared in the renewal notice.

Reinstatement cost is how much it would cost to rebuild your property and restore it to its original condition if it were completely destroyed. It excludes the building foundation and value of the land. 
         

What is reinstatement cost?

Reinstatement cost is how much it would cost to rebuild your property and restore it to its original condition if it were completely destroyed. It excludes the building foundation and value of the land.

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?

What is the minimum and maximum Sum Insured?

We don’t cover you for:
   - War and related perils
   - Fire and explosion if it results from an earthquake, volcanic eruption or other natural disaster (unless otherwise specified in Policy Schedule)
   - Spontaneous fermentation or heating of any part of your property or any damage resulting from the application of heat
   - Riot, civil commotion, strikers or locked out workers (unless otherwise specified in Policy Schedule)
   - Theft during or after a fire
   - Damage to any electrical machine or apparatus arising from its own over running, excessive pressure, short circuiting, self heating , arcing or leakage of electricity
   - Damage to a property covered by another insurance policy
   - Goods held in trust or on commission (unless you are legally liable for them)
   - Consequential loss or damage of any kind or description
    
   For more details, refer to our insurance policy wording.

Is there any exclusion?

We don’t cover you for:
- War and related perils
- Fire and explosion if it results from an earthquake, volcanic eruption or other natural disaster (unless otherwise specified in Policy Schedule)
- Spontaneous fermentation or heating of any part of your property or any damage resulting from the application of heat
- Riot, civil commotion, strikers or locked out workers (unless otherwise specified in Policy Schedule)
- Theft during or after a fire
- Damage to any electrical machine or apparatus arising from its own over running, excessive pressure, short circuiting, self heating , arcing or leakage of electricity
- Damage to a property covered by another insurance policy
- Goods held in trust or on commission (unless you are legally liable for them)
- Consequential loss or damage of any kind or description
 
For more details, refer to our insurance policy wording.

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.    

I already have a Home Insurance Policy, do I still need the Fire Insurance?

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.

Fire insurance generally does not cover said items.     

Does fire insurance cover jewelry and art pieces?

Fire insurance generally does not cover said items.

Yes, we don't have a property age limit. You can apply for coverage as long as your property is residential.      

My property is more than 40 years old. Is it eligible for coverage?

Yes, we don't have a property age limit. You can apply for coverage as long as your property is residential.

Not at this time. Please contact us at care@onedegree.hk if you need support or have any questions.     

Can I view and manage my fire insurance policy through my OneDegree online account?

Not at this time. Please contact us at care@onedegree.hk if you need support or have any questions.

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.     

Can I purchase coverage for commercial property?

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'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.     

If fire insurance is included in my building's management fee, do I need to inform my mortgage bank?

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.

Fire Insurance

Get answers fast on our FAQ page, where we address questions you may have about OneDegree and our plans.