Essential for Mortgages
Fire Insurance
It’s no easy feat to buy a home in Hong Kong, so every bit of savings counts. Homebuyers are often required by their lenders to buy fire insurance, but many don’t know they are free to shop around. Switch to OneDegree’s affordable coverage painlessly and let us help you save.
Best Price Guaranteed
Some insurers may charge up to 0.15% of the sum insured annually for fire coverage. With OneDegree, you’ll pay just 0.03% for a policy, and if you find a better rate elsewhere, we’ll match it!
OneDegree
0.03%
Other Insurers
Up to 0.15%
best price fire mortgage
See how much we can save for you!
Enter your mortgage amount to get an instant quote.
HKD
HKD 500,000
HKD 50,000,000
We insure from HKD 500,000 to HKD 50,000,000. If you need more or less coverage, get in touch and we'll see what we can do for you. Please note that the minimum premium is set at HKD 400/year.
HKD
1,200
/yr
Other Providers
HKD
6,000
/yr
You would be
saving up to
HKD
4,800
/yr
Premium with our rate 0.03% & highest market rate 0.15%
Our Key Features
Most banks require homeowners to take out fire coverage before approving a mortgage.
While the banks themselves also offer fire insurance, OneDegree gives homeowners an affordable alternative with the same comprehensive coverage.
Best-Price Guarantee
Customized coverage to meet your lender's requirements
Policy can be cancelled at any time
We cover damages caused by
Fire
Flood
Lightning
Boiler or Gas Explosion
Coverage can be extended depending on your mortgage bank's needs
What’s Not Covered?
We currently only insure residential properties. In our standard Fire Insurance policy, damages from earthquakes, forest/bush fires, riot and strikes are among items that are excluded. However, this may differ from policy to policy, coverage can be extended depending on your mortgage bank's needs. 
How does it work?
1
Buy a fire insurance policy on our website
2
We’ll inform your lender about your policy switch, and they will send you a notice once your new policy is confirmed. You just have to sit back and enjoy the savings!
3
If you are switching from another insurance provider, don’t forget to ask them for a premium refund.
FAQ

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.

Can I choose the effective date for my policy?

The default policy start date is set to be 28 days after your purchase.

How much does a fire insurance policy cost?

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.

Are premiums higher for certain property types?

OneDegree Fire Insurance premiums are fixed at  0.03% 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 0.15%.

How do I determine the Sum Insured for my 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.