Survey indicates, fire insurance prices vary greatly, with a difference of up to 90%. The premium difference between fire insurance companies is as high as $150,000
Given the relative lack of consumer awareness around fire insurance products and pricing, OneDegree Hong Kong Limited (“OneDegree”) recently commissioned a survey of its fire insurance clients to gather insights. The findings indicate that more than 90% of the respondents do not know enough about the details of fire insurance and they prefered to buy fire insurance directly from the mortgage bank or the insurance company before because of convenience or avoiding spending time searching for other fire insurance products. However, over the full policy term, total premium cost savings could amount to HKD 150,000 or more via OneDegree's offering.