Fire Insurance

If the insured property has been fully paid off and is no longer under a mortgage, the customer may choose to use the property's reconstruction cost as the sum insured for fire insurance. The reconstruction cost refers to the expenses required to restore the insured property to its original condition prior to any damage, excluding the value of the building foundation and the land. 　 Please note that the cost of rebuilding the property can be influenced by various factors, including the scope and extent of repairs, the size of the building, the condition of maintenance, material choices, and market conditions. Therefore, when customers choose to insure based on the rebuilding cost, the property should be re-evaluated annually, and the sum insured should be adjusted accordingly. If the sum insured is insufficient, it may affect the compensation amount provided by the fire insurance.

A fire insurance policy typically covers only the building structure and does not include the household contents within the premises. 　 If you require coverage for household contents, such as jewelry and artwork, we recommend our Home Insurance, which provides coverage for Valuables.

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.