There are basically three kinds of home plan on offer in Hong Kong, depending on the insurers' target market:
We would catagorize the plans on offer as either being designed for the:
See table below for what we see as the main areas of difference.
Call us on 2530 2530 for more information.Those that rate by the square feet are typically more of a mass market product, designed to simplify the calculation process, as most Hong Kong people know to a square inch the size of their apartment. These products tend to be lower priced than the more traditionally rated products and to have correspondingly more restrictive cover. Eg: no cover for iPhones or iPads etc.
What is in the market for home insurance
Executive Home Insurance
An 'Executive' Home insurance product we define as one that offers an 'agreed value' policy and one that covers over USD8,000 in lost cash.
An 'agreed value' policy is one where you declare the value of a particular item and the insurer agrees this value, so that if the item was lost or stolen there would be no question as to the value, as this had already been agreed. So if you insured a Rolex watch for HKD200,000 and lost it and at the time of loss, its replacement value was found to be equal to HKD180,000, then you would still be paid HKD200,000.
In agreeing the value at the outset, often without a requirement of proof of value or of ownership, the insurer is demonstrating a level of trust that you will not see in lesser products.
This trust is further underscored by Executive home products covering HKD50,000 - HKD75,000 in lost cash, whereas the mid and mass market products may only cover HD5,000 or HD3,000.
Mid Market Home Insurance
We term as "Mid market" to those plans that provide a limited flexibility for choose you contents sums insured and provide the option of taking over HKD1m in home contents cover.
AIG's Prestige plan for example, provides 2 options for contents cover to a maximum of
The AXA Captain's plan offers a range of cover banded up from HKD250,000 to HKD2.0m and higher on request
Mass Market Home Insurance
We term as "Mass market" plans that give no flexibility for choose your contents sums insured.
Some such as AIG's Premium Plus, provide a fixed sum insured of HKD1m for home contents whereas the AXA New Settlers has a fixed sum insured that increases with the square foot area of your home.
AIG Premium Plus
Home Contents cover is capped at HKD1m and readily covers properties up to 3000 square feet
Personal Effects & Valuables are covered:
- inside your home to a maximum of HKD100,000 in total, HKD10,000 per item.
- outside your home to a maximum of HKD20,000 in total and HKD5,000 per item, unless you specifically provide proof of value and list.
NOTE: Up to 2 mobile phones can be covered per policy not for loss, but only repair costs for accidental damage.
When it comes to covering a local move AIG provides just HKD50,000 in total and caps each item at HKD3,000!
AXA New Settlers Home Package (NSP)
The plan includes:
- Home contents AND personal valuables (compulsory)
- Annual travel cover for employer's family and optionally, helper (optional)
- FREE Employees' Compensation cover and health cover for one helper
- FREE liability cover of HKD5m ( Same as AIG's Premium Plus and likewise reinterprets any liability charge against you or your household members, according to HK law)
NOTE: Only one mobile phone of up to HKD1,000 is covered per life time and the AXA New Settlers plan provides NO cover for a local move at all.Apply now for instant cover- AXA does not charge for the balance of a month or the entire succeeding month. Premiums are payable monthly, a recognition both of the convenience of monthly payment. Please refer to the policy for complete details.
|POINTS OF DIFFERENCE||Executive Market||Mid Market||Mass Market|
Examples of Home Insurance plans in Hong Kong
|Hiscox HomeExec||AXA Captains||MSIG Home Protector|
|AXA Art||Zurich Deluxe||AXA New Settlers|
|AIG Prestige||AIG Premium Plus|
|Examples of Key points of difference|
|Rating by||Sums Insured||Sums Insured||Square foot area|
|Cover for Lost cash||HKD75,000||HKD5,000-30,000||HKD3,000-5,000|
|Cover for Lost/ damaged portable consumer electronics on a 'new for old' basis||Hiscox HomeExec alone provides||Moble phones for example, not covered or capped @ HKD1000 or with HKD2000 + deductible||Moble phones for example, not covered or capped @ HKD1000 or with HKD2000 + deductible|
|Jurisdiction if sued for negligence||Worldwide (90 days pa in USA for Navigator HomeExec).. Optional add on for AXA Art||Any judgement against you overseas will be reinterpreted according to HK laws||Any judgement against you overseas will be reinterpreted according to HK laws|
|Minimum Annual Premium||HKD10,000 for AXA Art plus and HKD6,000 for stand alone art cover||HKD1,000-HKD2,000||HKD1,000-HKD2,000|
|Free cover for Employees' Compensation for foreign domestic workers||Hiscox HomeExec provides free cover for any number of domestic employees. AXA requires a separate domestic helper policy||AXA Captains provides free EC cover for any number or legally employed foreign helpers,||AXA New Settlers provides free EC and Health/Accident cover for ONE legally employed foreign helper. Others Charge for this|
|Cover for Home Move||Full cover both locally and internationally, even for artwork bought and shipped to your home / storage||No company of which we are aware provides free international move cover. Some such as the AIG Prestige offer comparable cover to that which you have in your home, but you must provide AIG advance notice.||For those few that provide local move cover they will typically cap the move cover at perhaps HKD100,000|