Decoration Insurance
Home renovation and decoration projects are common in Hong Kong, where compact living spaces and high property values drive demand for customized interiors. However, renovations carry risks—damage to property, injuries to workers, or disputes with contractors can lead to costly setbacks. Decoration insurance, often referred to as renovation or contractor’s all-risks insurance, provides financial protection for homeowners and contractors during decoration projects. Covering property damage, third-party liabilities, and unexpected delays, this insurance ensures peace of mind in Hong Kong’s fast-paced, high-cost property market. With over 50,000 renovation projects annually (Hong Kong Construction Industry Council, 2024), decoration insurance is a practical solution for safeguarding your investment.
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Decoration Insurance Insights
Comprehensive Coverage
Policies protect against risks like accidental damage to property (e.g., walls, flooring), theft of materials, and liability for injuries to workers or neighbors during renovation.
Cost Protection
Renovation costs in Hong Kong average HKD 100,000-500,000 for a typical flat. Insurance mitigates losses from unforeseen events, covering repairs or replacements up to the policy limit.
Contractor and Homeowner Options
Homeowners can purchase policies to protect their property, while contractors can opt for coverage to meet legal requirements and manage project risks.
Decoration Insurance FAQs
Decoration insurance covers risks during home renovation or decoration projects, such as property damage or worker injuries. It’s ideal for homeowners overseeing renovations and contractors handling projects.
Coverage typically includes damage to the property being renovated (e.g., broken pipes, cracked walls), theft of materials, and third-party liabilities (e.g., injury to a worker or damage to a neighbor’s property). Some plans cover delays due to unforeseen events.
Premiums depend on the project’s scale, duration, and coverage level. For a HKD 200,000 renovation, premiums typically range from HKD 1,000-3,000 for homeowners and HKD 5,000-10,000 for contractors’ all-risks policies.
While contractors may have their own insurance, it might not cover your property or specific risks. Homeowners should consider their own policy to ensure full protection during renovations.
Submit a claim with photos of the damage, contractor invoices, and incident reports via the insurer’s portal or hotline within 30-60 days. Claims are typically processed in 1-3 weeks, depending on complexity.
Some policies cover DIY projects, but coverage may be limited, and premiums could be higher due to increased risk. Check with the insurer to confirm eligibility and exclusions.
Certain policies cover delays caused by insured events (e.g., material damage from a fire), reimbursing additional costs like extended contractor fees. Coverage for delays varies, so review policy terms carefully.
