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Home Ownership Scheme flats has recently opened ballot and congratulations to the lucky applicants who are one step closer to their first-bought flat. No matter you’re homeowners, tenants or groups still endeavor to rent or buy a flat, is it true that you can live happily ever after once you own a lovely home? Don’t underestimate any accidents that can wreck your home and assume that home insurance can help with all happenings! Let GoBear, a financial products comparing platform, shares some tips with you to better protect your home:

Weather Shock

in Hong Kong
  • Still remember the buildings with rooms washed by super typhoon, Mangkhut? Get familiar with the policy to worry less when you are busy with cleaning the mess brought by extreme weather. Note that not all damages are covered!

o   Not all the windows smashed in typhoon are covered under home insurance, the unmodified windows are usually excluded. They are covered in the fire insurance instead.

o   If the value of the item to claim is below the ” insurance excess”, the insureds will need to bear their own cost.

o   Note whether you’ve put every cohabitant’s name in the home insurance policy! The insurer reserves the rights to decline a claim if the owners’ name is not stated in the policy.
Get Along with Your Neighbor ·     We live in a densely populated environment in Hong Kong, your living space can be easily affected by neighbors or you may be the one who affects others. Learn more about each other’s responsibility, avoid arguments on home issue and be a friendly neighbor!

o   Importance of purchasing insurance with “Third parties liability” coverage.  Air-conditioning is almost a must for Hong Kong’s scorching summer, if there is a water leakage from your air-conditioning to others’ home which is not to your knowledge and causes damage, the damage can be covered by “Third parties liability”. However, insurer reserves the rights to decline claim if private negotiations or deals were made after incident.

o   If there is a home fire caused by electrical short-circuit and spread to neighbors, the insurance will only cover the compensation for damaged properties or deaths or injuries when “Third Parties Liabilities” is available under the policy.

o   Don’t mess up with neighbors! Cracks on wall caused by neighbors will not be covered due to policy set on building structure.
Accidents
  • Accidents do happen in life!  You may not be able to escape from them, but you can be more prepared to minimize your lost. Selecting an insurance plan that fits your need is crucial in lowering your burden when accidents happen. Get to know more and be aware when choosing your plan:

o   If you leave home for travel and leave it unoccupied for over 30 days, the home insurance will be invalidated automatically.

o   Summer is a peak season for travel. If there is a break-in and theft, some insurance plans also cover the damaged windows, doors, locks and even cost to replace stolen identity cards. However, brittle items and personal electronics, e.g. laptop and mobile phones are only covered in some plans, therefore, pay attention to the terms and conditions before you purchase the insurance.

o   Insurer reserves the rights to decline the claim for items without receipts. Remember to keep a copy!

There are many home insurance products in the market, and each has their own unique selling points. For examples, AIA has plans with fixed premium for all residences, AXA has plans which provide more comprehensive coverage, while FWD has plans with lower low premium and reasonable benefits. To choose an insurance plan that fits your lovely home, it is important to have a clear overview of policies from different insurance companies and compare the details of the conditions. GoBear as an online financial products comparing platform allows you to have a closer look and make a better choice.