Find the Best Home Insurance in Hong Kong 2025

1. Third-party liability coverage: If the insured, their tenants, domestic helpers, or pets are negligently involved in accidents that cause bodily injury or property damage to others, the insurance company will assume the relevant liability and compensation. For example, if a burst water pipe damages the elevators of a building and affects neighboring units accidentally, all of this falls within the scope of third-party liability coverage. As it’s difficult to estimate the amount of third-party liability compensation which could be significant, getting home insurance can help protect a resident from a sudden pecuniary burden in the event of unfortunate accidents.

2. Coverage limits per item: When purchasing home insurance, apart from just looking at the total coverage amount, you should also study the limits per item (general and valuable items). For example, in Generali's "Home Package Insurance," the limit per item is HK$50,000, and in bolttech's "HomeCare Insurance," if the property is damaged due to fire, floods, typhoon, explosion, theft, or accidents, the maximum compensation per item is HK$150,000. Therefore, remember to pay attention to the compensation amount for each item and the situations to which it applies when purchasing home insurance.

3. Excesses: It is worth noting that even if you have purchased home insurance, some insurance companies may require the policyholder to pay a deductible or excess when accidents occur (e.g. if the deductible is HK$500 and the loss is HK$4,500, the insurance company will only compensate up to HK$4,000). For example, in AIG's "Premium Home Plus – Enhanced Version," the excess for each and every non-water damage is HK$250 or 10% of the adjusted loss, whichever is higher, and in Generali's "Home Package Insurance," the excess for each and every claim for loss of or damage to third party property is HK$500. Therefore, when purchasing home insurance, pay attention to whether the plan requires payment of an excess.

Buying home insurance is not only a responsibility for homeowners but also for tenants. If unfortunate accidents (e.g., explosions, fires) or natural disasters (e.g., storms, typhoons) cause property damage, general home insurance can cover the insured's property losses. Tenants who have purchased home insurance can obtain coverage based on the terms of the policy.

Furthermore, as mentioned earlier, tenants also need to consider whether their home insurance includes third-party liability coverage, as tenants are also responsible for injury or property damage caused to other people by negligence. For example, if a window falls off, and causes injury or property damage to a third party, the amount involved in the compensation can be significant. By purchasing third-party liability insurance, tenants can obtain coverage according to the policy terms.

Home insurance provides coverage for loss or damage to household belongings. Some common coverage on the market are:

Loss or damage to household belongings due to accidents: such as due to explosions, fires, storms, floods, ceiling leaks, burst pipes, or theft. The loss or damage does not necessarily have to occur inside the home. Household belongings include furniture, electronic appliances, and even items like mobile phones, tablets, and laptops.

Temporary accommodation expenses for residents who need to move out due to accidents requiring home repairs: (e.g., needing to rent serviced apartments due to fires or stay in hotels due to water leaks inside the home during a typhoon)

Loss or damage to household belongings during renovation/maintenance periods: such as water leaks in the unit during renovation.

Regardless of the unit holder's identity (homeowner or tenant), the type of unit they own (e.g., private apartment, village house, public housing, tenement building, etc.), and its age, it is necessary to purchase home insurance.

Although policyholders need to pay the premiums regularly, the insurance company will assume responsibility on behalf of the policyholder when accidents occur. For example, it’s hard to estimate the amount of the compensation and legal liabilities resulting from a window falling off that hit someone or damaged someone's property, but if a successful claim is made to the insurance company, it can help save unexpected expenses.