Home accident insurance with extra protection: creating that true home-sweet-home feeling

Hong Kong is one of the most expensive cities anywhere for a key reason – its ever-climbing property prices. Demographia, a global public policy consultancy, named Hong Kong the world’s most unaffordable city for the 12^th consecutive year because the average Hong Kong citizen needs to save up for 23.2 years to become a property owner. Getting a property is one challenge; turning it into a home that provides comfort and safety is another. Home accidents do occur and, as a result, it is necessary to plan and manage any losses incurred during such incidents with adequate home insurance.

Home insurance plans generally cover damage or repair costs caused by severe accidents, such as burglary, fire and wind damage. Some even extend their protection to private collections of valuable items, including stamps, coins, badges, glassware, crystals and camera equipment.

There are also home insurance policies that go as far as to protect the legal liability of the insured; that is, for injuries or property damage to a third party due to negligence. For example, in the event of a home accident where window frames or concrete windowsills fall and hit a passer-by, the owner bears responsibility for any related medical expenses, lawsuits filed by the injured party and any follow-up complications that ensue.
 
Elevator damage caused by faulty household pipes is more common than you might expect. As a result, property owners can be obliged to pay compensation demanded by the property management company, and any other affected households, for up to hundreds of thousands of dollars. This is where home insurance comes into play as a safety net for lessening your anxiety over unexpected expenses.
 
When managing claims involving a third party, it is crucial to remember that you should not take responsibility and guarantee compensation before determining the accident’s liability. Instead, you should ask your insurance company to handle the matter immediately, because your insurance policy will not apply to any private settlement reached without the company’s consent.

Major home accidents are always frustrating, yet even minor ones should never be underestimated. Some insurance plans protect against minor accidents, such as accidental damage to mobile phones, tablets and laptops. Some options provide “Online Shopping Protection”, which covers the monetary loss of undelivered packages or accidental damage to online purchases. Other home insurance policies offer “Moving Protection”, which protects household items from accidental loss or damage when moving to a new apartment.

Some home insurance plans even extend their coverage beyond household items to truly offer all-around protection. There are options available to extend coverage beyond your residence, such as if you lose personal belongings at the office or during an overseas business trip. There is also the option of “Money Loss Enhancement Benefit”, which provides additional compensation in the event of a burglary during public holidays.

Most people in Hong Kong save up for years to buy their homes and, naturally, they should take good care of them. Homeowners should conduct regular home safety inspections and carry out necessary repairs. They should also consider hiring licensed and qualified contractors to assist them. It also helps to choose the most suitable home insurance plan for your needs to lessen any financial burden in the event of an accident at home and, more importantly, to provide comprehensive protection for your home sweet home.
If you have any queries regarding Home insurance, please feel free to contact us or find out more about our insurance plans:

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