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Congratulations! You just bought a new home and are now a proud homeowner. But before you dive into the celebrations, we want you to consider getting homeowners insurance. If you haven't already got one, it's time to secure your home with comprehensive homeowners insurance. We understand that determining how much insurance you need to cover the structure, personal items, and more can be overwhelming. So, we asked our friends at Pacific Prime to help explain how homeowners insurance in Hong Kong works and where to get one.
Educate yourself about homeowners insurance
Before you commit to a plan, it's a good idea to learn about the different types of homeowners insurance and their premiums. And with property & casualty insurance plans available in Hong Kong, Pacific Prime’s insurance experts are happy to guide you to the right plan.
What is homeowners insurance?
Simply put, this insurance policy is designed to provide coverage for unforeseen disasters, such as damage caused to your belongings or property because of a fire, lightning, hail, storm, or in some instances, explosions. Note that properties or homes that are prone to floods and earthquakes should have cover for such natural disasters.
Homeowners insurance will assure you peace of mind and financial support regardless of natural disasters or the type of accident. And the biggest risk when purchasing homeowners insurance is not buying enough. So, analyzing the types of costs will help you figure out how much homeowners coverage you will need.
3 key factors to consider
1. How much will it cost to rebuild your home?
The best way to determine the cost of rebuilding your home is to contact a professional. This way, you can be sure of how much you will need to be insured to cover the estimated rebuilding costs.
2. The costs of replacing your personal belongings
Make a note of all your personal belongings and take pictures of them. So, in case of an accident, you have an estimate of the financial damage to your personal belongings.
3. Liability costs - the cost of covering injuries and damages that occur on your property
This coverage will save you from paying out of pocket for expensive medical bills and lawsuits.
Reach out to a property & casualty insurance specialist
If you are still confused about homeowners insurance or don't know where to start, it's time for you to get in touch with Pacific Prime Hong Kong's insurance experts.
Pacific Prime Hong Kong has over 20 years of experience in the insurance industry and has worked closely with locals and expats in Hong Kong to secure the right insurance policies.