I'm being charged over $100 a month for contents insurance for a 889 sq foot flat, which I think is high for a building with security and cameras everywhere.
Can anyone suggest a cheaper home contents insurer?
Thanks
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Household insurance is an absolute rip off in HK. We decided not to insure our stuff when we did the math and figured that over 3 years we would have spent as much on household insurance to replace all our stuff - total. We figured that if we didn't have it - we could save the cash and if anything untoward happened then we would be in a position to replace ourselves - without the ridiculous excess and fighting that goes with insurance claims. We have had 2 break ins where the culprits took 1 camera, about 2,000 cash and 2 mobile phones - we are still way ahead after 12 years.
We also figured that the main reason for home insurance is fire, flooding and theft - we live in a concrete box where the spread of fire would be minimal, our location is not prone to flooding and burst water pipes will be localised flooding, and theft - in HK they take small stuff - jewellery, cash, cameras and phones - I don't have any truly irreplacable jewellery and already we have had the other stuff pinched and replaced.
Have a think if you really need it?
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febee
19 yrs ago
I pay $1200 a year with HSBC for a 1300 sqft flat in a high rise, and i got $10000 out of them for a watch i lost while in New Zealand on holiday.
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Contents up to HK$500,000 costs HK$850/year.
Contents up to HK$1 million costs HK$1,050/year.
For details of cover and premiums, see
http://www.bluecross.com.hk/eng/products/homesafe.htm
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Well considering all your prices you are getting quoted and paying now they have certainly come down since we investigated 12 years ago - we were quoted about $18,000 per year for contents insurance - hence we never did anything about because it was too much money!
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TC,
Most policies cover a certain amount - but much less than the total - for "All risks", which effectively means worldwide. For example, in the bluecross one I cited above, this amount is HK$15,000 (out of total contents of half a million or more).
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My broker got me a Contents rate of HK$1,000 for the year. Unfortunately it is not a monthly payment plan. I would always prefer to have the insurance than not. What happens if you accidentally leave a tap running, or a pipe bursts and floods the flats below! I've known this happen and it costs a lot to fix the roof etc. Or as Green says, an appliance catch fire and cause fire and smoke damage to the flats around you.
Not that I am clumsy by nature, but I also cover my personal effects, watch, clothing, cameras etc outside of the home. It does cost a little extra, but worth it in my books.
Chinacrisis, if you want to know the insurance company I use send me a PM.
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will insurance cover losses from incidents such as the recent gas explosion at ngau tau kok?
i heard that there were damages to property and people have to temporarily move out because water and electricity is disrupted.
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