insurance question

What's the general way expats in HK go about insuring things? We haven't got contents insurance because not really needed from a burglary standpoint and we don't own the apartment we live in, but do people have contents insurance for breakages etc? What about jewellery? Do people only have insurance for jewellery and nothing else?

Your input is greatly appreciated.

Contents insurance generally cover accidentally damage and limited jewellery. But you have to check the small prints specifically for these items.


Alternatively, if you are worried about your jewellery left at home, you could keep it a safety deposit box at the bank.

Working as an insurance broker, I would say that most expats do insure their Contents and jewellery. Of course, some people do not have the same amount of Contents as others and may not consider it necessary.


The Contents are covered, not only for burglary, but also storms, fire, flood, water damage, alternative accommodation if your home is uninhabitable due to an insured accident, accidental breakage, loss during a move, water or fire damage to your neighbours property can also be covered under the free public liablity section.


I will say it is impossible to insure for jewellery only. When this was possible, many years ago, the insurers charged about 3% of the value as the annual premium. i.e. a ring valued at HKD100,000 cost HKD3,000 annually.


Under a Contents policy, the normal rate is about 1.5% of the value. So you might also be able to insure the Contents for the same premium of HKD3,000.


You may not bother to insure the jewellery for cover outside of the apartment, so then there would be a very low limit under the Contents cover for jewellery not specified. You could keep the jewellery in a safety deposit box, but it would not be insured on the way there or back.


Kind regards,

Andrew