Home Insurance and Fire Insurance: A Buying Guide

Owning a property has always been a dream for many people. When moving into a new home, it is best to purchase an insurance plan for your property. In case of an unfortunate accident in your home, a comprehensive insurance policy can protect you and your family, helping to mitigate losses caused by unexpected incidents. However, there are various insurance options available for homeowners, such as home insurance and fire insurance. Do you know the differences between the two? Which one is the best fit for you? Below is an overview of the relevant information to help you compare and make an informed decision. 

Home insurance is a comprehensive insurance plan that generally covers home contents, money, furniture, electrical appliances, clothing, and collectibles against accidental physical damage or loss. Policyholders can choose different levels and coverage options based on their needs. For example, Generali Hong Kong’s Home Package Insurance provides extensive protection, including coverage for home contents, public liability, personal accident, and building. This ensures all-round protection for both you and your beloved home. 

Fire insurance covers building structure, including flooring, ceilings, doors, windows, and walls, but does not cover home contents, which are covered by home insurance. In case of accidents such as fire, typhoon, lightning, or  household  appliance explosion, fire insurance provides compensation for damage or  cost to rebuild the building. For example, Generali Hong Kong’s Fire Insurance covers losses or damages caused by fire, or by lightning, or by  explosion  of boilers or gas used for domestic purposes along with additional extended coverage to ensure holistic protection for your home. 

Home insurance or fire insurance provides effective protection for your living environment and contents at home, giving you and your family peace of mind. In case of an unforeseen accident, these insurance plans can safeguard your home and property, helping you avoid losses caused by unexpected incidents. However,  many people are often confused with the differences between home insurance and fire insurance.  What sets them apart?  Below is a comparison between these two plans: 

Home insurance and fire insurance provide coverage forvarying situations. Policyholders  can consider purchasing one or both based on their personal circumstances and home protection needs. 

Buying a Property 

When taking out a mortgage, banks typically require homeowners to purchase fire insurance to ensure the property structure is adequately protected. If you need to apply for a mortgage, you must purchase fire insurance in advance. Additionally, if you have valuables at home, you are also recommended to get home insurance for a more  comprehensive protection. 

Altering or Renovating Your Home 

If you plan to make alterations or renovations to your home, you may need to adjust your home or fire insurance coverage. As the premium for both types of insurance is calculated based on the property’s gross floor area, any alterations or refurbishments to your home may affect  the coverage scope. It is important to review your policy carefully. Also, keep in mind that home insurance is not the same as renovation insurance and may not cover any losses resulting from accidents that occur during the renovation process. 

Residential AreaIf your residential area is prone to typhoons, flooding, or burst pipes, you may consider purchasing home insurance or fire insurance to protect your property from potential risks. 

Generali Hong Kong offers wide-ranging home and fire insurance solutions allowing you to  enjoy life worry-free. 

Home Package Insurance  

Generali Hong Kong’s Home Package Insurance covers for accidental physical loss of or damage to Contents with coverage up to HK$1,000,000. Additionally, the comprehensive home insurance includes public liability, personal accident, and optional building coverage, with public liability coverage up to HK$7,500,000.  Annual premium starts at just HK$688 (as low as HK$2 per day *), and you can conveniently purchase the policy online, ensuring a secure and comfortable home with ease. 

* Based on an annual premium of HK$688/365 days = HK$1.9/day (applicable to properties with a gross floor area of 500 sq. ft. or less or buildings aged under 40 years).  

Fire Insurance 

Generali Hong Kong’s Fire Insurance covers losses or damages caused by fire, by lightning,  and by explosion of boilers or gas used for domestic purposes. It also extends protection against incidents, including flood, typhoon, windstorm, landslip and subsidence, riot and strike, malicious damage, bush fire, water tanks overflow, burst of pipes, and sprinkler leakage.  Generali Hong Kong’s fire insurance plan provides instant online quotes and approval, ensuring comprehensive protection for your building promptly.  What’s more, once your policy is issued, we will help deliver original policy documents to your mortgage bank, eliminating  the need for you to f submit the documents in person.