According to some surveys, the world's top three highest property prices are Hong Kong, Munich, and Singapore. The average price per square feet in Hong Kong is ranking number 1 in the world! Therefore, lots of people in Hong Kong choose to rent an apartment while saving money for buying a flat.
During the rental period, how should renters protect the apartment and its contents? What insurance should property owners and renters purchase to ensure their benefits?
In fact, property owners and renters have the responsibility for purchasing home insurance to protect them from any accidental loss. What the property owners need would be the coverage for building structure and household contents, such as wardrobes, bed frames, etc. If renters are living in the property, having personal belongings like furniture and valuables, home insurance can still protect them from any loss. Differences between property owners’ and renters' coverages are as follows.
Purchasing fire insurance and home insurance can provide comprehensive protection for property owners and their families. Fire insurance can protect the owner's residential building structure from fire and specified insured hazards, such as explosions, natural disasters, riots or strikes, and malicious damage impacted by the third party. Home insurance can protect the insured premises against accidental damage (such as fire, flooding, explosion, burglary, etc.) to the household contents.
Accidents are unpredictable and you will never know when will be happened.
Renters are always neglect something that needed to be insured as they are not the property owner and take no responsibility, such as:
- Household contents are damaged due to typhoons and flooding.
- Window frame(s) fall off. If it hit somebody, the property owner or the renter has to take responsibility for this accident.
Whenever there is an accident, if the renter has purchased home insurance, he/she can receive support and compensation coverage to deal with the urgent issues immediately!
So, how is the insurance premium usually calculated? The home insurance premium is generally based on the floor area of the house. The larger the area of the unit, the higher the premium. The average premium ranges from HK$500 to HK$4,000 annually, and it may vary according to different insurance plans.
In addition to the comprehensive coverage for your household belongings, home accidents and legal liability, it also provides a utility fee during unemployment.
Free extra benefits are provided, including losses or accidental damages to notebook/tablet computer or wine, loss of personal documents, unauthorized use of credit cards/cash cards, replacement of locks and keys, personal accident, etc.
More details of AIG Home Insurance: https://bit.ly/3wPLQWf
