Fire Insurance
Annual policy premiums range from 00.034% to 0.15% of your Sum insured, depending on your insurer’s terms. For example, for a policy with HK$ 4,500,000 Sum insured, you may pay between HK$ 1,530 (HK$ 4,500,000 x 0.034%) and HK$ 6,750 (HK$ 4,500,000 x 0.15%) each year. OneDegree offers 0.034% premium rate for the first year, which is the lowest in town. Get a quote for your property here.
OneDegree Fire Insurance premiums are fixed at 0.034% for the first year of the Sum Insured. The rate is applicable to residential properties of all types and all ages. Get a quote for your property here. When purchasing fire insurance from a bank, the premium rate may depend on your property's type and valuation. For example, village houses and older buildings will tend to cost more to insure than private housing estates and newer buildings. The rates offered by banks generally range from 0.034% to 0.15%.
Yes, we don't have a property age limit. You can apply for coverage as long as your property is residential.
If you're buying a home in a newer residential development, it's likely that fire coverage is included in the management fee and you won't need to purchase a separate fire insurance policy. While your mortgage bank should be aware which developments have master fire insurance, it doesn't hurt to confirm with them to ensure you're not paying for coverage you don't need.
Reinstatement cost is how much it would cost to rebuild your property and restore it to its original condition if it were completely destroyed. It excludes the building foundation and value of the land.