Fire Insurance
You can choose one of the following to be your policy's Sum Insured: 1) Your original mortgage loan value; 2) the cost of your property reinstatement; 3) your current mortgage loan value. If you choose your Sum Insured to be the cost of rebuilding your property, a property valuation must be conducted annually and the Sum Insured may change year to year depending on the valuation. Many homeowners choose a Sum Insured equal to their current mortgage loan value. However, a mortgage loan's value drops over time, which means the Sum Insured will also decrease. If you have any doubt, you may check with your mortgage bank for the exact Sum Insured required.
We don’t cover you for: - War and related perils - Fire and explosion if it results from an earthquake, volcanic eruption or other natural disaster (unless otherwise specified in Policy Schedule) - Spontaneous fermentation or heating of any part of your property or any damage resulting from the application of heat - Riot, civil commotion, strikers or locked out workers (unless otherwise specified in Policy Schedule) - Theft during or after a fire - Damage to any electrical machine or apparatus arising from its own over running, excessive pressure, short circuiting, self heating , arcing or leakage of electricity - Damage to a property covered by another insurance policy - Goods held in trust or on commission (unless you are legally liable for them) - Consequential loss or damage of any kind or description For more details, refer to our insurance policy wording.
After the Fire insurance policy is successfully confirmed, the policy documents will be sent to the email registered for the policy immediately. At the same time, you can manage your Fire policy and view the policy documents through your OneDegree online account. Subsequently, the Policy Administration department will send the original policy documents to your designated mortgage lender (if any) within 6-7 working days. ** For privacy reasons, mortgage lenders will not disclose client details, including but not limited to the fire policy assessment results, the current mortgage loan value, the required sum insured, etc., to any third parties. If you have any questions regarding the assessment status of your policy, you may contact your mortgage lender a few days after the policy documents are couriered. For the same reasons, we are not able to enquire about the existing Fire policy with the mortgage lenders or other insurers on behalf of our customers. If you need to enquire about or cancel your existing fire policy, please contact them directly. The sum insured requirement varies among mortgage lender, therefore customers are encouraged to confirm the exact sum insured required with their mortgagee before applying. This can save your time and prevent assessment delays. The policy assessment is subject to the decisions of the mortgage lender, which shall be final and binding.
Yes. You can now manage your Fire insurance policy and view policy documents through your OneDegree online account*. Should you have any inquiries, please contact us at care@onedegree.hk. *Access to policy documents on online account is only available for policies purchased or renewed on or after 31 October 2024. If you purchased or renewed your policy before the mentioned date, please refer to the confirmation email from the Policy Administration department to view the policy documents.
The policy effective date must be any day within 10 to 180 days after the insurance is purchased. If you do not specify the policy effective date at the time of purchase, we will set it as 28 days after the policy purchase by default. If you need to change the policy effective date after the purchase, please email care@onedegree.hk within 48 hours of purchase and clearly state the new policy effective date and policy number, and we will make the necessary amendment. Any change requests made after this deadline will incur an administration fee of HK$300 per request.
