For most Hong Kong people, the home is the most precious asset. After all the endeavour we invest in an ideal residence, a comprehensive household protection is a natural addition. Although general home insurances policies also provide some protection for valuables, the cover which is usually not sufficient in protecting important personal treasures. For high-net-worth persons with luxury residences that houses magnificent art pieces and jewellery, you will need a high value home insurance product to safeguard the precious possessions.
High value insurance to cover your possession for up to HK$3 million
Only a handful of insurers offer high value insurance packages that cover your household belongings, art and collectibles and other premium items. Take home contents cover for example. Pre-set aggregate benefit limit can be as high as HK$3 million, while the insurer may pay up to HK$500,000 for unspecified collection and up to HK$300,000 for unspecified jewellery subject to a ceiling of HK$50,000 per item.
If the pre-set amount insured does not meet the needs of high-net-worth individuals, top-up covers can be purchased for specified fine art, collectibles, jewellery items up to the agreed values. Assessment of values of art pieces and fine jewellery require diverse knowledge in both insurance and art markets, thus it is not a kind of service easily available.
Cover for theft by domestic employees and finding water leak
In addition to high value protection for buildings and household contents, certain high value home insurance policies cover theft by domestic employees, finding water leak, and even damage or loss of mobile phones, notebook computers and other handheld devices.
News of household theft by domestic employees is hardly rare in Hong Kong, and for the high-net-worth, the risk is real. In this respect, high end household insurance is clearly superior over ordinary policies as it covers loss incurred in such circumstances.
Leakage is also a headache. It can be difficult and costly to uncover and repair a water leak, with possibly the need to replacing expensive fixtures. High end household insurance would cover the expenses as a result of uncovering the sources of water leak from your fixed domestic water installation, up to the amount insured, or more than HK$100,000 for leak outside the premises.
It is worth noting that although mobile phone, notebook computers and handheld devices have long become the staple for the Hong Kong lifestyle, they are excluded in most ordinary home insurance plans. Only a handful of high end home insurance policies cover them.
Extra protection for jewellery and collectibles
Home insurance usually has a cover limit for each item. A high end household insurance policy, on the other hand, can insure specified items such as jewellery or collectibles on agreed values. In the unfortunate event of loss or damage in any part, you will be paid the value of the entire set or pair, provided you surrender the undamaged part to the insurance company.
Furthermore, under most policies, new purchases of jewellery and collectibles are not covered until the client makes a declaration to the insurer. With certain high end home insurance plans, newly acquisitions will automatically be covered up to a certain percentage of the existing amount insured. The client will have 60 days to inform the insurance company and pay the additional premium. To know more about how you are protected with a high value home insurance, visit https://bit.ly/2WLtAO2
Note: insurance products are subject to terms and conditions of relevant policies.