Close to 80% of Hong Kong residents have not purchased home insurance, despite 33% having experienced home accidents in the past 12 months, a home protection awareness survey by global insurer
AXA revealed.
The survey showed that 40% of respondents have not thought about buying home insurance, despite a host of valuables being kept at home.
Meanwhile, water damage, caused by water seepage and burst pipes, accounted for half of all insurance claims between January 2016 and May 2017. Around 70% of respondents did not know that home insurance also covered accidental damage caused by domestic helpers, decorators, and guests.
According to AXA Hong Kong chief distribution officer Agnes Choi Heung-kwan, the majority of Hong Kong residents lacked adequate understanding of the nature of home and fire insurance, and the study aimed to raise the public’s awareness of the home protection provided by insurance.
She added that tenants must purchase home and contents insurance even if their landlords have already purchased insurance for the structure.
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