Blue Cross (Asia-Pacific) Insurance has launched its upgraded HomeSafe insurance product, which provides home and household contents cover for residential flats of different sizes, whether owner-occupied or rented.
The upgraded plan features coverage for household contents up to HK$1,200,000 and public liability up to HK$10,000,000. Aside from enhanced benefits for existing coverage, a new plan option has been introduced to suit the needs of families living in smaller units.
As Hong Kong property prices continue to soar, smaller units between 300 to 400 square feet are becoming more popular in the market. These are known as micro-flats.
Data from Hong Kong’s Rating and Valuation Department showed that over 16,000 small and medium units were completed in 2017, 42% of which had saleable areas of less than 40 square metres (approximately 430 square feet). According to Blue Cross, this led to adding a new plan option for its HomeSafe Protection Insurance, which is specially designed for dwellings with a saleable area of 350 square feet or below.
Due to limited space, many families living in micro-flats opt to store some of their belongings in a professional storage facility. The enhanced plan offers an extended benefit with cash allowance in case items in professional storage are damaged due to fire, flood or other risks.
In light of ageing buildings in Hong Kong, coverage has also been expanded to buildings built up to 45 years ago.
“We understand that home is one of the most valuable investments for most families,” said Patrick Wan, managing director of Blue Cross. “Our upgraded HomeSafe Protection Insurance not only provides comprehensive home protection, but also caters to the needs of customers with small units by offering a new plan option, and providing extended coverage to safeguard household contents which are stored in the professional storage facility, giving customers extra peace of mind.”
