Seven in 10 recognise the importance, yet over half fail to secure any policy.

More than 70% of Hong Kong residents said they are well aware of the importance of home insurance, yet 60% stated they don’t own any, according to a Blue Cross (Asia-Pacific) Insurance Limited survey.

The Hong Kong Home Insurance Survey highlighted a specific lack of protection amongst tenants, with 81% lacking coverage.

Amongst homeowners, 56.7% are currently uninsured.The data shows that 71.1% of respondents acknowledge the importance of home insurance, yet 57.6% of those who deem it important have not purchased a policy.

Furthermore, 77.7% of respondents have not bought fire insurance.

Barriers to adoption include a lack of understanding regarding coverage, concerns about premium costs, and optimism bias, with 23.8% of respondents believing that accidents will not happen to them.

Knowledge gaps are particularly high amongst younger generations and tenants. Nearly 40% of Gen Z respondents cited unclear coverage as their primary reason for not purchasing insurance.

Many tenants mistakenly believe insurance is unnecessary if they do not own high-value items, unaware that policies can cover interior decorations and third-party liability.

Additionally, more than 50% of respondents were unaware that home insurance can include extended benefits for pet injuries, electric vehicle chargers, or items stored in mini-storage facilities.

In response to these findings, Blue Cross has launched an upgraded HomeSafe Protection Plus plan.

The policy offers public liability coverage up to $2,553,530.00 (HK$20,000,000) and home contents coverage up to $383,029.50 (HK$3,000,000).

The plan also includes specific provisions for rainwater seepage damage, worldwide coverage for mobile devices and laptops, and business property coverage for individuals working from home.

($1.00 = HK7.83)