Survey | 70% of Hong Kong residents agree that home insurance is important, but only 60% have coverage

Blue Cross conducted its February “Hong Kong Home Insurance Survey” and found that more than 70% of respondents agree that home insurance is important. However, nearly 60% still have not purchased a policy. Tenants’ awareness of protection is particularly weak: more than 80% have not bought home insurance.

The survey results show that more than 70% (71.5%) of respondents said they are more concerned than last year about the risks of home accidents. More than 70% (71.1%) also agree on the importance of home insurance. However, nearly 60% (57.6%) of them have not purchased home insurance, and those who have not purchased fire insurance are even closer to 80% (77.7%).

The survey found that Hong Kong residents generally worry about home incidents such as fires, third-party claims, typhoons, black rain, and water leakage, but often do not take action for different reasons. Different groups have different views on home insurance. Among them, tenants have the weakest protection awareness. More than 80% (81%) of tenants have not purchased home insurance, and among homeowners, nearly 60% (56.7%) have not taken out a policy.

The survey noted that among the “Z generation,” nearly four in ten respondents (36.5%) list “not knowing what the coverage includes” as the main reason they have not purchased insurance, reflecting clear blind spots in insurance knowledge among the Z generation.

The survey also showed that most respondents do not know about the extended and additional coverage options that home insurance can provide. Nearly 60% (58.7%) of respondents do not know that home insurance can cover pets being injured or dying due to home accidents, or needing temporary accommodation. Nearly 60% (58.8%) do not know that it can cover compensation for accidents involving parking spaces and electric vehicle chargers. More than half (51.5%) do not know that it can cover mini-warehouse items.