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Business Insurance

Mortgage Fire Insurance

Most banks require property owners to purchase mortgage fire insurance, providing coverage against risk of structural damage of the mortgaged flat.

 

Mortgage fire insurance mainly covers the building structure.  Under a fire insurance policy, building structure refers to the structural condition of the building and the basic decoration and renovation during the moving in process, including walls, floors, ceilings, doors and windows. The coverage includes loss caused by fire, thunderstorms, typhoons, storms, and floods.

 

The premium of mortgage fire insurance varies according to the building age, type of premise, location, and mortgage amount.

 

General insurance information is provided by Convoy Financial Services Limited (A licensed insurance broker company with Hong Kong Insurance Authority Licence No. FB1360 and a registered MPF Intermediary of Mandatory Provident Fund Schemes Authority with the MPF Registration No. IC000105) and/or Convoy Financial Solutions Limited (A licensed insurance broker company with Hong Kong Insurance Authority Licence No. FB1246).

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