【Fire Insurance Comparison 2025】What's the difference between fire insurance and home insurance? Which insurer offers better coverage and more affordable prices?

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Table 1: Fire Insurance / Building Structure Insurance Comparison (HKD)

Insurance Company	Coverage	Premium Rate	First-year Premium for HK$3,000,000 Sum Insured	Excess
忠意保險火險	Covers damage or loss to the residential building structure caused by fire, lightning, household boilers or gas explosions. Extended cover for loss or damage caused by flooding, typhoon, storm, landslide, subsidence, strike, riot, malicious damage, wildfire, overflow of water tanks, burst pipes, sprinkler malfunction and similar events.	0.033%	$975 ~~$1,500~~ Enjoy 35% off with promo code 【10LIFE25】 →Buy Now←	(a) For claims caused by typhoon/storm/flood, the excess is the first HK$3,000 of the claim^#; (b) For claims caused by landslide or subsidence, the excess is the higher of the first HK$10,000 of the claim or 10% of the loss^#; (c) For claims caused by earthquake (including resultant fire/shock/flood), the excess is the first HK$3,000 of the claim^#; (d) For add-on cover claims other than (a), (b) or (c), the excess is the first HK$3,000 of the claim.
OneDegree 火險	Loss or damage caused by fire, lightning, or explosion of domestic boilers and domestic gas fuel, or any specified add-on cover.	0.036% ~~0.042%~~	$1,071 ~~$1,260~~ Use promo code 【fire10life15】 to enjoy 15% off; if the first-year premium total is HK$1,200 or above: receive a HK$200 supermarket voucher →Buy Now←	(a) For claims caused by typhoon/storm/flood, the excess is the first HK$3,000 of the claim^#; (b) For claims caused by landslide or subsidence, the excess is the higher of the first HK$10,000 of the claim or 10% of the loss^#; (c) For claims caused by earthquake (including resultant fire/shock/flood), the excess is the first HK$3,000 of the claim^#; (d) For add-on cover claims other than (a), (b) or (c), the excess is the first HK$3,000 of the claim.
豐隆保險家居樓宇保險	Covers accidental damage to the building structure; additional cover includes landslide and subsidence protection, debris removal expenses (limit: 5% of the sum insured or HK$100,000, whichever is lower), and surveyor and consulting engineer fees (limit: 5% of the sum insured or HK$100,000, whichever is lower).	0.057%	$1,710	(a) Except for damage caused by fire, lightning and explosion, the excess per incident is the first HK$1,000 of the claim; (b) For damage caused by landslide or subsidence, the excess per claim is the higher of the first HK$10,000 or 10% of the damage amount^#.
AIG 樓宇結構保險 *	Covers loss to residential building structure caused by fire, lightning, explosion, earthquake, falling aircraft, burst or overflowing pipes or water tanks, storm, typhoon or flood, riot or strike, malicious damage, third-party vehicle impact, landslide, and similar causes. Building structure includes the residence's building framework, floors, walls, tiles and doors and windows.	0.063%	$2,100	(a) For each non-water claim, the excess is the higher of 10% of the adjusted loss or HK$250; for each water claim, the excess is the higher of 10% of the adjusted loss or HK$1,000. (b) For damage caused by landslide or subsidence, the excess per claim is the higher of the first HK$10,000 or 10% of the damage amount^#.
中國平安按揭火險	Replacement cost for loss or damage to the insured property caused by fire, lightning, boiler explosion or domestic gas (excluding drainage pipes and their fittings).	0.041%	$3,000	(a) Each claim excess is 10% of the assessed loss, or a minimum deductible of HK$10,000, whichever is higher; (b) For claims caused by typhoon/storm/flood, the excess is the first HK$3,000 of the claim^#; (c) For claims caused by earthquake (including resultant fire/shock/flood), the excess is the first HK$3,000 of the claim^#; (d) For add-on cover claims from other causes, the excess is the first HK$3,000 of the claim.
滙豐火險（基本保障）	If damage is caused by fire and lightning, explosion, flood, typhoon and storm, earthquake, landslide and subsidence, HSBC will provide replacement cost cover for the damaged residence.	0.11%	$3,300	(a) For claims caused by typhoon/storm/flood, the excess is the first HK$3,000 of the claim^#; (b) For claims caused by landslide or subsidence, the excess is the higher of the first HK$10,000 of the claim or 10% of the loss^#; (c) For claims caused by earthquake, the excess is the first HK$3,000 of the claim^#. (d) For add-on cover claims other than (a), (b) or (c), the excess is the first HK$3,000 of the claim.
滙豐火險（全面保障）	In addition to the basic coverage, further includes defects of water tanks, water mains or pipes, aircraft or vehicle collision (not caused by your own vehicle), riot and strike, and malicious damage.	0.15%	$4,500	(a) For claims caused by typhoon/storm/flood, the excess is the first HK$3,000 of the claim^#; (b) For claims caused by landslide or subsidence, the excess is the higher of the first HK$10,000 of the claim or 10% of the loss^#; (c) For claims caused by earthquake, the excess is the first HK$3,000 of the claim^#; (d) For add-on cover claims other than (a), (b) or (c), the excess is the first HK$3,000 of the claim.
*Assuming a flat unit, under 500 sq ft, building age under 40 years #Each loss refers to the loss calculated after apportionment under the proportional sharing clause for each incident, and incidents occurring within a continuous 72-hour period during the policy period are treated as one incident. @Assuming building age 22 years, unit 400 sq ft Notes: 1. The above insurance products all provide online quotes or premium rates to calculate the relevant premiums and premium rates. 2. If fire insurance is taken out to satisfy a mortgage loan requirement, the coverage must meet the bank's requirements; consumers should check directly with the bank. 3. The premiums above do not include any levy charged by the Mortgage Insurance Authority. 4. The above product ranking is based on the insurer's first-year premium. 5. Information is subject to the insurance companies.

Why are the premiums so different? Do you have to buy fire insurance?

The price of fire insurance is influenced by multiple factors. In general, the premium is calculated based on the loan amount and then adjusted by factors such as the premium rate, so the larger the unit area, the higher the premium. In addition, the more coverage a fire insurance policy provides — for example, HSBC fire insurance (comprehensive cover) typically includes losses caused by aircraft or vehicle collisions — the more expensive the premium will be. Consumers can choose a suitable fire insurance product according to their own needs, such as location, safety hazards, and past leakage incidents.

When a homeowner applies for a bank mortgage, the bank will require the homeowner to purchase fire insurance to protect the property's value and the bank's interests. The bank will require the homeowner to renew the policy annually or set up automatic renewal. It is worth noting that the homeowner does not necessarily have to purchase through the bank and can buy insurance online to meet the bank's requirements. On the other hand, if the property management company or the owners' corporation has already purchased collective fire insurance for the property, a copy of the relevant documents can be provided to the mortgage bank, so it is not always necessary to purchase a separate policy.

Violation of the Buildings Ordinance or causing fire insurance to be terminated

Many fire insurance policies state that if structural alterations to a unit contravene the Buildings Ordinance, the insurer has the right to terminate the unit’s fire insurance. In fact, there are many circumstances that may breach the Buildings Ordinance, including owners altering a unit’s structure without approval from the Buildings Department, illegally knocking through units, creating makeshift open-plan kitchens, adding staircases, or, as in the case of units at LOHAS Park’s The Capitol, removing load-bearing walls. Therefore, owners should consult professionals for an assessment before carrying out renovation or repair works to avoid inadvertently running afoul of the law and jeopardising the unit’s insurance protection.

What's the difference between fire insurance and home insurance?

Many people confuse fire insurance with home insurance. In fact, the former mainly covers the building structure, while the latter mainly covers household contents; the coverage is not the same. See Table 2 for details.

Table 2: Comparison of Fire Insurance and Home Insurance

	Fire Insurance	Home Insurance
Coverage	Covers only the building structure, such as floors, ceilings, doors and windows, walls, and plumbing, but only if caused by fire, lightning, explosion, building collapse, landslide, etc.	Covers household contents, such as domestic appliances, furniture, collectibles, and jewelry, when caused by fire, flooding, theft, or burst pipes; in addition, home insurance also covers third‑party legal liability and provides worldwide personal belongings coverage.
Who can buy?	Property owner	Property owner or tenant
Mandatory?	If applying for a mortgage from a bank, the owner must purchase a suitable fire insurance policy as required by the bank.	Decide according to personal needs.
Note: Actual coverage depends on the specific insurance product.

Home insurance protects household belongings. Owners or tenants can decide for themselves whether to buy it.

Home insurance covers loss of personal property inside the premises caused by accidents, reimbursing the related costs of damage to items such as household appliances, furniture, collectibles, jewelry, and so on. However, because different plans have varying limits for individual items, and some products may include third‑party liability cover, consumers should read the policy terms carefully and choose the product that best meets their needs.

Nowadays many home insurance policies not only cover household contents but also provide worldwide protection for personal belongings, for example repair costs for mobile phones, laptops or tablets; theft of money and replacement costs for personal documents; losses from credit card misuse, etc.

However, buying home insurance is not exclusive to property owners. In fact, both owners and tenants can decide for themselves, based on their needs, whether to purchase home insurance to protect their personal belongings. As for premiums, they are usually higher the larger the floor area. If the property is older or an atypical subdivided unit, insurers’ charges may also vary.

Fire insurance and home insurance complement each other.

For example, in a fire, fire insurance can cover damage to building structures such as walls and ceilings, while home insurance can cover loss of interior contents. This shows the two insurance products actually address different risks, so policyholders should not confuse them.

If you want to learn more about home insurance products, compare over 30 home insurance policies on the market now — detailed coverage and premiums are clear at a glance, and an actuary rating is provided.

Further reading:
【Home Insurance Comparison】Household contents and third-party liability are both covered!

Also featured: Do you have to buy fire insurance when buying a property? Which fire insurance should you buy?

When buying a property, people usually need to apply to a bank for a mortgage, and the property will serve as collateral for the bank. To protect its interests, banks generally require mortgaged properties to have fire insurance; therefore mortgages and fire insurance are closely linked.

Some banks, when approving a mortgage, will waive the fire insurance premium for the first year or the first six months; thereafter the policy will be automatically renewed and the premium charged. Buyers do not necessarily have to purchase the bank's specified fire insurance — they only need to ensure the policy meets the bank's requirements, and should pay attention to renewal and automatic debit dates to avoid any lapse in coverage.

In short, if you take out a mortgage you must ensure the property has a qualifying fire insurance policy; whether you choose a bank-recommended insurer is up to you, as long as the bank confirms it is acceptable.

Note: This article was last updated on January 23, 2025.

This English version of this article has been generated by machine translation powered by AI. It is provided solely for reference purposes. In the event of any discrepancy or inconsistency between this translation and the original Chinese version, the Chinese version shall prevail.

Last updated: 2 Feb 2026

10Life Editorial Team

Our team of professional content researchers focussing on insurance

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10Life Editorial Team

Our team of professional content researchers focussing on insurance

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Table of Content

【Fire Insurance Comparison 2025】How is it different from home insurance? Which providers offer good coverage and low prices?

Table 1: Fire Insurance / Building Structure Insurance Comparison (HKD)

Why are the premiums so different? Do you have to buy fire insurance?

Violation of the Buildings Ordinance or causing fire insurance to be terminated

What's the difference between fire insurance and home insurance?

Table 2: Comparison of Fire Insurance and Home Insurance

Home insurance protects household belongings. Owners or tenants can decide for themselves whether to buy it.

Fire insurance and home insurance complement each other.

Also featured: Do you have to buy fire insurance when buying a property? Which fire insurance should you buy?

Table of Content

Trending

Table of Content

【Fire Insurance Comparison 2025】How is it different from home insurance? Which providers offer good coverage and low prices?

Table 1: Fire Insurance / Building Structure Insurance Comparison (HKD)

Why are the premiums so different? Do you have to buy fire insurance?

Violation of the Buildings Ordinance or causing fire insurance to be terminated

What's the difference between fire insurance and home insurance?

Table 2: Comparison of Fire Insurance and Home Insurance

Home insurance protects household belongings. Owners or tenants can decide for themselves whether to buy it.

Fire insurance and home insurance complement each other.

Also featured: Do you have to buy fire insurance when buying a property? Which fire insurance should you buy?

Table of Content

Trending