Just because you rent doesn’t mean you don’t need home insurance. It can provide coverage for your belongings along with those of your landlord.
Lots of people rent for various reasons. They could be saving for their first home, living as an expat on a short-term contract or just prefer not to buy as a lifestyle choice. As property prices have soared in the last decade, many Hong Kong residents are still saving for their first home and are currently renting. While you will want to protect your own possessions with a home insurance plan, you also need to consider those of your landlord too.
Protecting Your Possessions
When you move into a new property, protecting your possessions should be a top priority. You may be surprised how much your contents are actually worth. For example, our spending on electronics has crept up with the advent of hand phones, games consoles and smart TVs. These should all be covered, along with your other personal possessions. There may also be a one-off possession of particularly high value that you need covered, such as a work of art, set of golf clubs or wine collection.
Don’t Forget the Landlord
As a renter you may be liable for any damage to your landlord’s possessions, particularly their fixtures and fittings, which could be relatively expensive. So look for a home contents policy that includes protection for a landlord’s fixtures and fittings.