• Custom-made plansmeeting the specific needs of homeowners, landlords and tenants
• Protection of your rental income and personalbelongings taken out of home
• Comprehensive protection for as low as thecost of two coffees each month 

HONG KONG SAR - Media OutReach - 4 November 2020 - Property pricesin Hong Kong top the world with many purchases worth over HKD10 million. Yetdespite spending most of their savings on property, a survey has found that manyHongkongers may have put their most valuable assets at risk by underestimatingthe importance of home insurance. AXA Hong Kong recently conducted an onlinesurvey wherein 1,032 Hong Kong residents (aged 18 or above) took part. Itrevealed while the average value of the respondents' home contents ranges from HKD250,000to HKD800,000, only 43% claimed that they would buy home insurance, andone-third of them had never even considered such a need.

At AXA Hong Kong and HSBC,we are committed to raising the awareness of the importance of home insurancein protecting property among Hongkongers and we understand that homeowners,landlords and tenants all have different needs. To meet these needs, a new homeinsurance plan ResidenceSurance was launched to provide six plan options withtailor-made protection to ensure all customers are well looked after. Takinginto consideration the common claim cases, ResidenceSurance boosts homecontents coverage up to HKD2 million and personal liability up to HKD20million. It also provides a 24-hour home assistance service hotline forcashless emergency inspection service.

ResidenceSurancecomplements your fire insurance while protecting your personal assets insideand outside of your home

According to the survey,over half of the respondents thought fire insurance was equivalent to homeinsurance, and nearly 70% misunderstood that home insurance only covered thecontents at home. In fact, fire insurance covers only building structures suchas walls, windows, ceiling, floor and pipes. With ResidenceSurance, you canprotect household contents on the premise, such as furniture, electricalappliances as well as personal belongings such as jewellery and laptop computerseven when you take them outside of your home. Having both types of insurance inplace is therefore critical to ensure a comprehensive coverage.

For landlords --protection of your rental income, with coverage encompassing fixtures andfittings installed by property developer or previous property owner

Rental loss is what every landlord wantsto avoid. Yet the survey found that landlords may not be aware of how they canprotect themselves as nearly 80% of the respondents did not know home insurancecould cover rent arrears. ResidenceSurance protects your rental income byproviding coverage for loss of rent up to HKD75,000 if the premises areuninhabitable because of accidental loss of or damage to household contents(not including valuables, personal computers and personal effects), or forrental default up to HKD25,000 per month if your tenant fails to pay theoutstanding rent under the tenancy agreement within 1 month after a courtjudgment is obtained.

ResidenceSurance also covers the furniture,electrical appliances and the fixtures and fittings installed by the landlord,property developer or previous property owner in the rental unit. The liabilitycoverage includes bodily injury or property damage to third party arising fromthe rental property.

For tenants -- protection of your homecontents when lost or damaged

The survey found thattenants were even less aware of the protection a home insurance can offer. Theaverage value of home contents in a rented home is almost HKD250,000; and as atenant, one may also be liable for damages to the landlord's possessions - especiallyany fixtures and fittings - which can be relatively costly. Yet only 14% of thesurveyed tenants have purchased home insurance, while less than 40% are awareof this need. ResidenceSurance can offer protection for valuable items such as laptopcomputers, game consoles, luxury bags and watches, and even the landlord'sfixtures and settings in case of loss or damage.

Coming to the rescue -- a24-hour cashless emergency inspection service

The survey revealed thatover 70% of the respondents experienced the need for emergency householdsupport themselves or have heard about such a need from their friends andfamilies in the past 12 months. ResidenceSurance offers a 24-hour hotline foremergency support, making professional on-site assistance just a phone callaway. Inspection of locks, plumbing and electricity can now be done in acashless manner, freeing customers from the hassle of making claims.

Comprehensive protectionfor as low as the cost of two coffees each month
Thepremium of ResidenceSurance is based on the size of the home. For a unit of 375sq.ft or below, the monthly premium can be as low as HKD60 for owners(self-occupiers) and tenants, and HKD47 for landlords.

KennethLai - P&C Distribution Director of AXA Hong Kong and Macau, said, "Having a safe and comfortable home is important to many people. With workingfrom home becoming a new norm under the pandemic, people tend to spend moretime at home, giving our home the right protection is even more important. Wewill continue to educate the public on the importance of home insurance, and weare very pleased to offer customer-centric home insurance solutions likeResidenceSurance with HSBC to help customers better protect themselves andtheir valuables."

Keanu Liu, Head of General Insurance and Strategic Partnership Business, HSBC Insurance (Asia) Limited, said, "At HSBC, we aim to offer customers peace of mind by safeguardingtheir property including their precious home and valuables contained therein atall times. With this in mind, we are pleased to collaborate with our generalinsurance partner AXA Hong Kong to strengthen the protection for our home byproviding them with more comprehensive home insurance coverage, no matter theyare homeowners, tenants or landlords. The ResidenceSurance plan comes withgreat flexibility and market leading features at an affordable level to caterto the diverse needs of their individual home identity. This is part of HSBC'songoing effort to help customers look after their overall wellbeing and stayprotected in the current difficult times." 

To learn more about the ResidenceSurance,please visit:

www.hsbc.com.hk/insurance/products/home/homesurance/

The above information is forreference only. For details on the product features, content, terms andexclusions, please refer to the product brochure.

About AXA Hong Kong and Macau

THIS PRESS RELEASE IS AVAILABLE ON AXA'S WEBSITE:  AXA.COM.HK

The Hongkong and Shanghai Banking Corporation Limited

TheHongkong and Shanghai Banking Corporation Limited is the founding member of theHSBC Group. HSBC serves customers worldwide from offices in 64 countries andterritories in its geographical regions: Europe, Asia, North America, LatinAmerica, and Middle East and North Africa. With assets of $2,956bn at 30September 2020, HSBC is one of the world's largest banking and financialservices organisations.

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