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Today, 10Life will explain the difference between the two, and compare the premium rate differences of fire insurance products on the market. If you do not wish to have a fire insurance product recommended directly by the bank, you can also choose one yourself. Table 1: Fire and Building Structure Insurance Comparison (HKD) Replacement cost arising from any loss or damage to the insured property caused by fire, lightning, boiler explosion or domestic gas. Protection against any damage or loss to the residential building structure caused by fire, lightning, domestic boiler or gas explosion. Extended cover for loss or damage caused by flood, typhoon, storm, landslip, subsidence, strike, riot, malicious damage, bush fire, overflow of water tanks, burst pipes, sprinkler leakage, etc. Loss or damage caused by fire, lightning, or explosion of domestic boiler and domestic gas fuel, or any agreed additional cover Accidental damage to the building structure; additional benefits include landslip and subsidence cover, debris removal expense cover (indemnity limit: 5% of the insured amount or HK$100,000, whichever is lower), and surveyor and consulting engineer fee cover (indemnity limit: 5% of the insured amount or HK$100,000, whichever is lower). Covers loss to the residential building structure caused by fire, lightning, explosion, earthquake, aircraft impact, burst or overflowing water pipes or water tanks, storm, typhoon or flood, riot or strike, malicious damage, impact by a third-party vehicle, and landslip. The building structure includes the residential building’s structure, floors, walls, tiles, doors and windows. If damage is caused by fire and lightning, explosion, flood, typhoon and storm, earthquake, landslip and subsidence, HSBC will provide replacement cost cover for the damaged home. In addition to the basic cover, it further includes cover for defects in water tanks, water delivery installations or pipes, aircraft or vehicle impact (not caused by your vehicle), riot and strike, and malicious damage. Why is there such a big difference in premiums? Is fire insurance mandatory? The cost of home fire insurance is affected by a number of factors. In general, the premium is calculated based on the loan amount, with the premium rate and other factors taken into account when determining the premium. As a result, the larger the unit area, the higher the premium. In addition, the broader the cover provided by the fire insurance, for example HSBC home fire insurance (comprehensive cover), which typically includes losses caused by aircraft or vehicle collisions, the more expensive the premium will be. Consumers may choose a suitable fire insurance product according to their own needs, such as location, safety risks and past water leakage issues. If an owner needs to apply for a bank mortgage when purchasing a property, the bank will require the owner to take out fire insurance to protect the value of the property and the bank’s interests. The bank will require the owner to renew the policy annually or set up automatic renewal. It is worth noting that owners do not necessarily have to buy through the bank; they may arrange cover online themselves to meet the bank’s requirements. On the other hand, if the property management company or the owners’ corporation has already taken out a group fire insurance policy for the building, a copy of the relevant documents can actually be provided to the mortgage bank, and it is not necessary to purchase another policy. Breach of the Buildings Ordinance or causing fire insurance cover to be terminated Many fire insurance policy terms state that if structural alterations to a unit are in breach of the Buildings Ordinance, the insurer has the right to terminate fire insurance cover for that unit. In fact, there are many circumstances that may constitute a breach of the Buildings Ordinance, including owners altering the unit’s structure without approval from the Buildings Department, carrying out unauthorised demolition to connect units, creating a self-made open-plan kitchen, installing an additional staircase, or, as in the case of a Capital unit at LOHAS Park, removing a load-bearing wall. Therefore, before carrying out renovation or maintenance works, owners should consult a professional for assessment in advance to avoid inadvertently breaking the law and compromising the unit’s insurance protection. What’s the difference between fire insurance and home insurance? Many people tend to confuse fire insurance with home insurance. In fact, the former mainly covers the building structure, while the latter mainly covers household contents. The scope of cover differs, and further details can be found in Table 2. Table 2: Comparison of Fire Insurance and Home Insurance Home insurance covers household contents. Owners or tenants may decide whether or not to purchase it. Home insurance covers loss of property contents within the home caused by accidents, and compensates for related damage costs for items such as household appliances, furniture, collections, jewellery and more. However, as the compensation limits for individual items vary between plans, and some products may also include third-party liability insurance, consumers should review the policy terms carefully according to their own needs in order to choose a suitable product. At present, many home insurance policies not only cover household contents, but also provide global personal cover, such as repair costs for mobile phones, laptops or tablets; expenses for replacing stolen cash and personal documents; and losses arising from unauthorised use of credit cards. However, buying home insurance is not the preserve of property owners. In fact, both owners and tenants can decide whether to purchase home insurance according to their personal needs, in order to protect personal belongings. As for the premium, it is usually higher for properties with a larger gross floor area. If the property is older, or is an atypical flat unit, insurers’ charges will also differ. 表1：比較家居保險產品保障評分及保費（港元） （假設單位實用面積300呎，物業類別為私人樓宇，樓齡35年） 昆士蘭保險 | QBE 家居綜合保險 尊貴 $566 $755 經 10Life 網上投保指定計劃可享 75 折優惠 →立即投保← Fire insurance and home insurance complement each other. Taking fire as an example, fire insurance can compensate for damage to the building structure such as walls and ceilings, whereas home insurance can cover losses to household contents. It is therefore clear that these two insurance products are designed for different risks, and policyholders should not confuse them. If you want to learn more about home insurance products, compare over 30 home insurance plans on the market now at Compare over 30 home insurance plans on the market , with details of cover and premiums clearly laid out, plus actuarial ratings. Further reading: 【Home Insurance Comparison 2026】Which home insurance is best? A complete guide for owners and tenants (with exclusive actuarial ratings) Bonus: Do you need fire insurance when buying a property? Which fire insurance should you choose? Bonus: Do you need fire insurance when buying a property? Which fire insurance should you choose? When purchasing a flat, members of the public usually need to apply to a bank for a mortgage, and the property will also serve as the bank’s collateral. To protect its interests, the bank generally requires the mortgaged property to have fire insurance, so a mortgage and fire insurance are closely linked. When granting a mortgage, some banks waive the fire insurance premium for the first year or the first six months, after which the policy will be automatically renewed and a fee charged. Buyers do not necessarily have to purchase the fire insurance specified by the bank; they only need to ensure that the policy meets the bank’s requirements, and should also pay attention to the renewal and autopay dates to avoid any lapse in cover. In short, as long as you take out a mortgage, you must ensure that the property has eligible fire insurance; whether you choose the bank’s recommended insurer is entirely up to you, provided the bank confirms that the policy is eligible. In addition, for some newer estates, the management fee already includes collective fire insurance, so there is no need to take out duplicate cover. Want to know how to calculate the most cost-effective amount and what to note before taking out cover? Read the guide below 👇 Further reading: 【Must-read for homeowners】How should fire insurance coverage be calculated? Does the management fee already include fire insurance? Read the coverage guide now Note: This article was last updated on 23 March 2026 . 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. 身為10Life編輯團隊的一員，主力研究各種保險產品比較、拆解保單條款及索償細節，並與10Life持牌顧問緊密合作，致力將複雜術語轉化為易明分析，讓大眾更了解各種保險產品。 身為10Life編輯團隊的一員，主力研究各種保險產品比較、拆解保單條款及索償細節，並與10Life持牌顧問緊密合作，致力將複雜術語轉化為易明分析，讓大眾更了解各種保險產品。 10Life Product Comparison and 10Life Insurance Ratings are developed by 10Life Financial Limited, an authorised insurance broker company licensed with the Insurance Authority under License Number FB1526. 10Life Product Comparison and 10Life Insurance Ratings are developed for generic customer segments using mathematical calculations based on product information, facts and data, and are not influenced by any partnerships with or fees received from insurance companies. 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