Many of us are getting used to working back in the office. Working in the office is better for most of us, as it lets us differentiate between work and home.
Unfortunately, this now means that most of our homes are empty once again throughout the day. An empty house is a perfect target for home risks, including robberies. As you move back to ‘work from the office’ – thieves thrive at this movement.
Empty houses mean it is slightly easier to break in and steal what they want. A common misunderstanding is that a home can only be robbed at night, but many robberies happen during the day. There is less caution during the day, which makes it more accessible.
This case study will explain how a couple was a victim of a home robbery in Hong Kong and how home insurance was the best recovery solution.
Our clients are a young couple renting their flat in Hong Kong. They both work full time and only get home around 7/8 pm on weekdays. Like many, they believe their house is one of the most important places and have spent a considerable amount on furniture and home entertainment.
Owning or renting homes/apartments in Hong Kong comes with theft risk, even though Hong Kong is known for its safety. However, this is not always the case. For example, from January 2022 to March 2022, there have already been 200 home robberies in Hong Kong. Home robbery in Hong Kong might be rarer than in other cities, but it does happen.
Client Problem: Home Robbery in Hong Kong
The couple suffered a home robbery while they were at work. They left their home like any other day and when they came back started to notice prominent objects missing, such as their TV, laptops, jewellery, game console and speakers.
They were shocked and filled a police report instantly. But unfortunately, the couple lived in an old building where the cameras and security were not up-to-date. The landlord couldn’t help them either and accused them of not locking doors properly.
Although they explained that they locked the multiple doors and showed evidence of the damaged locks. Furthermore, the total cost of valuables lost came up to around HKD 60,000, which would be extremely expensive to replace.
How Home Insurance Helped Recover from The Home Robbery in Hong Kong?
Home robberies can happen to anyone, no matter where you live. However, the couple had purchased home insurance through Red Asia Insurance, which turned out to be a blessing. Home insurance covers homes and the physical contents if damaged, lost or stolen.
Thankfully, the insurance reimbursed the cost of all stolen assets after the police conducted the investigation. The insurance also provided the cost of replacing the locks to make sure this doesn’t happen again.
Home insurance provided the following costs to the policyholders:
- Two Home Laptops: HKD 24,000
- TV: HKD 8,000
- Game console: HKD 5000
- Speaker (soundbar): HKD 5000
- Miscellaneous Damage: HKD 15,000
- Lock replacement: HKD 500
Total costs reimbursed: HKD 57,500
Having your home robbed causes financial and emotional damage, especially when one knows it would be hard to replace assets. Luckily, home insurance will reimburse the cost of replacing insured valuables at purchased value. Although, the policyholder must inform the insurance company about all valuables that need to be covered.
Additionally, it is a common misunderstanding that tenants do not need home insurance as the landlord has one. This mistake can cost the tenants/renters a significant financial loss. Every tenant needs home insurance to protect their valuables in the landlord’s house. As the landlord’s home insurance will only cover the physical home like the walls, floors, and anything they own.
It is crucial to protect your belongings and home before it’s too late. Home insurance can be the perfect blessing in bad times.