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Families in Hong Kong come in all sizes, and every member is as important as the other. Keeping your family safe and happy is one of the most important things. As a parent or guardian, you must protect them from sudden unfortunate situations.

Families in Hong Kong could face several risks, which can result in costly bills. These risks can include property damage, theft, injuries, illnesses, travel cancellations and more. These risks can result in hefty bills, making running a family in Hong Kong even more expensive.

The damage and financial stress can cause serious pressure on a family, especially the primary income earner(s). However, parents can protect their family’s future by purchasing the appropriate insurance policies.

There are several insurance policies available that can assist in managing the risks associated with having a family in Hong Kong. In this article, we will highlight the main family insurance policies every family in Hong Kong should consider purchasing to protect their loved ones.

Important Family Insurance Policies

Home Insurance

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Homes provide a sense of safety and togetherness for families. Parents invest in making their homes comfortable and secure.

Unfortunately, the home and belongings are not as safe as most believe. There is always a chance of damage, theft or loss due to bad weather, fires, floods or criminals. Parents should be aware of these home risks and have a protection plan.

Home insurance is one of the best protection plans for home risks and financial burdens. It is a family insurance policy that will cover the cost of repair or replacement when the home and the belongings are damaged or lost due to unpredictable situations. In addition, the insurance will also cover the cost of a temporary home while the family home is being repaired after a home disaster. 

Home insurance can be the perfect protection to ensure a family can move on from possible home disasters without high financial stress. 

Medical Insurance

Children are often fearless and do not consider the medical risks involved in playing or attempting dangerous stunts. It is usually the parents who worry and stress about potential injuries, illnesses, and the monetary burden that comes with them.

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In this state of parental worry, they forget to care about their medical and health risks. Any member of the family could be injured or fall seriously ill and need urgent medical attention. While dealing with medical issues, it is vital to get the best help without panicking about the financial burden.

Every member of the family needs a form of medical protection. Family medical insurance is a must family insurance policy. Group medical insurance can help cover the costs of hospitalisation, surgeries, treatment, and even clinic coverage.

Medical insurance plans vary and can be customised based on family size, age of members, and coverage limit needed. 

Travel Insurance

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Travelling with family is a great time to create memories and break out of the routine. Travelling helps families bond without work stress or daily chores. However, travelling with a family isn’t cheap and requires a large amount of planning.

Travelling with family (especially with young children) can be complicated. Travelling risks can ruin the experience and result in a substantial financial loss. Some of these risks include cancellations, loss of baggage, medical emergencies or even loss of essential documents.

Hence, an essential family insurance while travelling is family travel insurance. The policy is a group insurance that can cover every member and their belongings equally. The insurance will cover the costs related to possible travel risks and assist policyholders through the issues with 24/7 assistance hotlines.

Parents are typically alert from the point they leave the home to the point they return, but even then, they can’t avoid some travel risks.

Pet Insurance

In 2023, the pet population reached around 1.19 million in Hong Kong, from cats and dogs to birds and fish. They are important family members that bring joy and happiness to the home.

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Families want their pets to live forever, but unfortunately, that is not possible. The most they can do is give the best and healthiest life they may have. Pets can fall ill or injured at any point, and the vet bills can be extremely costly.

As pet owners, every family wants to give them the best, but sometimes it’s more complicated with the high costs. Therefore, a family insurance essential for pet owners is pet insurance. The insurance covers the cost of treatments, surgeries and vet check-ups.

The insurance financial cover helps families provide their pets with expert medical care and gives them the best chance of a long life. However, most pet insurance providers only cover cats and dogs

Domestic Helper Insurance 

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Most Hong Kong families have domestic helpers that run the house. Domestic helpers allow both parents to work and earn while the helper cares for the kids, cooks, cleans and more.

Over time, helpers become family members and are vital to the home. The employers are legally responsible for their medical and travel expenses. These costs can add up to a large amount when faced with severe medical or legal issues.

In Hong Kong, every family or couple that hires a full-time domestic helper is legally required to purchase domestic helper insurance. It is a mandatory family insurance; however, there are various policies with different coverage.

High-quality domestic helper insurance policies cover hospitalisation, surgery, clinic visits, dental care, and fidelity protection. The insurance protects domestic helpers and the Hong Kong family from unexpected situations.

Benefits Of Having Proper Family Insurance Policies

Every family in Hong Kong needs some form of insurance to protect themselves and their property. The above five insurance are just the key family insurance policies that fit a common Hong Kong family. However, there are more policies your family may need, such as car insurance or asset insurance.

Having the proper combination of family insurance policies has various benefits. One of the main benefits is the financial protection. Dealing with home risks to domestic risks costs a considerable amount and can shake up a family’s budget. Insurance covers the costs associated with the various risks and helps families recover without substantial financial damage.

Another benefit is the peace of mind of knowing your family and property is always covered. The right coverage allows parents to breathe and stress less about unpredictable risks. 

The proper family insurance policies can help a family through tough situations and focus on a bright future.

 

 

To Learn More about family insurance policies and cover your family from unpredictable threats in Hong Kong, contact Red Asia Insurance.