Hong Kong residents ignore home insurance despite recognizing its importance

Sixty percent of Hong Kong residents do not own home insurance, despite over 70% acknowledging the importance of the coverage. Among homeowners, 56.7% are uninsured, while 81% of tenants lack coverage. Seventy-seven point seven percent of respondents have not bought fire insurance. These gaps in protection are driven by premium cost concerns, optimism bias—with 23.8% of respondents believing accidents will not happen to them—and a lack of understanding of what policies actually cover. Nearly 40% of Gen Z respondents cite unclear coverage as the primary reason for not purchasing a policy. Half of all respondents are unaware that home insurance can include benefits for electric vehicle chargers, pet injuries, or items stored in mini-storage facilities, as well as interior decorations and third-party liability.