Don’t Let Your Investment Go Up in Smoke: Why Individual Condo Insurance Is Non-Negotiable
The devastating images of the Hong Kong condo fires are a stark, heartbreaking reminder: safety is never guaranteed, and community-wide protection has critical gaps. While your condo’s Juristic Person Body carries a master insurance policy, understanding its limitations is the key to your financial survival. That policy typically covers only the building’s structure and common areas – the shared roof, walls, and hallways. It does not protect what’s inside your unit: your personal belongings, your custom renovations, or, crucially, your personal liability.
Imagine the unthinkable happens. A fire, started elsewhere, sweeps into your home. The Juristic Persons master policy will fund the rebuilding of the standard walls, but it won’t replace your destroyed furniture, electronics, clothing, or family heirlooms. If you’ve upgraded your kitchen or floors, those investments are likely not covered. The financial burden to start over falls squarely on you.
Furthermore, a major fire often forces residents to relocate. Where will you live during months of reconstruction? Loss of Use coverage, a standard component of an individual Homeowners condo insurance policy, covers additional living expenses like hotel stays and meals—a lifeline the Juristic Persons master policy does not provide.
Finally, consider liability. If a fire originating in your unit damages neighboring properties or common elements, you could be held legally responsible for the deductible under the Juristic Persons master policy or even for the damage exceeding its limits. Personal liability coverage protects your savings and assets from such catastrophic claims.
In the wake of the Hong Kong Condo fire tragedy, we seek control. Securing an Individual Homeowners condo policy is a powerful, prudent step. It fills every gap left by the Juristic Persons master policy, transforming you from a vulnerable resident into a protected homeowner or tenant. Don’t just hope for the best – insure it. Your home and your future are worth far more than the premium.
