Hainan’s first inclusive home property insurance product launched

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On October 15, the first inclusive family property insurance product in Hainan, named “Hainan Huijia Bao,” was officially launched. This product is designed to address the various natural disaster risks that Hainan may face, such as typhoons. It covers essential household assets like the main structure of homes and ancillary facilities, while also expanding to include coverage for home liabilities, personal safety at home, and accidents during travel. Both homeowners and renters in Hainan can purchase this insurance.

“Hainan Huijia Bao” is guided by the Hainan Regulatory Bureau of the National Financial Supervisory Authority and the Office of the Financial Committee of the Hainan Provincial Committee of the Communist Party of China. The main underwriting is provided by China People’s Insurance Company (PICC) of Hainan, in collaboration with 12 other property insurance companies, including Ping An Insurance and Taikang Insurance.

Given Hainan’s frequent typhoons, coverage for homes and associated facilities is crucial. “Hainan Huijia Bao” not only insures the main structure, decorations, and property but also broadens the coverage to include personal accidents and third-party liability. This includes aspects such as “family employee liability,” “family member responsibility,” and “third-party liability for electric bicycles.”

Regarding pricing, “Hainan Huijia Bao” is positioned with a “high compensation, low cost” strategy. The basic version has a premium of 98 yuan per year, with a total coverage of 2.32 million yuan, while the upgraded version costs 198 yuan annually with a total coverage of 4.79 million yuan.

In terms of target users, individuals in Hainan who possess legal ownership or usage rights to residential properties constructed from reinforced concrete or brick can purchase this product. It offers protection against damages resulting from natural disasters or unforeseen accidents.

For purchasing options, applicants can follow the “Hainan Huijia Bao” official WeChat account and complete their insurance through a mini-app, receiving an electronic insurance certificate. For those preferring to apply in person, institutions like PICC’s Hainan branch, which has offices across various cities and counties in Hainan, provide professional insurance services.