Lost millions in disaster compensation?, Customized version launched in Shanghai and Beijing: For a few yuan per month, the "unsold" home property insurance has become popular for underwriting | Home Property Insurance | Customized

The impact of rainstorm and flood in the north is gradually receding, but the family property insurance that has been tepid for a long time is quietly warming up. Recently, Shanghai, Beijing and other cities have successively launched inclusive family property insurance, which can provide millions of yuan of protection for a minimum of a few yuan per month. "Previously, the failure rate of commercial home property insurance was relatively low, resulting in weak willingness to purchase insurance. Now, under the guidance of the government, inclusive home property insurance has added a service section, making citizens feel a stronger sense of gain." said Liu Feng, the head of Ant Insurance's property insurance business.

The premium difference is significant, with different focuses

"Recently, there has been an increase in business consulting for home property insurance, with concerns mainly focused on third-party liability and force majeure." A salesperson from an insurance company in Shanghai told reporters that compared to property damage caused by natural disasters, users in Shanghai are more concerned about property losses such as water leaks, falling objects from heights, and pipeline explosions.

The family property insurance, as its name implies, protects family property, which belongs to the category of property insurance, and usually includes at least two objects: the main body of the house and the ancillary property. The main body of the house is to protect the house losses caused by fire, explosion, typhoon, rainstorm, debris flow, etc., while the ancillary property usually includes the indoor property losses under the above disasters. Many commercial home property insurances also include personal injury and death losses from interior decoration, indoor robbery, and personal liability, and even losses such as burst plumbing pipes. In addition, risks such as electricity accidents, gas accidents, and animal accidents are also the selling points of some property insurance companies.

The reporter found that the prices of home property insurance on the market vary greatly due to differences in coverage and coverage. On an Internet insurance sales platform, the cheapest one is only 39 yuan per year, the insured amount is 500000 yuan, and the most expensive one is 358 yuan per year, which can cover 5 million yuan. This is equivalent to the maximum compensation of 5 million yuan for users in case of total loss of houses due to disaster. If the insured amount is less than 5 million yuan, the actual house price will prevail.

However, most home property insurance coverage does not include rural houses, self built houses, and small property rights houses. In the actual operation process, it is still uncertain whether houses in the disaster stricken areas of Zhuozhou can continue to be insured.

Among many property and casualty insurance companies, Liu Feng proposed some reference standards on how to configure and select the one that suits him: "It is not realistic to have one type of insurance coverage for the whole country, and the focus of each family is also different. If you live in an old and dilapidated community with severe aging of the house, you should be more inclined to pay attention to factors such as pipeline bursts and gas accidents when purchasing insurance. If you live in a new house and the quality of the house is reliable, you can choose insurance services that are more favorable."

Pratt&Whitney Property&Casualty Insurance's flagship "service" brand

Compared to car insurance, family property insurance, also known as property insurance, has a relatively low long-term penetration rate in China. According to Swiss Re data, in 2021, home property insurance in European and American countries such as France, the United States, and Germany accounted for 17.9%, 15%, and 14.7% of the property insurance market, while compared to the same period, China's home property insurance accounted for only 0.8%.

It is not uncommon for family property insurance to be unpopular in China. Liu Feng told reporters that traditional home property insurance mainly targets the main body and indoor facilities of the house, and compensation can only be made if the subject is damaged. However, whether it is natural disasters or human injuries, the frequency of house damage is very low, which leads to a lack of stickiness in property insurance for users and makes it easier to meet the protection needs of family property. "Even if home property insurance includes slightly common items such as water pipe bursts, it is rare to encounter them once in many years, and customers are prone to the idea of 'losing their premiums'."

In March last year, the former China Banking and Insurance Regulatory Commission and the People's Bank of China issued a notice requiring the promotion of family property insurance and the enhancement of the ability of new citizen families to resist property loss risks. At this point, home property insurance has accelerated its flow into the market and launched a new model of "insurance+services".

Last July, Chengdu Rongjia Insurance, the first government guided urban inclusive property insurance in China, was launched. Subsequently, cities such as Chongqing, Mianyang, Sanming, and Kunming successively launched customized insurance types, with prices mostly around 100 yuan. A few days ago, Shanghai's "Shanghai Home Insurance" and Beijing's "Beijing Good Housing Insurance" were also successively released, and inclusive home property insurance is gradually becoming the mainstream of home property insurance.

Liu Feng introduced that compared to commercial home property insurance, urban inclusive home property insurance focuses more on the service aspect, providing services such as pipeline dredging, circuit maintenance, leak detection, unlocking, range hood disassembly and cleaning, family responsibility legal consultation, and suggestions for aging friendly renovation. This has increased the public's perception of home property insurance. "There have been no claims throughout the year, but for a premium of over 100 yuan, the service of replacing the pipeline or range hood is not a loss for everyone."

For example, in terms of daily life services, "Shanghai Home Insurance" provides one household appliance cleaning service, one door-to-door unlocking service, one toilet cleaning service, and one legal consultation service.