10Life Home Insurance Scoring Methodology

1. Overview

Home Content Factor

Calculated based on home contents coverage including items such as causation of damages covered, limitations on individual items, maximum of sum assured, emergency allowances etc.

Legal Liability Factor

Calculated based on the personal liability coverage. Most policies cover standard liability caused on your property, whilst others also cover your personal liability such as damages caused by your helper, your contractors, or pets etc.

Personal Accident Factor

Calculated based on personal injuries coverage caused by accidents happening in the insured property. There are two different categories of coverage including medical payments and medical subsidy in case of serious injury. 

2. Score Weighting

The weighting on home content, legal liability and personal accident factors varies depending on the residency type including self-occupied (owner), tenant or landlord.

3. Assumptions

The premium rate per sum assured may be dependent on factors including:

Property Type
Property Age
Residency Type (Self-Occupied/ Tenant/ Landlord)
Gross Floor Area (sq ft)
Coverage

To compare the products with the same standard, 10Life has applied the following assumption groupings in the benefits comparison:

Self-Occupied, Tenant, Landlord
Standard product without add-on

4. Home Content Score Details

The Home Content Score is calculated based:

Causes of loss/damage covered
Max benefit, where bonus points are given for additional festive bonus
Types of home contents included, where points are deducted for benefit limitations on specific contents
Loss or Damage of Personal Effects (inside and out of home)
Coverage on 3rd Party Effects (Domestic Helper)
Allowances for Expenses incurred due to the unexpected accident

In each type of residency type, the product with the highest coverage is given a score of 10. The scores of the products are benchmarked against the product with the highest score.

5. Legal Liabilities Score Details

The Legal Liabilities Score is calculated based on:

Types of personal liabilities included (Employer/ pet owner/ tenant/ occupier/ homeowner/ independent/ contractor etc)
Geographical coverage of liabilities coverage (Within Common area/ Hong Kong/ Worldwide)
Liability limits
Additional allowance/ subsidy on legal expenses or related costs

6. Personal Accident Score Details

The Personal Accident Score is calculated based on the scope and definition of injury coverage. The typical differences between the types of injury covered:

Death only
Total and irrecoverable loss of all sight in one or both eyes
Total and permanent loss of the use of one or both hands or feet
Total Paralysis

Points will also be given for higher benefit and inclusions of more causes of injury.

Updated on 7 March, 2023

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