We get it — insurance might not be as exciting as getting your next watch or handbag. But we can at least make it simple to understand how to properly protect that cherished item and keep it safe for years to come.
Over time, we’ve collected the questions we hear most often from our you and put them into the simplest, easy-to-digest explanations possible.
Below are some of the most frequently asked questions about KoverNow Insurance. You can view our full list of FAQs here.
Why KoverNow?
KoverNow was built specifically to protect valuable personal items.
KoverNow Insurance is underwritten by Circles Asia, rest assured you are getting world class coverage for your items from a team that understands the assets like no one else.
Moreover, we offer high-value coverage, no deductible and worldwide protection. Best of all, it is simple to get started with instant quotes and your policies are managed with the convenience of the KoverNow app.
How much does it cost?
KoverNow premiums are based on the current value of your item, together with information you provide when adding it to the app. To ensure the value is accurate, we recommend checking the latest price with reputable dealers or vendors, or obtaining a professional valuation. This helps establish clear proof of ownership and ensures your coverage reflects what the item is actually worth.
For items where purchase price and purchase date are available, the KoverNow app can also apply a depreciation model over time. As the value of some items decreases, the insured value — and therefore the premium — may reduce at renewal.
This approach helps ensure that your coverage remains aligned with the real value of your item, rather than paying for protection based on outdated or inflated amounts.
What makes KoverNow Insurance different from adding an item to my existing home insurance policy?
Many home insurance policies do offer some protection for valuables, but they often come with limitations.
In many cases:
- coverage limits for valuables typically only extend to a few thousand dollars
- high deductibles may apply
- protection abroad may be restricted
Specialist insurance works differently.
Instead of treating your valuables as part of general household contents, each item is insured individually based on its value. This allows your items to be protected more accurately — even when you are outside the home.
How do I determine the value of my items?
The easiest place to start is the price you originally paid for the item.
The receipt or invoice will serve as a good reference point when setting the insured value. Keep the documentation such as receipts, clear photos, certificates of authenticity and serial numbers is always helpful – both for valuation and in the event of a claim.
For luxury items and collectibles that may have changed in value over time or if the original receipt is no longer available, consider getting a professional valuation from a specialist who deals in luxury items or collectibles. This can provide a more accurate estimate of what the item is worth today.
Finally, it is a good idea to review the value of your items from time to time. Markets move and keeping your valuations up to date ensure you are not over- or under-insuring your collection.
What about my spouse and their valuables?
Items belonging to your spouse can often be included under the same policy.
For watches, jewellery and handbags, your spouse’s valuables can be insured under your policy as long as the insured person’s name is declared and resides in the same address.
Am I eligible for KoverNow Insurance?
While residing in Hong Kong is mandatory for taking out a policy with KoverNow, having a Hong Kong citizenship is not. To authenticate your identity in the KoverNow app, you will need
- Your HKID
- A recent proof of address (such as utility bill, bank statement, or credit card statement)
I travel often. What happens if something happens to my items overseas?
Watches are worn daily. Handbags travel on holidays.
That’s why specialist insurance extends worldwide so you can explore with peace of mind. In the unfortunate event of loss or damage, you simply need to file a claim in the KoverNow app.
What policy plans do you offer?
We offer 12-month plans in the KoverNow app.
What policy plans do you offer?
You can file a claim anytime directly in the KoverNow app. From there, the app will guide you through the short process step by step.
The documents required will depend on the type of claim.
For example, if the item is lost or stolen, you will typically need to provide a police report. If the item is damaged, you may be asked to submit photos of the damage along with a repair estimate or quotation.
