Govt to announce long-term rehousing plan for Wang Fuk Court residents

發佈日期: 2026-02-20 20:04

TVB News

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Among the various possibilities for Wang Fuk Court owners, a leading insurance industry representative recommends the government buyout option, because even though the estate is covered by building structure insurance, the claims process is complex and time-consuming. 

The owners' corporation of Wang Fuk Court had earlier purchased building structure insurance for the housing estate -- commonly known as "fire insurance."

The head of the Hong Kong Federation of Insurers notes while the maximum indemnity limit stands at 2 billion dollars, this is not the final payout amount. 

The purpose of fire insurance is to cover the cost of reinstating damaged units.

The federation clarifies a common misunderstanding that the insured amount could simply be divided among flat owners, giving each household around 1 million dollars. 

That interpretation is incorrect, they say.

The federation explains that compensation depends on the prevailing construction costs of the building.

She stressed that the final compensation amount must be determined by loss adjusters, who need to assess the extent of damage, formulate proposals and secure the owners' consensus. 

The process is both lengthy and complicated.

She added that among the owners, some may prefer repairs, others rebuilding -- and some may wish to sell their property rights.

There needs to be a unified direction. 

Without it, progress would be difficult, she said.

Authorities previously revealed that a relatively high proportion of owners favour government acquisition of their flats.

The group says fire insurance is attached to property ownership. 

If the government acquires the units, it would also assume the right to pursue insurance claims. 

And if the government takes back the property titles, owners would not have to wait for the protracted claims process. 

They could instead use the proceeds from selling their flats to decide on a new direction and begin a new chapter in their lives.