Will pursuing insurance claims affect or reduce my ability to sue the contractor or others later?

Will pursuing insurance claims affect or reduce my ability to sue the contractor or others later?

No, you can still pursue the contractor or other parties, but if you have been paid in full or partially for your loss, you cannot be over-compensated.  “Overcompensation” means receiving compensation over and above your loss.  For instance, if you suffered a loss of HK$100 and the insurer has fully paid this but then you seek recovery against a contractor to recover a further HK$100, you have been “overcompensated”.  

You will need to refund / pay the insurer any recoveries above your loss.  Often, insurance policies will have express terms requiring you to repay any “overcompensation”.