Communicating risk information is crucial in policy making regarding hazardous events. The influencing mechanism of risk information in generating behavioral reactions is considered in the context of fire risk. We investigate homeowners’ responses to risk information and how their cognitive processes influence their risk reduction behaviors by using data from three typical old Chinese building complexes. Risk information (including content, density, and observation), cognitive processes (including threat and coping appraisals), subjective knowledge, and risk reduction behaviors are considered in the research model. The cognitive processes and subjective knowledge, which mediate the risk information–risk reduction behavior relationship, are examined in this study. Using a path analytic framework, our results indicate that the effects of risk information on risk reduction behaviors are mediated by subjective knowledge and coping appraisal. Both the information content (the content of information received) and observed information (observing risk reduction behaviors that others have taken) play key roles in motivating risk reduction behaviors.