ENSURING YOUR HOME IS INSURED
IN A COUNTRY accustomed to annual typhoons and sporadic earthquakes, natural and man-made disasters are inevitable powerful forces of nature that are capable of destroying your home and valued possessions in an instant.
If your home is compromised in the midst of a disaster, you may lose everything you value in a matter of seconds.
While unfortunate catastrophes are almost unavoidable, acquiring home insurance is one of the best ways to protect your home and all your cherished family possessions. There is no way of knowing when a disaster will strike and having the blessing of financial security and peace of mind brought about by having an insurance program is a wise decision to make in safeguarding your properties.
Purchasing your dream house is one of the biggest and most expensive investments you will make and taking the necessary measures to insure your assets is crucial to safeguard it from calamities, house fires and theft.
However, choosing the right home insurance can be difficult considering the varied selection of insurance companies in the country.
At the standard level, most home insurance programs offer protection against financial losses in case of fire and lightning damage to your property, which includes dwelling units, row houses, townhouses and condominiums. This covers the cost to rebuild and refurbish your house as well as replace any damaged belongings.
For those looking for a more comprehensive coverage, some companies provide protection to your home and its contents against loss or damage caused by acts of nature (earthquakes, typhoons, floods), other perils (explosions, vehicle impacts, smoke, riots, thefts, etc.) and even broad water damage caused by accidental bursting of water tanks, apparatus and pipes.
Meanwhile, some insurance solutions can also pay for legal expenses to defend against liabilities of third parties due to accidents that occur at your house, acts of negligence that have resulted in death and injuries, or of the destruction of or damage to the property of third parties. Other extras can include: temporary accomodation expenses, hospital allowance, bereavement assistance and home repair assistance.
While insuring your property is immensly beneficial, a large number of Filipinos are not aware of these programs and some simply have no plans of having their homes insured because they find it too expensive or useless. Despite the cost, having insurance over your home and belongings grants you the upper-hand during natural disasters and other emergencies. With insurance, you are protecting not only your house but more importantly your family’s security and comfort.
Among the many established insurance companies in the Philippines that are authorized by the Insurance Commission include Federal Phoenix, Prudential Guarantee, Paramount Life & General Insurance Corporation, and MAPFRE Insular. Be sure that you are dealing only with legitimate insurers authorized by the Insurance Commission ( www.insurance.gov.ph).
Some banks such as the Philippine National Bank (PNP), Banco De Oro (BDO) and Bank of the Philippine Islands ( BPI) also provide different types of insurance plans. Before settling on an insurance plan, make sure you’ve conducted your own research on which plans will be suitable for your budget and needs. In comparing insurance companies, consider important factors such as reputation, customer service model, claims process and deductible rates.
A common tip is to get a quotation from at least three insurance companies. Give them identical information about your property so you can compare accurately and choose wisely what’s most suitable to you.