Accidents like fire occur unexpectedly and no matter what we do, we can’t predict if, when or where it will take place. You can reduce the risk and damages by improving your property’s construction, having fire or burglary preventive maintenance equipment, and so on. While we cannot prevent the unexpected, we can avoid bigger losses by acquiring fire insurance. Numerous properties in the Philippines are insured with Malayan Insurance. Insurance gives protection for their homes, businesses and most especially their families against sudden disasters. We help our clients by giving assistance and taking part of the restoration and repair of their.
To help current and potential policy holders restore and rebuild in case of damage due to covered perils, here are the usual questions on fire insurance claims:
Q#1: What will be the first step for filing a claim?
The first step for filing a claim is to immediately report the claim to our office or broker/agent and submit a formal notification letter then we will assign a representative to process and resolve your claim.
Q#2: In case of fire, what are the requirements and documents to be submitted?
There are certain requirements and documents that needs to be submitted right away. First is a written statement of claim detailing the property lost/damaged; A police report and so as the estimated cost of repair to the building and/or properties insured; Purchase invoices/receipts/valuation reports in respect of the damaged items if any records, delivery receipts, etc. as appropriate to quantify the loss or damage; An affidavit of ownership of insured and any additional information and documentary evidence will help.
Other documents may be required to be submitted whenever deemed necessary.
Q#3: If the properties are insured but before the policy expired and policyholder died. Is the policy still valid? Who can claim?
Yes, the policy remains valid and the lawful heirs can claim for the losses incurred.
Q#4: How long will my fire insurance claim take to settle?
Claimant should be submitted all the requirements to avoid delays and once the procedure is done, Assured will receive formal advice of compensability with corresponding computation of loss payable. Claimant should confirm in writing their amenability to the amount of loss payable prior to check issuance.
Many would think that insuring a home is an additional expense but getting fire insurance is actually very important. It prepares you for eventualities where financial assistance for rebuilding and repairs of your home are needed. Most of all, it will give you peace of mind because insuring your property means protecting not only your house but your family’s security as well. Are you going wait to for a disaster to strike before you protect your home and family?
Insurance companies in the Philippines offer different basic and comprehensive home insurance packages but if you want a package that suit to your needs and is right for your budget then Malayan’s Home Protect Plus is the ideal one for you. It provides your property coverage for potential losses to both the structure of your house and its contents.
Getting fire insurance is worth it.
Written By: Paulo Juan