In the last decade, the Philippines has been hit by numerous natural calamities, leaving damage and destruction to life and property in their wake. Sadly, despite the regular occurrence of typhoons and the floods they bring, the occasional strong earthquake, and the shocking series of fire accidents in residential communities, many Filipinos still do not take precautions to protect and insure properties.
Public information on disaster mitigation efforts has become widespread, improving public awareness and response in the face of flooding and other disasters. But these still do not include what homeowners could do to protect their homes before disasters strike. Perhaps it is high time that they do.
Home Insurance as a Necessity
When we buy houses and other residential properties, we should not only pay out funds for the actual structures. Malayan Insurance points out that home buyers must also consider the investments that ensure the property’s protection against various contingencies, including natural disasters. We already pay for property taxes, but what’s also important is to make sure that we have home insurance. This may end up to be the largest investment outside expenses for the actual materials and construction of the house as it also what will give us a sense of security.
There are lots of home insurance packages out in the market custom-fitted for the different needs of different clients. “The basic coverage of these products is the structure’s protection against fire, lightning, and its allied perils. Other than this, most policies also offer liability coverage in case someone suffers an injury on your property and personal accident insurance for the home owner and his family,” says Martin Yuchioco, head of Marketing Communications in Malayan Insurance.
Insure the Home Structure
A home insurance policy compensates the financial loss brought about by the damages sustained by the structure. It may be used to cover the costs of rebuilding the damaged house. When applying for a home insurance, you shall be asked to declare the amount to be insured in the policy. Because of this, it’s important to make sure that the values attached to the property are exact and accurate. Declaring a sum that is much lower that the actual cost of the structure may lead to underpayment of claims, and declaring an amount higher that than the property’s actual value shall result in a ballooned premium and complicates the settlement of claims. When you insure the structure of your home, you also protect yourself financially against any damage that can happen to it.
Replace Belongings Faster
Aside from the structure, it’s also important to have your valued belongings covered- from your appliances, furniture pieces, and even antiques and works of art. Should an unexpected, unfortunate event happens that would destroy your home’s contents, it will be a major relief to have them replaced as soon as possible. Owning a home insurance policy will help make sure that you won’t have to go too long without the necessities and small luxuries you have inside your home.
Keeping an inventory of the most important and valuable items will help you determine how much coverage you should declare to the insurer.
Protection against liability
The principle behind liability is simple and straightforward: protect yourself and others against accidents resulting to property damage and bodily injury. Liability insurance pays off the expenses incurred to compensate any damages caused by unintended negligence.
Choose the right insurance company
Malayan Insurance offers Home Protect Plus, a comprehensive home insurance that is responsive to the needs of clients and families. Building, maintaining, and owning a house opens owners to various risks, but Malayan Insurance is prepared to help home owners and home renters get all their bases covered. Secure your property against potential losses to both the structure of the house and its contents.
Not only Home Protect Plus covers damages due to natural disaster, but it also provides coverage against smoke damage, explosion, vehicular impact, and falling aircraft. During vacation season, families can rest with a peace of mind knowing that their homes are covered against burglary and housebreaking. Home Protect Plus automatically has coverage against personal liability, accidental breakage of fixed glass, and even the replacements of locks and keys.
Living in a country where natural calamities and disasters take place on a regular basis teaches us to be more prepared.
Home owners and home renters unfamiliar with property insurance would do well to work with choosing a strong insurer that can provide a wide array of services for home insurance needs. It’s necessary to pick a company that can effectively discuss the policy coverage and limits, deductible amounts, premium costs, payment options, and even claims settlement.
Article by: Philippine Integrated Advertising Agency, Inc. (PIAA)
