Insurance Claim Request for Damaged Property Under Pag-IBIG Loan

How to Claim Insurance Coverage on Pag-IBIG Housing Loan

Homeowners who acquired their property through Pag-IBIG housing loan are covered by Mortgage Redemption Insurance. MRI serves as a safety net for the loan in case the property is damaged by natural disasters, such as typhoons. If you want to explore the benefits of this insurance, read this article until the end

Pag-IBIG Housing Loan Explained

The Pag-IBIG housing loan’s Mortgage Redemption Insurance coverage protects beneficiaries from financial damage due to calamities and other unexpected events. In addition, it also provides protection due to unfortunate events, including death and disability. MRI covers the remaining balance of the loan to help you from financial strain.
​
MRI coverage remains active as long as you’re paying your mortgage every month because the cost is part of the loan payments. This gives Filipino homeowners peace of mind during hardship as there will be no unpaid loan left. It’s important to understand how to file a claim in case your home gets damaged or the borrower passed away.

​Who Can Request for MRI Claim?

A designated beneficiary or loan borrower of Pag-IBIG housing loan can request for insurance claim in case of the following incidents:

• Property Damage from Natural Calamities – Heavily damaged properties due to earthquake, typhoon, fire, and other covered disasters are valid reasons to file an insurance claim request.
      
• Permanent Total Disability – If the borrower becomes totally disabled and no longer able to work and earn, they can request for MRI coverage claim.
      
• Borrower’s Death – Qualified beneficiaries can file a claim for the loan balance in case the borrower passed away.

Steps to Claim MRI Coverage Benefits

If you think you’re qualified to file an insurance claim, here’s how you can request from Pag-IBIG:

1. Prepare all the requirements. Gather the required papers to start your claim. Make sure all documents are ready before filing, including the duly accomplished FLH790A application form, colored pictures of structural damage, cost of damage, non-waiver agreement, and formal Claim Letter. Additional requirements may include two valid IDs, Bureau of Fire Protection Certification, and Barangay Captain Certification.
       
2. Submit your claim. Bring all the requirements to your local Pag-IBIG office, and don’t forget to secure a copy of all the documents submitted. It’s also advised to contact the office to ensure requirements remain the same and double-check your submission to avoid delays in the process.
       
3. Wait for claim processing to finish. At this stage, Pag-IBIG will now review and process the claim. Representatives will conduct an initial verification and then reach out if there are additional documents needed.
       
4. Approval of claim request. Once the request is approved, you will be given instructions on how you get the insurance payout. They may ask you to complete another form and provide your bank information.

Final Thoughts

Now that you know how to claim MRI coverage with your Pag-IBIG housing loan, it’s important to complete the requirements and follow the guidelines to avoid issues during the processing. If you want to explore properties through Pag-IBIG loan, you may visit REALS.PH website. We have exclusive listings of house-and-lot units and condominiums in Baguio City that you can check out.