Benefits of Home Insurance in the Philippines: How to Get Started

Is It Necessary to Get a Home Insurance for Filipino Homeowners?

When it comes to financial protection, insurance products are the go-to solution for many Filipinos. Now, in the case of property owners, home insurance is important to have peace of mind despite the threat of earthquakes, typhoons, and other natural disasters. If you haven’t considered securing your home yet, read this article to understand why you should get a home insurance in the Philippines

What Is A Homeowners Insurance?

A home insurance or property insurance is mainly designed to provide protection for your house from natural risks. The coverage include damage to your property and important possessions inside it. Some insurance companies also provide liability coverage in case of an accident within your property. It’s crucial to understand what you exactly need from an insurance so you can choose what coverage is included in the product.

Advantages of Home Insurance Policies

While many Filipino homeowners still don’t think having a home insurance is essential, let’s tackle the benefits of insuring your property before a calamity hits.
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• Get covered for natural disasters. With frequent typhoons visiting the Philippines every year and some     earthquake scares now and then, it’s helpful to get your home insured. The financial protection it provides give you peace of mind when a disaster threatens your home.
  
  
• Protect your possessions.  In addition to protecting the house itself, home insurance also covers your belongings inside the property, including appliances, furniture, and other valuable possessions. This is more important in case a fire breaks out in your home.
  
  
• Liability coverage benefits. If an accident happens inside your home and someone get seriously hurt, this could be a financial responsibility. A liability coverage from your home insurance can save you as it covers medical bills and legal costs that may be needed.
  
  
• Mortgage Advantage. In the Philippines, some banks and other lending institutions ask for home insurance before approving loans. If your property is already insured, this will be easier during home loan applications.

​Common Types of Home Insurance

There are different home insurance policies to choose from, depending on your needs. They are designed based on the provider, coverage benefits, premiums, and other customization. Below are the most common types of property insurance:

1. Condominium insurance. Condo associations only cover common areas, so this insurance specifically covers your unit and its belongings.
   
   
2. Fire insurance. This insurance covers fire damage to homes, which is often a requirement for mortgage application.
   
   
3. Comprehensive insurance. This broader policy protects homes from fire, natural disasters, theft, and liability.

Final Thoughts

Securing your home in the Philippines is a smart move as it helps cover any damage incurred during fire and other natural calamities. The main purpose is to give you peace of mind knowing that a disaster can strike anytime. With an insured property, you get the most out of your investment without the worries of potential damage. The homes for sale in Baguio City that are listed on REALS.PH website are for you to explore. Let our real estate agents help you find a secured and insured home safe from all these risks.