What Is Covered By Standard Home Insurance In The Philippines?
Buying a house is the epitome of a person’s hard-earned achievements throughout the years. It is a goal many people in the Philippines strive to fulfill and is among the most significant and expensive investments they can make.
From the conceptualization to the building phase and the structure’s completion, homeowners are often hands-on in their house. Therefore, it is only natural that they want to protect their property and ensure they will not incur financial losses if it gets damaged by natural or human-made causes.
Because of its geographical location, the Philippines often endures natural calamities like typhoons, floods, and even earthquakes. Depending on the natural disaster’s severity, it can cause minor structural damage to the house or significant flaws. These perils can even cause the entire house to be wrecked in extreme cases.
Besides natural disasters, human-made incidents can also cause damage to the property. Houses can get caught in the middle of riots, strikes, or other malicious acts, resulting in losses or damage. With these risks, it is understandable why many homeowners buy home insurance Philippines. Having an insurance policy ensures financial protection when untoward incidents arise.
A standard insurance Philippines for residential properties is non-life insurance serving as a financial safety net for homeowners. It allows them to protect themselves against monetary losses if they lose their house or damage by environmental or human-made incidents.
When Filipinos purchase standard home insurance, they can gain peace of mind and reduce stress. They do not have to worry about getting funds to cover expenses for rebuilding or repairing structural damage. Their insurance policy will shoulder the costs of these tasks.
In addition, getting a home insurance plan also helps homeowners to fulfill their mortgage lender requirements. It proves that the mortgage lender will not lose out on the unpaid loan amount even if the house suffers from damage.
Although many still see an insurance policy as a liability instead of an asset and a source of funds for contingencies, most people are aware of the numerous benefits it can bring in the long run.
Various insurance companies offer an array of home insurance plans. If homeowners have a hard time choosing which home insurance provider to select, they can use a comparison website to pick out the one that suits their needs.
To learn more about standard home insurance in the Philippines and its type of coverages, read this infographic provided by iChoose.ph.