Everything you need to know about property insurance and why you should get one

You might have heard about vehicle insurance, life and accident insurance, and health insurance (which is the first thing you would probably get especially during this time of the pandemic.) But have you thought about why getting an insurance for your property should also be part of your list?

For starters, getting any kind of insurance is a way for you to prevent spending a huge chunk of money following any unexpected damage or loss. By paying a certain fee, it guarantees that possible large and unexpected expenses in the future will be handled by the insurance provider as long as it is part of the coverage that will be presented to you.

Why should you protect your home?

With the past typhoons that resulted in floods and threats of a volcanic eruption that damaged numerous homes and properties in the Philippines, protecting your home from these kinds of calamities is a smart decision to make for you and your loved ones. Getting property insurance not only helps you when it comes to future financial expenses but also gives you and your family a sense of security in case something unexpected happens to your home.

Thus, getting your property insured will definitely give you a sense of security and peace of mind if any type of calamity damages your property.

What do you need to know about getting property insurance?

While the importance of getting insurance for your property cannot be stressed enough, there are certain things you should know before signing any property insurance plan offered to you.

There are different types of property insurance

Not all property insurances have the same coverage and purpose. If you own a property that you want to be insured, you need to identify first which type of insurance is best for your property.

In the Philippines, the most common type of property insurance is the one that covers fire and/or lightning-related incidents. While these two are part of the basic coverage of property insurances, there are other options you can choose from that would offer more comprehensive coverage which of course, would require additional payment.

To help you decide, here are some of the common coverage of property insurances in the country:

  • Fire
  • Lightning
  • Typhoon
  • Flood
  • Earthquake
  • Volcanic eruption
  • Robbery
  • Broad Water Damage
  • Bursting of Water Tanks, Apparatus and Pipes
  • Riot, strike, and malicious damage
  • Smoke damage
  • Vehicle impact
  • Falling aircraft
  • Explosion

Having your property insured has numerous benefits

Apart from the fact that you have guaranteed assistance from your insurance provider in case the unexpected happens to your property, there are other benefits you should know about that some companies include in their plan coverage.

While you can opt for the most basic property insurance package that already answers your insurance needs, there are plans that have more benefits than the others. That is why it is important to understand different insurance plans and do your research before making a decision and closing the deal with a specific provider.

Depending on the plan you will get, here are the possible benefits that will be included in your property insurance:

  • Relocation Allowance
  • Legal Assistance
  • Bereavement Assistance
  • Hospital Allowance
  • ICU Assistance
  • Home Assist
  • Removal of Debris
  • Fire Fighting Expenses
  • Damage to resident employee’s properties
  • Professional Fees
  • Temporary Accommodation Expenses
  • Liability to the Public
  • Personal Accident for: Family member
  • Personal Accident for: Residence Employee

Many reputable providers offer property insurance

There are different companies that offer property insurance in the Philippines. Apart from companies that are mainly for providing insurance, some banks and other institutions also offer property insurance plans.

To help you start with your property insurance search, here are some of the companies that offer property insurance in the Philippines:

  • AIG Philippines (bundled with property insurance)
  • BDO Insurance Brokers
  • BPI/MS Insurance
  • Charter Ping An Insurance (bundled with property insurance)
  • Chubb (stand-alone product for businesses)
  • FGen Insurance
  • Oriental Assurance Corporation
  • Malayan Insurance
  • MAPFRE Insurance (bundled with home insurance and casualty insurance)
  • Mercantile Insurance
  • Pacific Union Insurance Company
  • Paramount Life & General Insurance
  • Reliance Surety and Insurance
  • SGI Philippines
  • Standard Insurance
  • Stronghold Insurance Company

How do you compare property insurance rates, plans, and providers?

There are several ways on how you can find the best insurance for your property. But first things first, you should know the necessary steps to do when deciding which insurance plan to get. One important thing that you should never skip doing is comparing multiple property insurance rates, as well as their coverage and benefits. But how do you exactly do that?

Here are some tips you can do to choose the best insurance plan for your property:

Do your research

This is not just about the insurance rates, coverage, and benefits, but also about the companies you are eyeing to get your property insurance from. Check their legitimacy and know about their ratings when it comes to providing insurance. Customer testimonies can also help you get an idea about their experience with the insurance provider, as well as the products and services they offer.

Identify your needs and limitations

This includes setting the amount of money you are willing to invest in property insurance and what type of possible calamities or unexpected events you are insuring your house from. Is your house part of an area that is often flooded? Is your property along the fault line? Are there reported cases of burglars breaking into homes within your community? If you know any possible and probable cause of why you need to protect your property, make sure to get the insurance that covers just what you need.

Get multiple quotes

There are several ways for you to get property insurance. You can opt for the traditional way where you will talk to an agent that will basically handle everything you need; you can also visit an insurance office if you want to do the search without needing the help of an agent; or you can definitely search for the best property insurance if you’re after easier and more convenient processes.

Now that most prefer to stay at home because of the pandemic, this setup should not be a problem for those who want to have their property insured. Having mentioned the online method, interested property owners can now get multiple and customized property quotes right in the comfort of their homes.

One trusted platform that offers easy and simple property insurance is Kwik.insure. Through partnering with the most reliable insurance companies, Kwik.insure provides the right kinds of insurance plan that fits your needs and preferences for your property. You can compare offers from the top insurance providers in the Philippines and find the best rates and services that you need right away— for free!

Finding the best insurance for your property has never been this easy! Request a free quote now at https://kwik.insure/at/qwikwire.