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What you might not know yet about fire insurance.

As the old Filipino adage says: Regret never happens at the beginning, it is always at the end. In the vernacular it simply means – “ nasa huli ang pag-sisi”. And it could possibly where the word accident comes in to the scene as well. Accident is not something planned else it will not qualify as an accident.

There are incidents no one has planned but it still happens. And one of those unwelcome events is an accident that eventually caused by fire. My cousin who used to run a water station in Parañaque deferred her plan to have her business covered by a fire insurance policy. After all, she thought she has more than enough water to put off the fire (well, just in case). Logical thinking? It might seem it is at first until a fire made her realized it is too late. That nightmare she will never forget have caused a huge dent on her financial income. The landlady sued her for property damage as quarter of the total floor area was totally unlivable.

Fire insurance premium is minimal compared to the cost of unpreparedness. And before jumping on to the first insurance company you see on the web or on Facebook, better be equipped of the basics of fire insurance.

The term ‘insurance’ is a written guarantee, which safeguards an insured individual and his assets in troubled times. A Fire insurance policy is an agreement between the owner and the insurer that a sum of money will be given to the owner should a fire occurred on the insured property and its contents. It is a safety net that protect an individual for any financial loss due to fire.

Many has this notion that once a fire has occurred and the damaged property is covered by a fire policy, then the insurer will automatically obliged to release a claim. Read this: There are exceptions to what a basic fire insurance can cover. Losses incurred due to a fire that are caused by natural causes―lightning strikes, or earthquakes―are generally not covered by fire insurance. However, here in the Philippines, it is now a standard to lightning as an added covered peril in a basic fire insurance coverage.

And with all these talks and news on West Valley Fault and more frequent earthquake occurrences for the past years, it is highly recommended to have a fire insurance policy that includes additional coverage on a peril like earthquake.

Fire insurance claim can either be of these two: Actual Value or Replacement Value. Actual Value Policy pays the full value of the insured property less any depreciation. Replacement Value Policy, on the other hand, pays the cost of replacing the existing insured property. Generally, most policies cover for actual value as it is less costly. You may request for a replacement value policy but expect a higher premium.

So, what can you insure under a fire policy? Property owners can insure both the house and its content. Renters may opt to insure his belongings but not the property being rented. Reason being that insurable interest must be established prior to the issuance of the policy.

Among non-life insurers in the country, I recommend Mapfre Insular. They respond with queries quite faster than I expect from a non-life company that offers a wide spectrum of services and which intermediaries are located nationwide.

MAPFRE INSULAR, a non-life insurance company duly recognized by the Insurance Commission, has several insurance solutions to protect house and its contents for any liabilities caused by fire. The company is 75 % owned by MAPFRE of Spain and 25 % by Insular Life Assurance Co. Ltd., of the Philippines

1. STANDARD HOME INSURANCE

(Basic Homeowners’ or Tenants Insurance Package)

Home insurance ideal for homeowners or tenants looking for basic coverage. This
insurance provides protection to your house and its contents against loss or damage
caused by fire and lightning.


2. STANDARD HOME INSURANCE WITH ADDITIONAL BENEFITS

(Basic Homeowners’ or Tenants Insurance Package plus FREE Additional Benefits)

Home insurance ideal for homeowners or tenants looking for basic coverage and additional home emergency and assistance services. This insurance solution provides protection to your house and its contents against loss or damage caused by fire and lightning and also provides FREE additional benefits in the form of allowance and assistance services.

3. COMPREHENSIVE HOME INSURANCE

(Superior Homeowners’ or Tenants Insurance Package with Additional Coverage and Benefits)

Home insurance for homeowners and tenants looking for a comprehensive cover. This insurance solution provides protection to your house and its contents against loss or damage caused by fire and lightning, and MORE perils namely, earthquake, typhoon, flood, riot, strike and malicious damage, extended cover (explosion, falling aircraft, smoke, vehicle impact), broad water damage, accidental bursting of water tanks, apparatus and pipes, and robbery.

You will also enjoy MORE additional benefits for FREE in the form of allowance, assistance services, personal accident and personal liability coverages.

On top of these Fire Insurance Packages, Mapfre extends value added service — HOME ASSISTANCE PROGRAM, a 24-hour home assistance services. This is a practical feature for those empty nesters and housewives whose husbands are working abroad or perhaps the job entails the man of the house to be out of the town more often.

Specific Benefits of Home Assistance – 24-Hour Home Assistance Services

EMERGENCY PLUMBING

Assistance for the breakage of pipes, leaking of sanitary fittings or damage in the water installations in your home.

EMERGENCY ELECTRICAL ASSISTANCE

Assistance in the event of electrical supply failure within the house as a result of a defect of or damage to the internal electrical installations.

EMERGENCY LOCKSMITH

Assistance in the event that the house becomes unsecured due to defective locks, or if it becomes impossible to gain entry due to loss or theft of keys or damage to locks as a consequence of theft or any accidental cause.

EMERGENCY GLASS REPAIR

Assistance in the event of damage glass doors or windows belonging to the window structure of the house.

You may not experience a fire accident in your lifetime, but it is worth protecting all the assets you have worked for, not only for you but for your family.

Keep the words of our grandparents in mind: “nasa huli and pag-sisi.

The good news is: there is a time to plan and to prepare.

Email myinsurance.ph@gmail.com for a fire insurance quotation now.

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metrosouthproperties

Metro South Properties is managed by a licensed real estate broker ( PRC License No. 0015207) with more than 2 decades of experience in the property industry -- sales, leasing, property management, and training.

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