Tuesday, December 15, 2020

Property Insurance in the Philippines

One of the dreams that most people have is to own a piece of land and build a house that they can turn into a home. Almost every person in the world dreams of owning a house, not realizing that there are a lot of responsibilities that come when you own a property in the Philippines

One of the most confusing things that you can process in the Philippines is the transfer of the deed of sale and property insurance. I know this because I recently started the process of sorting my brother's land now that he is finished paying it off. 

I thought that it would start out with proof that the land is already paid off. What I didn't know was that there would be so much that needed to be done before you can get your hands on the Deed of Sale and then start the process of securing property insurance in the Philippines

Property insurance is a broad term for a series of policies that provide either property protection coverage or liability coverage for property owners. Property insurance can include a number of policies, such as homeowners insurance, renters insurance, flood insurance, and earthquake insurance.

Typical homeowners insurance policies offer coverage for damage caused by fires, lightning strikes, windstorms, and hail. However, you need to know that not all-natural disasters are covered by homeowners insurance. For example, damage caused by earthquakes and floods is not typically covered by homeowners insurance so this is important for homeowners to know. This is mostly applicable to properties not in the Philippines. 

Property insurance in the Philippines is very important to protect your investment. You never know what can happen tomorrow or what natural disaster, manmade disaster, or unknown disaster will come your way so being ready for all things that can potentially happen and let insurance handle all the expenses. 

Here in the Philippines, insurance companies offer different basic and comprehensive home insurance packages. The most common type is fire insurance, which covers fire and/or lightning-related incidents.

If you want broader coverage, you can avail of the comprehensive package, which requires the payment of an additional premium. This will include damage to property caused by other acts of nature (earthquake, typhoon, or flood) and extended coverage (explosions, smoke, falling aircraft, and vehicle impact).

Other insurance companies also include coverage on broad water damage caused by bursting of water tanks and/or pipes, burglary and housebreaking, riots and strikes, and malicious damage. There's almost nothing that isn't covered. 

There are even insurance plans that cover replacing your visitors’ personal effects if loss or damage within the insured premises. They will even pay a reasonable amount for your temporary accommodation in case your home becomes uninhabitable due to any perils covered in your insurance.

There are so many that it can make your head spin. Make sure that you affiliate yourself with a property insurance company that you can trust. When you have something as valuable as your property to protect, it's best that you trust only the best.  


  1. I don't live there but it's always good to know because in life you can't never know. So thank you for this information. Helpful. - Paolo

  2. Very interesting and helpful for anyone that owns property in the Philippines.

  3. I don't know much about insurance but this was a great post to know more about it.

  4. Thanks for showing these! It is very important to protect our insurance! Nice blog post!

  5. This is great information for those looking to buy in the Philippines!

  6. Good to know! Insurance is not something I think about often, hubby's job!!! =)

  7. good to know!! such important info!!! thanks for sharing this!!


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