Home and contents insurance is an important piece of your insurance portfolio no matter where you live, but when you live on any of the Philippine islands that get regular visits from strong natural disasters it is even more imperative to have. It is a common misconception that homeowner’s insurance only covers the home and any repairs needed done to it, but that is not the case. Yes, it does cover that, but there is much more to it than that. Let us take a deeper look.
- House: This is the section of any home and contents policy in the Philippines that covers what you would expect it to cover. Depending upon the level of coverage that you choose, your house and the structures attached to it, such as a deck or attached garage, will be covered against basic damage caused by weather or decay. The most common policy covers damage from fire, but storms, floods, and other instances where damage could occur can be added onto it.
- Structures: A good policy will also cover any outbuildings that you have on your property, which will be listed on the policy. This means that if you have a barn in the field and a shed in the backyard, they will both be covered along with your home, for the same coverage as the house has. Keep in mind, though, that if you build a barn after you get your policy you will need to update the information, otherwise it will not be covered because it was not listed on the original policy.
- Personal Property Insurance: When you are first trying to figure out what home and contents insurance is you may not even consider the belongings inside of your house. This is where the contents part of the policy comes into play. If you should have to file a claim for any of the covered problems that may arise your personal property inside the buildings will be covered, up to the amount that you have set within the policy. If you have something of extreme value, such as jewelry, you may have to add on some specific coverage just to cover it.
- Personal Liability Insurance: This is the section of the policy that you hear about most often. That is, you hear about it from people that did not have any coverage. This part of your policy will help cover the expenses related to other people that may get injured on your property. This includes any salespeople, workers, or even someone who is walking by and trips. This is a part of the policy on which you should never skimp.
- Guest Medical Insurance: If a friend or family member is visiting you and should get injured this section will help cover any medical costs that may arise. This is important to have today because personal medical insurance coverage can be expensive for people to obtain. You do not want to be responsible for having to help pay for their expenses out of your own pocket, or to even take the chance that they may file a lawsuit against you. Play it safe and add this onto the main policy.
- Living Expenses: If something serious should happen to your house, such as a fire or flood, you may not be able to reside in your home while it gets repaired. This piece of your home and contents policy will help you pay for alternate living quarters (like a motel) until you can move back into your home.
As you can see there is much more to a home and contents policy in the Philippines than you may have originally thought. You need to have this insurance because your home is a long-term investment that you would hate to lose if a natural disaster should roll in off the ocean, or if a careless neighbor starts a fire that travels to your property. No matter what the reason, homeowners insurance is a must have to ensure that you are not left with excessive repair bills if something should ever happen.