Wednesday, 19 January 2022

What Is Covered By Standard Home Insurance In The Philippines?

Property insurance - Wikipedia

A home is among the greatest and usually the costliest investment a person can make. After all, a house is not only a dwelling place for you and your family but also a symbol of one’s hard-earned achievements over the years. Many plan their homes to meet their specifications and fulfill their life-long dreams.

However, natural and human-caused threats can damage a house and harm the owner financially. As the Philippines is prone to natural calamities like typhoons, floods, and the like, it only makes sense that people want to protect their homes and their finances. As such, citizens decide to purchase a home insurance Philippines to safeguard their properties. While people think that insurance policies are more of a liability than an asset, most homeowners see these plans as a worthy and beneficial investment.

Home insurance is a non-life insurance plan that gives homeowners a financial safety net if they suffer monetary losses stemming from a lost property or a damaged property because of fire, lightning, natural disasters, and other hazards. Sometimes, houses get caught in human-made incidents like riots, strikes, and other malicious acts that result in property damage.

Apart from the financial protection it offers, a standard home insurance policy can also cover the rebuild or repair of your damaged property. It promotes peace of mind and reduces stress among homeowners, ensuring they do not shell out hefty funds. Without a home insurance policy protecting the house, owners will have to shoulder the expenses as out-of-pocket costs. Moreover, a home insurance policy can also satisfy your mortgage lender requirements, proving that the house has sufficient protection and ensuring they will not incur losses from the unpaid loan amount.

Typically, a standard insurance Philippines for houses includes two types of coverages: coverage for the home’s structure and coverage for your personal belongings. The former encompasses financial protection against structural loss and damage. On the other hand, the latter covers personal belongings, such as cash, jewelry, and other home components.

Several providers offer home insurance in the country, but how can Filipinos choose the most suitable one for their needs? You can try a comparison website that allows you to weigh your home insurance options in these situations.

For more information on standard home insurance coverages in the Philippines and how to select the right insurance provider, see this infographic provided by


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