A Guide for Buying Fire Insurance
When it comes to buying insurance products, one cannot overlook the importance of selecting the right coverage, choosing trustworthy insurance providers, and carefully assessing insurance needs.
Otherwise, not doing research beforehand might leave the insured with insurmountable bills in the event of loss, injury, and accident. Like shopping for car insurance ph, purchasing fire insurance may seem complicated, especially for first-time buyers.
Fire insurance is certainly not on most people’s top list when buying insurance: nevertheless, it plays a vital role in giving financial protection against fire or other perils.
It is essential to remember that a fire outbreak is one of the most devastating occurrences which can leave most cherished and prized possessions to debris and ashes. Having a home fire insurance ph can save you from financial burdens from unforeseen damages.
Below are some guidelines for buying fire insurance that can help save you a lot of time.
Purchase the Right Coverage
As fire insurance’s primary purpose is to compensate the insured for the loss incurred due to a fire, choosing the right policy to cover your properties or contents is essential. A way to purchase the right coverage is by identifying what items or valuables you would like to insure. A typical fire insurance policy can cover debris clean up, reconstruct the home and other structures, and even replace damaged items. However, it is imperative to keep in mind that you will only be reimbursed depending on your policy’s coverage limit.
Determine exclusions
Fire insurance covers unintentional fires such as those caused by lightning, defective electrical wirings, and even gas explosions. Loss and damages caused by war, pollution, burglary, arson, or even intentionally setting fire to the insured property are excluded. There are, however, additional coverages that the insured can avail on payment of additional premium. It includes perils like earthquakes, tornados, or other catastrophes, given that the insured purchased them through a separate policy.
Consider high deductible
Deductibles are the amount required for the insured to pay before the insurance policy kicks in. The higher deductible means lower annual or monthly premium payments. On the other hand, the lower your deductible means you are responsible for higher premiums costs once the coverage starts.
Commonly asked questions about fire insurance.
Who can buy a fire insurance policy?
As long as you are a legal owner of a residential property, apartment, commercial property, then you are eligible to purchase one to protect your asset against loss or damage caused by fire.
Is fire insurance mandatory in the Philippines?
For residential properties, it is not mandatory to have fire insurance. However, it is a requirement for commercial buildings as a pre-requisite for a business or mayor’s permit and any business license.
Is there a time limit on my claim?
As and when a fire incident occurs, immediately contact your insurance provider. Depending on the insurer, there is a limit for notice of filing claims or loss. Failure to contact the insurer within the given time might result in denial of the request. It is essential to provide detailed information about the loss incurred and required documents.
How to get fire insurance in the Philippines?
Like purchasing any other insurance product, you may either contact an insurance agent directly, go to a physical insurance company, or prefer a more convenient method, which is online. If a buyer already has home insurance Philippines, they can opt to buy fire insurance from the same provider.
Conclusion
The Philippines is fire-prone, with numerous factors influencing this, including the hot climate and the proximity of properties in the country. Such fire accidents happen without warning and fast. It is not uncommon to hear news of a fire that burned properties to the ground.
As the risk for fire incidents is always present, it is best to ensure the protection of properties and other belongings by purchasing fire insurance. It helps to shop around and compare different insurance from different providers. Visit the website iChoose.ph to learn more.
Sources:
Guide For Buying Fire Insurance
Tips For Purchasing Home Fire Insurance PH
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