Author Topic: Home insurance in Philippines  (Read 5628 times)

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Home insurance in Philippines
« on: December 10, 2009, 07:09:46 AM »
Is home owner insurance sold in Philippines? Is there earth quake and flood available as a rider? Is it worth getting or due they scam you if you have a claim. Who sells it? I was reading on Bank of Philippine Island web site that they have home owner insurance. Does any one have any knowledge on the subject? Thanks

Offline tom.inbigdtexas

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Re: Home insurance in Philippines
« Reply #1 on: December 10, 2009, 07:23:45 AM »
Is home owner insurance sold in Philippines?... Who sells it? I was reading on Bank of Philippine Island web site that they have home owner insurance. Does any one have any knowledge on the subject? Thanks

Hello fire1911b,

Good thread... I\'ve thought about posting it several times, always got distracted.  I\'d like to hear from the info gurus on this issue as well.

Can I get any type of insurance whatsoever on a home I build... or a home I buy... or a condo I buy.  If I buy a condo for P10M and the whole building burns to the ground the next day... am I just out P10M?

I\'ve seen a couple of posts on here about auto insurance... but I don\'t recall any on real property insurance.

BTW- interesting username... are you a firefighter... or what is its genesis?  If none of my business, or you would just rather not elaborate... no problem, just say so. Its just idle curiosity. ;D ;D

Tom in Big D
Dallas, Tx, USA
Mactan, Cebu, PH

Offline Lee2

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Re: Home insurance in Philippines
« Reply #2 on: December 10, 2009, 09:51:50 AM »
They do sell insurance for homes and condos, I do not know if they would pay off or not and they have so many outs in them that my guess is that they learned from the US insurance companies how to collect premiums and how to never pay claims.  :D  The one we got for our condo in Cebu says that the insurance is void if we are away from our home for more than two weeks, so no sense in having insurance from that company and we will try another when we get back but I suspect they will all be the same. The agent of course says do not worry about it but I have learned that what is in writing is what you get period.

As for a whole condo burning down, while anything is possible, most of the condos that we have seen are made totally of concrete, I know ours is, and only the drop down to get to the pipes on ours is plaster board with some wood supports, so not too much to burn and they have fire sprinklers in the halls and in every unit, now will the sprinklers work, that is another question that I hope to never find out the answer to.  :-\\

Oh, BTW, one of the major insurance companies is the famous AIG that took the bailout from the US govt.
:) Happily married since 1994 & live part of the year in Cebu and the rest in S. Florida.

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Re: Home insurance in Philippines
« Reply #3 on: December 10, 2009, 10:53:44 AM »
Is home owner insurance sold in Philippines?... Who sells it? I was reading on Bank of Philippine Island web site that they have home owner insurance. Does any one have any knowledge on the subject? Thanks

Tom in Big D

When we purchased our home with Ayala Corp, now aka Avida and financed a portion of the loan through BPI, Fire Insurance was mandatory. I\'m sure any other type of home insurance is available, just go to any BPI bank near you and inquire or check them out on-line! I plan to upgrade my home insurance in January just to be on the safe side. For now, all I have is a P1 million fire insurance coverage, not nearly enough to cover the cost of a new home if it burnt down to the ground tomorrow, knock on wood or cement!  ;D ??? Only cost P1,400 per year!

Art  

Offline uk

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Re: Home insurance in Philippines
« Reply #4 on: December 10, 2009, 07:00:38 PM »
hi all

here is a quote i got for insurance from BPI

PERILS                                     COVERAGE                                  PREMIUM
fire & lightning
building                                     10,000,000                                9,000
contents                                    2,000,000                                 2,000
earthquake                                12,000,000                                 12,000
typhoon                                    12,000,000                                 6,000
extended coverage                      12,000,000                                 1,200
robbery                                      2,000,000                                  4,000

on top of these prices you will be charged 13% document stamp and 12% vat

Offline aerosick

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Re: Home insurance in Philippines
« Reply #5 on: December 10, 2009, 09:14:54 PM »
hi all

here is a quote i got for insurance from BPI

PERILS                                     COVERAGE                                  PREMIUM
fire & lightning
building                                     10,000,000                                9,000
contents                                    2,000,000                                 2,000
earthquake                                12,000,000                                 12,000
typhoon                                    12,000,000                                 6,000
extended coverage                      12,000,000                                 1,200
robbery                                      2,000,000                                  4,000

on top of these prices you will be charged 13% document stamp and 12% vat


If this quote for a single-unit house?

Are there deductible amounts on these? Are there any \"insurance is void\" clauses like in Mr. Lee\'s policy:

\"...the insurance is void if we are away from our home for more than two weeks...\"

Billy
"We're here to preserve democracy, not practice it."

Gene Hackman: Crimson Tide ~ 1995

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Re: Home insurance in Philippines
« Reply #6 on: December 10, 2009, 10:35:20 PM »
Hello Tom and every one else,

Yes, I\'m a retired fire captain from a mid size city in the mid west, I have been retired for a number of years and now live near Branson, Mo.. My wife is getting a home in Bulacan and we hope to move in late 2010. Have a good day,  Bill
 

Offline tom.inbigdtexas

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Re: Home insurance in Philippines
« Reply #7 on: December 11, 2009, 12:38:09 PM »
$1,000/yr +/- for approx $250,000 total loss coverage?? Not too far from US rates.

Same questions as Billy... Is this single family dwelling, multi-family, condo, etc?  What is the deductable?  What are the exclusions?

And the really fun questions... do they ever pay a claim? and what can you do if they don\'t?

Does anybody have coverage on any dwellings (other than ezArt\'s fire ins)?  Has anybody ever had any kind of insurance claim paid in the RP?

Tom in Big D
Dallas, Tx, USA
Mactan, Cebu, PH

Offline uk

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Re: Home insurance in Philippines
« Reply #8 on: January 06, 2010, 03:11:30 PM »
sorry it been awhile here\'s the answers to some of the questions
the quote was for a single detached house.
you can be away from the house as long as you wish.
i had a claim  last year typhoon damage this is what happened surveyor come round looked at damage 2 weeks later builders were here doing the repairs did not cost me a peso. (this insurance claim was with vista land not BPI)

 


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