Protect Your Home with Home Protect by Malayan Insurance

Owning a home entails a lot of responsibilities. After moving into your new house or condo, the next problem you will face is maintaining and protecting it from fire, damage, and other disasters. Being a responsible owner can help, but no matter how thorough your protection for your home is, you will still need extra funds when an accident strikes. 

You should apply for home insurance in the Philippines for peace of mind. If you need help getting this type of insurance, here is a comprehensive guide. 

What is home insurance?

Home insurance is a financial program that would help protect your home that can provide funds due to natural and man-made disasters. It acts as financial protection for your home and personal belongings in case of floods, theft, and other accidents. It will help your fast and reliable recovery from unexpected incidents that could cause damage or lead to the loss of your home and personal property.

The coverage of the insurance depends on the policy type you acquired. Some policies are limited only to property damages, while more expensive ones include hospitalization or maintenance fees brought about by the accident or disaster. Some home insurance policies may also offer liability coverage that protects you from legal and financial liabilities when someone gets injured on your property or if you cause damage to someone else's property.

Home insurance often has limits and deductibles depending on your applied policy. The cost of insurance premiums can also depend on various factors, including the value of your home, its location, and risk factors.

What are the types of home insurance?

There are many types of homeowners insurance offered in the Philippines. While every insurance companies in the country have its packages with different coverage, we can generally group home insurance policies here into three main types:

Fire insurance

This is the most basic insurance policy that gives protection for damages caused by fire, lightning, and other related accidents. It covers your home structure and your personal belongings.

Extended coverage insurance

On top of the primary fire insurance coverage, this type also covers the damages caused by earthquakes, typhoons, floods, and other natural calamities. 

Comprehensive home insurance

This policy covers a broader scope, including damages caused by fire, natural disasters, and other related dangers like burglary and theft. Some insurance companies also offer personal liability coverage on top of the mentioned above.

Before signing your policy, you should clarify the extent of the coverage you get in a specific insurance policy to ensure you get the right one for your home. You can do it by getting an in-depth consultation with a Malayan Insurance professional or agents from other companies.

What are the benefits of home insurance?

Now that you know more about home insurance, its coverage, and its types, you may still wonder how it will benefit you, especially if you have a limited budget beyond your daily expenses. Here are some benefits of getting home insurance:

Peace of mind

Disasters can strike anytime, especially now that we face climate change. Home insurance helps you get peace of mind knowing that your house, property, and personal belongings are protected whenever unexpected events take place. This financial solution can ensure you can easily replace your home and belongings after damage or destruction.

Financial protection

The overall cost of property losses and damages caused by fire, theft, natural disasters, and other dangers can cripple your finances. With home insurance, you can cover the cost of repairs or replacement of your damaged property. You can get a lump sum of the cost from your affordable monthly payments. This process will minimize the potentially tremendous financial impact of unexpected events.

Liability protection

If a person gets injured on your property or you damage someone else's property, you are legally liable to pay for the damages. To have sufficient funds to cover unforeseen incidents, you may need a comprehensive home insurance policy like Home Protect Insurance from Malayan Insurance. 

Coverage of related expenses

Rebuilding or repairing your home needs more than the direct costs. You still have to pay for accommodation and payment for architects, surveyors, and other professionals involved in rebuilding your home, among other additional expenses. The policy can also cover fees or family accidents and hospitalization. 

Part of mortgage requirements

Some property developers or lenders may require you to acquire home insurance to protect their investment in the property. By choosing the right policy, you can comply with mortgage requirements while getting ideal protection for your new home.

Best practices to ensure your home insurance is right for you

Not all home insurance policies will suit your requirements. You must carry out due diligence to ensure you get the best one for your house. Here are some steps to take:

Assess your needs

As you have read above, home insurance comes in different types. Before you start shopping for this financial solution, assessing your needs is essential. Consider your property's location, risk factors, and budget. 

Consider the location of your home.

The location of your house or property can impact your insurance needs. Say, you may need extra coverage for these dangers if your home is in an area prone to earthquakes, floods, and other natural calamities.

Evaluate your risk factors.

Consider any risk factors impacting your property's likelihood of damage or loss. For example, if you have a swimming pool or a trampoline on your property, you may need additional liability coverage to protect against accidents.

Set your budget

Think of your financial capability for insurance premiums each month. Remember that higher coverage limits and additional coverage options will generally result in higher premiums. While we recommend you pick Malayan Home Protect, you must still consider whether it fits your financial capacity and needs. 

Determine the coverage you need

The value of your home and its contents will determine the level of coverage. You should ensure that the policy you choose will cover the replacement of all your property and belongings in case of a total loss. For additional peace of mind, you should also consider extra coverage, including accidental damage, personal liability, and legal expenses.

Shop around

It's a good practice to do enough research by shopping around and comparing the offerings of different insurance companies to find the deal that suits your needs. Look for online comparison sites or consult an insurance broker to see the right insurance policy for your needs.

Read the policy carefully.

Like any document, you must scrutinize the insurance policy before signing up. Ask a reliable insurance agent or broker to understand the extent of the coverage and other details. Take time to clarify any exclusions and limitations in the policy.

Take steps to protect your home.

It pays to add protection measures for your home. This practice will give you peace of mind, and insurance companies may also offer discounts for putting up smoke detectors, burglar alarms, and deadbolts. Take advantage of these discounts to reduce your insurance premiums.

Keep your policy up-to-date.

Regularly reviewing and updating your insurance policy gives you adjustments whenever your circumstances change, such as buying new items or making home improvements. Doing this practice will ensure that you always have the right level of coverage.

Conclusion

Finding the ideal home insurance policy can be challenging, especially if you're a new homeowner. You might need clarification about protecting your residence or property in case of fire, accidents, and other perils. Through this article, you have gained insights into the need to apply for this insurance type, especially amid environmental dangers that may cause severe destruction to your house or loss of your belongings.

Malayan offers Home Protect Insurance, a comprehensive home insurance policy covering many perils, including fire, lightning, earthquake, typhoon, flood, and theft. It also includes coverage for legal and financial liabilities in case someone gets injured on your property or if you damage someone else's property. 

On top of these, we offer 24/7 emergency assistance and flexible coverage options to adjust your coverage to meet your specific needs. Contact the representatives from one of the best insurance in the Philippines now to start safeguarding your home with one of the country's leading insurers.