How to protect your condo from the 'unforeseen'

Posted at 03/22/2013 10:20 AM | Updated as of 03/22/2013 6:01 PM

MANILA -- Owning a house or a condominium unit seems to be a growing trend nowadays amid the low interest rates but how does one protect his investment in properties with the Philippines attracting a big number of typhoons yearly?

It's simple: have your property covered by insurance.

"Non-life insurance actually provides protection against financial loss when something unforeseen happens," Perpetua Cutiongco, business director at BPI/MS Insurance Corp., told ANC's On The Money.

These "unforeseen" incidents, she said, pertain to fire, typhoon, flood, and other accidents that damage the property.

"I think after typhoon Ondoy, everybody began appreciating non-life insurance... We had a surge in requests to get insurance for both their cars and properties," Cutiongco shared.

For starters, Cutiongco said one should get a fire policy for his home. But since that only covers fire and lightning incidents, it is advisable to get another to cover for earthquake, typhoon and flood, especially since the Philippines is battered by weather disturbances every year.

"We also suggest you get personal accident insurance for each and every member of your family including the household help," Cutiongco said.

"There's also what we call liability insurance. For example, you have guests at home and you have a dog that bites your guest, and you have to treat them--then you can use that," she continued.

Non-life insurance covers only structures and not the land, Cutiongco stressed.

For interested clients, one can check the Insurance Commission's website for licensed companies that offer non-life insurance. From there, one can contact the chosen firm through the insurer's own website or through an agent of that company.