What are the best house insurance plans in the Philippines?
The Philippines has several insurance companies offering insurance for homes and buildings. These insurances are also known as fire insurance in the Philippines. However, these are the five best house insurance plans in the Philippines:
- Malayan Home Plus Protect
- AXA Property Insurance
- MAPFRE Home Insurance
- AIG Property Insurance
- BDO Home Insurance
1. Malayan Home Plus Protect
Malayan, a prominent non-life insurance provider in the Philippines since 1930, offers the Malayan Home Plus Protect. This product is considered one of the best house insurance plans in the Philippines, suits all property owners, and does not require a minimum sum insured. Malayan also provides condo insurance for condominium owners as well. To avail of the condo insurance, the policyholder must provide evidence of damage and proof of their ownership of the condominium unit.
Benefits and features of Malayan Home Plus Protect
Property insurance, covering:
- Fire and lightning
- Earthquake fire & earthquake shock
- Typhoon & flood (subject to underwriting evaluation and approval)
- Riots, strikes, and malicious damage
- Bursting or overflowing of water tanks, pipes & fittings (BOWTAP)
- Sprinkler leakage
- Volcanic eruption
- Extended coverage (smoke damage, explosion, vehicular impact & falling aircraft)
Extension of covers, including:
- Burglary and housebreaking
- Personal liability
- Accidental breakage of fixed glass
- Alterations & repairs
- Alternative accommodation
- Architect & surveyor’s fees
- Automatic increase clause (for contents only)
- Debris removal
- Expediting expense
- Fire fighting expense
- Professional fees
- Replacement & lock keys
- Temporary removal clause
- Outbuilding clause
- Special assessment clause (for condo insurance only)
Personal accident insurance (subject to additional premium), covering:
- Accidental death, disablement, and dismemberment
- Medical reimbursement
- Burial expenses
- Family hospitalization insurance (subject to additional premium)
- Household employee insurance (subject to additional premium)
Valuable items protection (subject to an additional premium per declaration, and excludes jewelry, subject to underwriting evaluation and acceptance upon submission of authenticity and valuation), covering:
- Paintings
- Antiques
- Works of art
2. AXA Property Insurance
AXA, one of the country’s most rapidly growing insurance providers with over 1.3 million clients, offers building and condo insurance to protect residences in case of disasters. AXA is considered one of the best house insurance plans in the Philippines.
Products offered by AXA
- Regular fire and allied perils
- Industrial all-risk
- Commercial all-risk
- Trust receipts
Coverage
- Fire and lightning
- Typhoon and flood
- Earthquake, fire, and shock
- Riot, strike, and malicious damage
- Smoke damage
- Vehicle impact
- Falling aircraft
- Explosion
Pricing
For a premium of ₱ 1,200 ($21.42) per month, your property can be insured for ₱ 1 million ($17,850).
3. MAPFRE Home Insurance
Since 1934, MAPFRE Insurance has been offering non-life insurance policies to meet the needs of Filipinos. MAPFRE Insurance is considered to deliver one of the best house insurance plans in the Philippines. Their house insurance policies are designed to provide coverage for homes and assets and come with additional benefits.
Standard home insurance
Best for homeowners or tenants looking for basic coverage, this insurance protects homes and their contents against losses or damages caused by fire or lightning.
Standard home insurance with additional benefits
This plan provides all the benefits of the standard home insurance but includes additional benefits, such as allowances and assistance services, at no extra cost.
Comprehensive home insurance
This insurance package is an ideal solution for homeowners and tenants seeking comprehensive coverage. It protects your home and its contents against losses or damages caused by:
- Fire and lightning
- Earthquake
- Typhoon
- Flood (only available in specified areas)
- Riot, strike, and malicious damage
- Extended coverage, which includes explosion, falling aircraft, smoke, and vehicle impact
- Broad water damage
- Accidental bursting of water tanks, apparatus, and pipes
- Robbery
This plan includes free benefits like allowances, assistance services, personal accident, and liability coverages.
Comprehensive personal liability
This insurance offering protects against liabilities arising from accidents at homes (owned or rented) or resulting from negligence leading to injury or death of third parties or damage to their properties.
4. AIG Property Insurance
As a leading global provider of general and property-casualty insurance, AIG currently serves over 88 million clients in over 100 countries. They offer various property insurance packages and are considered to have one of the best house insurance plans in the Philippines.
AIG property all-risk
This package covers the following properties:
- Airports
- Hotels
- Malls
- Condominiums
- Commercial buildings
- Infrastructure (roads, railway systems, etc.)
- Casinos
- Schools
- Hospitals
- Telecoms
The package ensures against “all risks” of physical loss or damage, including those caused by:
- Fire and lightning
- Windstorms, storms, typhoons, hailstorms, hurricanes, tornadoes
- Flood
- Earthquake
- Volcanic eruption
And many more, with an option to include machinery breakdown cover, electronic equipment insurance cover, and business interruption.
Property terrorism
In areas where terrorist attacks are frequent, this insurance package should be considered for protection. It covers airports, hotels, iconic structures, high-rise buildings, and many more. The coverage includes:
- Sabotage or deliberate subversion resulting in harm or destruction of property
- Terrorism involving unlawful violence against persons or property for political objectives
5. BDO Home Insurance
BDO Home Insurance provides custom insurance packages designed to alleviate the distress caused by disasters. These insurance packages are available to various residential properties, including condo insurance, building insurance, and house insurance. A specific protection plan is also offered exclusively for SMDC Property owners and is considered one of the best house insurance plans in the Philippines.
Depending on the chosen package, coverage includes:
- Fire/lightning
- Riot, strike, malicious damage and extended cover (smoke, vehicle impact, falling aircraft, explosion)
- Earthquake, fire/shock, typhoon, flood
- Broad water damage, including accidental bursting and overflowing of water tanks, apparatus, or pipes
- Sprinkler leakage
- Vandalism, malicious mischief, volcanic eruption, landslide and subsidence
- All other perils not explicitly excluded in the policy
- Burglary and robbery
Available extensions include comprehensive personal liability, alternative accommodation or loss of rent (for up to 6 months), family personal accident, electronic equipment insurance, and plate glass cover (for properties three years old and below).
Pricing
Package 1:
- Sum insured: ₱ 1 million ($17,850) per month
- Basic cover: ₱ 760 ($13.57) per month
- Limited cover: ₱ 1,267 ($22.62) per month
- Comprehensive cover: ₱ 1,710 ($30.52) per month
Package 2:
- Sum insured: ₱ 3 million ($53,550) per month
- Basic cover: ₱ 2,280 ($40.70) per month
- Limited cover: ₱ 3,801 ($67.85) per month
- Comprehensive cover: ₱ 5,135 ($91.66) per month
Package 3:
- Sum insured: ₱ 5 million ($89,250) per month
- Basic cover: ₱ 3,801 ($67.85) per month
- Limited cover: ₱ 6,335 ($113) per month
- Comprehensive cover: ₱ 8,552 ($153) per month
Secure your house insurance in the Philippines
Our expert guidance makes finding the right property insurance in the Philippines simpler. Our team is here to provide you with personalized advice, helping you select the insurance that fits your needs perfectly.
Avoid the hassle and confusion. Protect your property in the Philippines with confidence. For detailed assistance, just leave your name and email in the form below or email us at [email protected].
Frequently Asked Questions (FAQs)
What are the best house insurance plans in the Philippines?
Malayan Home Plus Protect, AXA Property Insurance, MAPFRE Home Insurance, AIG Property Insurance, and BDO Home Insurance are the best house insurance plans in the Philippines.
How to buy the best house insurance plans in the Philippines?
You can buy the best house insurance plans in the Philippines by sending us an email at [email protected]. We will help you choose the best property and fire insurance in the Philippines and guide you through buying.
How much does house insurance in the Philippines cost?
The costs of house insurance in the Philippines is between ₱ 3,167 ($56.53) and ₱ 38,010 ($678) per year, depending on factors such as the insured sum and the coverage.
