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The 5 best house insurance plans in the Philippines

best house insurance plans in the Philippines

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Are they considering house insurance in the Philippines? Finding the best house insurance plans in the Philippines can be challenging, as several companies offer various home insurance coverages. We’ll help you by sharing the five best house insurance plans in the Philippines, provided by companies who have earned their reputation due to comprehensive coverage, excellent customer service, and fair claims processes.

What are the best house insurance plans in the Philippines?

The Philippines has several insurance companies offering insurance for homes and buildings. 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 comprehensive plan, which is considered to be 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 & 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

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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 ($21.60) per month, your property can be insured for ₱ 1 million ($18,000).

3. MAPFRE Home Insurance

Since 1934, MAPFRE Insurance has been offering non-life insurance policies to meet the needs of Filipinos. For that, MAPFRE Insurance is considered to offer 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 also includes free additional benefits like allowances, assistance services, personal accident, and personal 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.

how to get a house insurance in the philippines

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)
  • 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 ($18,000) per month
  • Basic cover: ₱ 760 ($13.68) per month
  • Limited cover: ₱ 1,267 ($22.81) per month
  • Comprehensive cover: ₱ 1,710 ($30.78) per month

Package 2:

  • Sum insured: ₱ 3 million ($54,000) per month
  • Basic cover: ₱ 2,280 ($41.04) per month
  • Limited cover: ₱ 3,801 ($68.42) per month
  • Comprehensive cover: ₱ 5,135 ($92.43) per month

Package 3:

  • Sum insured: ₱ 5 million ($90,000) per month
  • Basic cover: ₱ 3,801 ($68.42) per month
  • Limited cover: ₱ 6,335 ($114) per month
  • Comprehensive cover: ₱ 8,552 ($154) per month

Get help with house insurance in the Philippines

Finding the best house insurance plans in the Philippines can be daunting. However, you don’t have to face these challenges alone with our expert team on your side. We are committed to supporting you throughout the process, ensuring you find the right house insurance that suits your needs.

Let us help you safeguard your valuable investment and give you the peace of mind you deserve. For more information on how we can assist you, please leave your details in the form below or contact us at hello@ownpropertyabroad.com.

Get help with property insurance in the Philippines

Leave your name and email below – Our property expert will reach out to help you to find the best house insurance in the Philippines.

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 directly contacting the insurance company.

Written by Therese Angeles

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Get help with property insurance in the Philippines

Leave your name and email below – Our property expert will reach out to help you to find the best house insurance in the Philippines.