Fire insurance offers a vital safety net, protecting homeowners and business owners from fire damage’s potentially devastating financial consequences. Getting fire insurance is a necessary step in protecting your property in the Philippines, where there are both natural and man-made threats that might cause fires. In this article, we will discuss all you need to know about fire insurance in the Philippines.
Do you need fire insurance in the Philippines?
Having fire insurance in the Philippines is very important for homeowners. This is because fires happen a lot and can come unexpectedly. In 2018, there was a huge increase in fires by 84%. The Philippines has crowded places and a climate that makes it easy for fires to start. Fire insurance does more than just protect against fires. Fire insurance in the Philippines also covers damage from earthquakes and typhoons, keeping your valuable things like furniture, appliances, and stocks safe. Fire insurance gives you peace of mind by providing a safety net against these sudden disasters.
The best fire insurances in the Philippines
Selecting the ideal fire insurance in the Philippines requires carefully assessing your needs, potential risks, and budgetary constraints. Whether you’re safeguarding a residence, a business, or other personal valuables, the Philippines has various premier fire insurance options specifically customized for diverse requirements. Below are the six best fire insurances in the Philippines:
1. Stronghold Fire Insurance
Renowned for its flexible and inclusive protection, Stronghold Fire Insurance provides solutions for individuals and businesses aiming to secure themselves against fire-induced losses. You can request a fire insurance policy sample in the Philippines on their website. This policy also covers natural disasters like typhoons, floods, and earthquakes. It allows policyholders to enhance their coverage further, allowing for a tailor-fit protection plan that aligns with their financial and coverage needs.
2. SGI Philippines Fire Insurance
SGI Philippines excels with its comprehensive all-risk policies suitable for residential, commercial, and industrial sectors, specifically addressing fire damage. Its standout provision of temporary housing after a disaster substantially supports policyholders. Additionally, the option for extensions like Acts of God and Allied Perils ensures a fortified solution for property insurance in the Philippines. Acts of God refer to natural events that are beyond human control, while Allied Perils usually refer to man-made disasters.
3. Mercantile Fire Insurance
Mercantile fire insurance is an exemplary option for comprehensive risk coverage, spanning fire damage to malicious damage, explosions, riots, theft, and even loss of rent. It further broadens its safeguarding remit to include protection against earthquakes and windstorms, presenting a safety net for your property. You can request a fire insurance policy sample in the Philippines on their website.
4. Pioneer Residential Fire Insurance
Pioneer Residential Fire Insurance caters exclusively to homeowners seeking coverage options that safeguard their homes and their contents from various natural calamities, including earthquakes, typhoons, and floods. This home insurance guarantees extensive property protection, giving homeowners a sense of security.
5. GSIS Home Shield Fire Insurance
GSIS Home Shield Fire Insurance is designed for Government Service Insurance System (GSIS) members who want to specifically address fire hazards in their residential properties. With additional coverage options for typhoons, earthquakes, and floods, it offers a tailored house insurance solution for public servants focused on protecting their homes.
6. Chubb Business Fire Insurance
Chubb Business Fire Insurance is a good choice for commercial property owners, offering expansive coverage that includes a diverse range of properties and industrial sectors. From marine structures to sports arenas, airports, hotels, and manufacturing facilities, it provides a comprehensive defense against fire and related dangers. It is ideally suited for business owners committed to thoroughly safeguarding their investments.
How much is fire insurance in the Philippines?
When considering securing your property against potential damage, looking into options such as Mortgage Redemption Insurance (MRI) and fire insurance is valuable. The MRI and fire insurance costs in the Philippines range from ₱ 950 ($16.15) to ₱ 2,000 ($34) for a standard coverage amount of ₱ 1 million ($17,000). This means that the monthly MRI and fire insurance costs in the Philippines are approximately ₱ 80 ($1.36) to ₱ 166 ($2.82).
The value of fire insurance in the Philippines extends beyond the core coverage of potential fire damage. Insurers in the Philippines recognize the complex nature of fire incidents and offer additional benefits that can be vital during and after such events. Here’s an overview of the supplementary benefits that could come with your policy:
- Automatic increase clause/capital additions clause: This feature accommodates the increase in the insured property’s value, providing a safety net for recent enhancements.
- Professional fees: When tragedy strikes, several professional services, such as architects and surveyors, become necessary. It can cover these unexpected fire insurance Philippines costs.
- Firefighting expenses: The cost of extinguishing a fire can also be covered, ensuring that emergency action won’t lead to financial distress.
- Debris removal: After the fire, the site will likely need clearing. This coverage covers expenses related to removing debris left by the fire.
- Legal assistance: Your policy might provide you with legal support in the event that legal challenges arise from disasters.
- Home assist: Some policies offer support services that help promptly coordinate necessary repairs and services to resume everyday life.
Beyond these, some house insurance plans may also offer coverage for alternative accommodations, relocation allowances, and hospital and ICU assistance under more comprehensive policies. It should be noted that while some of these services come standard, other home insurance may require an add-on fee to your base premium. Undoubtedly, the broader your coverage, the more extensive the list of benefits, providing you with a strong safety net.
Secure your fire insurance in the Philippines
Our expert guidance makes finding the right property insurance in the Philippines easy. Our team is here to provide you with personalized advice and help you select the insurance that fits your needs perfectly.
Protect your property with confidence. For detailed assistance, leave your name and email in the form below or email us at hello@ownpropertyabroad.com.
Frequently Asked Questions (FAQs)
What is the cheapest fire insurance in the Philippines?
The cheapest fire insurance in the Philippines costs from ₱ 950 ($16.15) per year.
What is the best fire insurance company in the Philippines?
The best fire insurance company in the Philippines is Stronghold Fire Insurance, offering flexible and comprehensive coverage that includes protection against natural disasters like typhoons, floods, and earthquakes.
How much does house fire insurance in the Philippines cost?
House fire insurance in the Philippines costs from ₱ 950 ($16.15) to ₱ 2,000 ($34) per year for basic coverage of ₱ 1 million ($17,000) in the Philippines.
Do you need fire insurance for a condo in the Philippines?
Yes, you need fire insurance for a condo in the Philippines.
