fbpx

Where to Get the Best Insurance for Condominium Units?

Where to Get the Best  Insurance for Condominium Units?

Housing properties in the metro are now elevating its value through insurance. In Condominiums, it’s not just the cost or the location that makes the value of the property; it’s how it will last and eventually create an income to its owner. That’s why some property owners are making sure that they’re condominium units are protected through insurance. 

Having condominium insurance is one of the main assets condominium unit owners should avail for their peace of mind and financial support in case of unfortunate events. Especially during trying times, this protection product is necessary to make sure that condominium owners will be able to free themselves from unnecessary money problems when disaster happens.

Why Need for Condominium Insurance? 

Technically, many condominium unit owners don’t fully own the land where the structure stands. They also don’t have the ownership of the building where they bought the unit. So there are limitations anchored when owners want to make external changes to their unit.

For some condominium developers, they included master policy or a homeowner’s association policy to insures the exteriors and common areas of the building, but the units themselves will require their own property insurance that will provide more comprehensive property coverage for potential losses to both the structure of the house and its contents.

Insurance

What Condominium Insurance covered? 

Condominium insurance usually covers more than just the damages within the unit, such as the interior walls and floors, and the personal property of unit owners, including items like appliances and furniture. It also covers various incidents that will damage the property greatly. 

The types of incidents normally covered by condo insurance include fire and smoke damage, explosion damage, and more. Nowadays, coverages are expanded to more extreme incidents like natural calamities (flood&typhoon), Volcanic Eruption, and Fire Fighting Expense. 

How Condominium Insurance Works? 

The coverage provided by this form of insurance reimburses any property damages and loss through cash value or replacement cost. Depends on how much the value of the damage of the property and it’s contents, the insurance has a designated coverage that can be converted to cash. Good for people who lose their valuables caused by fire incidents or natural calamities. 

What’s the Best Recommendation for Condominium Insurance? 

Here in the Philippines, some companies offer Condominium Insurance, especially in this season where many developers build more condo units everywhere. The “Home Protection Plus” of Malayan Insurance is the most comprehensive home and property insurance in the Philippines that gives more than your money’s worth these coverages:

Insurance
  • Property Insurance
    • 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)

Extention of Coverage:

  • 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 Condominium Only)

Basic Coverage Property Insurance

  • Fire and Lightning, Earthquake Fire & Earthquake Shock, Typhoon & Flood, Riots, Strikes, and Malicious Damage, Bursting or Overflowing of Water Tanks, Pipes & Fittings, Sprinkler Leakage, Volcanic Eruption, Extended Coverage and Extension of Covers.
    • Sum Insured Breakdown: Building (excluding foundation), Leasehold Improvements, Contents (excluding cash & jewelry), Furniture, Fixtures, and Fittings.
Condominium Insurance

The best part about their insurance product is the additional life insurance that assures coverage for your family when life-threatening events occur within your condominium: 

Personal Insurance*

  • Covers the insured, the spouse, and children in the event of accidental death or dismemberment arising within the period of coverage.
    • Accidental Death, Disablement and/or Dismemberment
    • Medical Reimbursement
    • Burial Expenses 

Family Hospitalization Insurance*

  • Provides financial assistance to the insured and/or any member of his family for hospital confinement or surgical expenses incurred due to accident.

Household Employee Insurance*

  • Provides hospitalization, personal accident, and personal belongings protection to the insured’s household employees.

Valuable Items Protection*

  • Provides protection for your personal possessions or declared valuable items such as works of art and antiques whilst contained within the insured premises only and solely against the named perils.
  • * Subject to additional premium

To get to know more about Malayan Insurance, check the information below:

Website: https://www.malayan.com/

Facebook Fan Page: https://www.facebook.com/MalayanInsurancePH/?ref=br_rs

Contact number: (632) 628-8-628

Related Posts

No Comments

Leave a Reply

%d bloggers like this: