Building & Contents Insurance ( Does Anyone Bother?)

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Posted

:whistling:  Not something I think the Indigenous people here about Bother with.

I think we have covered this before but really Can't Remember, Does any member here Carry any B&C Insurance, When I have spoken to my wife about this she just replies why? Concrete Houses don't Burn down that often! well what about Hurricanes and Quakes, Well she said they are not Covered are they? Natural Disasters and all that. Even Flooding is one thing that My office mates will say OH! Not Covered, So my friends how about this? Should or Shouldn't we think big time about this or just go with the Flow and repair when Necessary? If we had it how good would it be? I have friends that have Lightning Damage but none of them ever mention they were Insured Just try there luck Where ever they can

Just a Thought. :rolleyes:

 

Jack  :unsure:

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Posted

Hmm.....interesting question.  Someone should research any real estate, renters or property insurance that are available there.  May I suggest in the meantime, look into some smoke alarms with a couple fire extinguishers, just in case.  

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Posted
Does any member here Carry any B&C Insurance,

 

The Australian owner of a house I rented from 2011 to 2013 was quite proud of the fact that he managed to get "very good" (his opinion) insurance that covered fire and even earthquake damage even though he was living in Australia 11 months of the year and renting the house out.

 

Of course it was Typhoon Yolanda that did the damage.  Not covered.

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Posted

   Most people living here for a bit, know full well the realities of how things work and just self-insure. Jack's wife has it nailed.

   Go try to get the simplest of a term life insurance policy while living here and let me know if you get lucky.

   Most of the upper structure of my hardwood framed, and nipa roofed house could burn down (Yes, I have an expensive fire extinguisher, a well with 50 gallons and buckets on hand at all times), but other than documents that are now kept in a bank safety deposit box and photos... most else is easily replaceable and of little monetary value. But then again, I'm not a typical Westerner, nor do we have little material wealth exposed  or at risk here.

   Some of my friends have a lot to lose and some did during Yolanda. I will have to ask a Cannuk friend  what he got when the typhoon knocked down his garage wall onto his new truck. He was insured, but I don't know what for or to what degree and what he managed to recover. Cynical pessimist that I am in these matters, he may well have done OK.

   I sincerely doubt that any of the nearest 100 abodes to me have any B&C insurance.

   This is an excellent question since I always assumed that it really didn't apply to most people here where I live. Maybe the wealthier of my friends who have carved statues and artwork can fill me in when I ask them.... and I will get back to you.

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Posted

It would be a waste of time, they would only renig on paying a claim.

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Posted

Here in Subic Bay Freeport Zone when you have a long term lease from SBMA, they require you to carry a funky small policy that they have a arranged.  I think it is around p2000 a year and not worth much for coverage, from what I have heard.

 

Many long term lease owners here do buy a better policy.  These are fairly expensive houses and if they burned down, you would be in a big hole.  Also, many are duplexes and 4 plexes, so damage to adjoining units needs to be considered.  Also, most of the ex-Navy base housing is not all concrete block.

 

I will be inquiring about insurance after we move into our "new" long term lease house.  Our agent is an expat and has an excellent reputation for claims servicing.

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Posted

Jack, we have 4 million peso structure and 1 million belongings. I am afraid it does not cover acts of God, earthquakes, typhoons etc. So pretty much just fire and that kind of stuff. (naturally our agent is a relative of some sorts :hystery: )

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Posted

Great question Jack,I had no idea about keeping fire extinguisher in your home,thank you all

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Posted

I called an agent to get some info on renters insurance... but he never called me back... and I never thought of it again ha ha.

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Posted (edited)

A neighbor here in Cebu City recently had a fire. Good thing we had a fire extinguisher because they did not. Everything here is connected together with just a small alley through the middle of the properties.

We self-insure. I did the same in the USA. Limited property, limited losses. Haha

Edited by GregZ
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