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Building & Contents Insurance ( Does Anyone Bother?)


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Knowa person from the northern part of Luzon and asked about property insurance. He told me that he carries it and has had and been paid on two claims.  one was theft and the damage caused when they broke in, forgot what the other was.  Price seemed small couple of hundred a year US.

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The only house I rented in Dumaguete (until I bought a place) had a fire extinguisher.  The landlord said he had fire extinguishers in every house he rented out in Dumaguete because it is code and they enforce it (what he said as I never sought confirmation).  I told him I had rented many houses in Philippines and never had one rented to me with a fire extinguisher in it.  He said he cannot speak for all the other places I have lived but he repeated that it is code in Dumaguete.  I wondered to myself if it was a requirement of his insurance company but not my business to pry further.

 

I never had to use it so to this day I have no idea if it would have worked.  :morning1:

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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

   Rented several places over the year owned by locals, and never a fire extinguisher.... I never gave it a thought because everything was pretty much concrete, steel and tile.

   Same for the last place we rented before building our own place. The difference was.....It had a fire extinguisher. My speculation as to why is...... The older retired businessman/company owner husband of the much younger Pinay was Japanese.

   He build her a 4 plex that her extended family was slowly taking over, replacing paying tenants with her brothers' families. He was wealthy and solved the problem by just buying another house for himself and her.  I really liked the guy even if he couldn't speak a word of English, and invited him to our house warming where he got on with my older Norwegian friend who was in the same situation. They had the Japayuke wife translate as they enjoyably chatted.

   He made sure that all the apts. had fire-extinguishers, since they had semi-inside dirty kitchens w/wooden cabinets.

 

   I am so glad that this topic came up because it made me realize that I hadn't checked the charge status on my own mahal extinguisher that the Japanese gentleman advised me as where to buy. And..... after 4 years..... its still in the 'Green Zone'. I inverted and shook it up since chemicals oft settle and co-agulate.

   Thanks again for the maintainence reminder. . 

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The topic is indeed timely.  Yvonne was just outside talking to one of our neighbors who informed her that someone in our block had a fire in the kitchen last night.  Good thing they got it under control as every unit here (except the end ones) touch 3 other units. We have about 5 inches of concrete between us and the neighbor on our right and the neighbor on our left and the neighbor behind.  Should be fine if they just have a small fire but if they had a huge blaze it would spread to us.

 

If I add up the money I save every year by not buying decent vehicle insurance, decent health insurance, decent life insurance, and decent homeowner/tenants insurance then I believe I have saved enough to cover the cost of one catastrophe.  Fingers crossed I don't have one.

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then I believe I have saved enough to cover the cost of one catastrophe.

 

  But if you had two catastrophes, it would be a catastrophe.

  I don't have any B & C insurance, nor a fire extinguisher. Our fire department is a laugh and our water pressure is low. We do not have any danger zones or flammables.

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On ‎1‎/‎14‎/‎2016 at 2:43 PM, Jack Peterson said:

: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:

Jack I thought I would bring this old thread back to life. This month I am adding number 3 condo to my collection in Cebu. Which brings me to the thought again, should I be looking into fire insurances or some kind of home insurance now that my portfolio is increasing to preserve my investment in case something happens....or "does anyone bother" :)

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1 minute ago, Medic Mike said:

Jack I thought I would bring this old thread back to life. This month I am adding number 3 condo to my collection in Cebu. Which brings me to the thought again, should I be looking into fire insurances or some kind of home insurance now that my portfolio is increasing to preserve my investment in case something happens....or "does anyone bother" :)

Ah now that is something different, if you are Renting out there may be a situation where you must be covered by Law, I don't know but I would hazard a guess that one or more of those that do rent out can give you an Idea, Fire to me seems the Logical one but Condos? well that means not on ground level so for me I would be investigating the need and then the pros and cons of the outcome. We know that Health and Safety is very Lacking here but that should not exclude us from an obligation ( if there is one) In this situation I think Property owners must think further into Public Liability and that is where major problems can start I feel But as I write this we as a Household are still repair and replace as necessary, So it is only if I was owning and renting out properties that I would rethink, Especially if it is Furnished accomodation being rented out. :huh:

Jack:smile:

 Morning All :photo-109:

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1 minute ago, Jack Peterson said:

Ah now that is something different, if you are Renting out there may be a situation where you must be covered by Law, I don't know but I would hazard a guess that one or more of those that do rent out can give you an Idea, Fire to me seems the Logical one but Condos? well that means not on ground level so for me I would be investigating the need and then the pros and cons of the outcome. We know that Health and Safety is very Lacking here but that should not exclude us from an obligation ( if there is one) In this situation I think Property owners must think further into Public Liability and that is where major problems can start I feel But as I write this we as a Household are still repair and replace as necessary, So it is only if I was owning and renting out properties that I would rethink, Especially if it is Furnished accomodation being rented out. :huh:

Jack:smile:

 Morning All :photo-109:

I guess I will have to look into that. My current living condo in Tipolo, I plan on moving out of that one and rent out, so that would be 2 renting out in Tipolo, and the new one I am getting, it is a bit bigger than the other 2, so will be kicking tenant out of that one, and moving in there :)

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3 minutes ago, Medic Mike said:

so will be kicking tenant out of that one, and moving in there :)

:hystery: Kicked out.jpg :whistling: Shame on you but you have to do what is best for you I guess. Hopefully he has been a Bad Tenant and wont cross swords with you :wink: or and understanding Tenant that Understands

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2 minutes ago, Jack Peterson said:

:hystery: Kicked out.jpg :whistling: Shame on you but you have to do what is best for you I guess. Hopefully he has been a Bad Tenant and wont cross swords with you :wink: or and understanding Tenant that Understands

haha....I think he will survive....the new one I am getting, the owner was only renting it out on a month to month basis, because he was selling it, and knew new owner would want to move in :)

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