Array
Tips and Guides

We've Got Answers To Your Home Insurance Questions

A lawyer shares what you need to know about home insurance

Shares
Photography: Manosa Properties (Main Photo)

Home insurace, like life insurance, is important, as it covers damages which can be brought about by unfortunate incidents like a fire. Atty. Tricia Villar explains the ins and outs of home insurance below:

1. If I insure my house mortgaged to the bank, who will be the beneficiary—me or the bank?

"As property owner, you will benefit from the insurance unless your policy provides that the bank shall be the beneficiary, or you later decide to assign the policy to the bank." 

2. Can I insure the condo unit I'm renting even if I'm not the owner?

"Yes. You need not be the owner to have it insured with you as the beneficiary. It's enough that you could suffer a loss if a fire breaks out." 

3. What's the difference between an open policy and a valued policy? 

"In an open policy, the value of the property insured is not agreed upon. It's left to be determined in the event of loss or destruction of the property. The amount on the policy represents the maximum limit of recovery from your insurance company. [On the other hand], in a valued policy, the value of the property insured is written on the policy. This amount becomes the settlement basis in case of loss or destruction. If your condo insured for P1M is totally destroyed by fire, you can collect the whole P1M from the insurance company even if it's proven that the actual value of the property is more or less than this amount."

4. Can I insure my townhouse worth P3M to two different insurance companies for P3M each? Can I collect the whole amount from both companies in case my townhouse was destroyed?

"You can have more than one insurance policy on your townhouse unless your existing insurance policy specifically prohibits this. However, when it comes to collection, you can only collect from the two insurance companies the amount equivalent to your actual loss—P3M in this case. Depending on your policies, you can collect the full amount from either one of the insurance companies or from both on a pro-rated basis." 

Read the original article ("Insuring Your Home") in the September 2004 issue of Real Living magazine. Download your digital copy on the Real Living App. Log on to summitnewsstand.com.ph/real-living for more details

PHOTOS: Manosa Properties | Michael Angelo Chua

More on Realliving.com.ph

What You Need to Know About Inheritance

What You Need To Know About Estate Taxes

What You Need To Know About Property Contracts

Shares

Latest Stories

10 Ways To Make Your Shoes Last Forever

Show your favorite pairs some tender loving care with these tips

A One-Bedroom Unit Transformed into a Two-Bedroom Home

The designers of this 45sqm condo in Manila created a functional space with an urban contemporary appeal that’s perfect for its young occupants

Here's Why You Should Skip Bringing Your Phone To The Bathroom

Trust us, liking that photo on Instagram can wait for a few minutes

7 Planners For An Inspired 2018

Stay organized and keep your goals in sight with these picks

These Christmas Ornaments Will Make You Feel Like Dancing

Celebrate a yearly Christmas ballet tradition with The Nutcracker collection

15 Calming Photos of Modern Minimalist Homes

Because less is more

10 Life-Changing Cleaning Habits For Lazy People

We've got the strategies for keeping an impeccably clean house without losing your mind

Did You Know That Ellen Adarna Lives in a 1930s Apartment in Manila?

She has a fantastic view of the Manila Bay sunset, too

Neat Home Appliances You Need To Buy With Your 13th Month Bonus

It's okay to treat yourself with the best things money can buy—especially if it is for your humble abode

A Taguig Condo With Cool Storage Features And Vintage Accents

This 80sqm unit has everything that its owners need: light and airy spaces, an interesting mix of furniture, and nifty storage tricks

8 Celebrities Who Are Also Amazing Artists

From John Lloyd Cruz to Ian Veneracion, these famous faces put a new spin to being creative

Katrina Halili’s House in El Nido, Palawan

Found inside her own farm, the tranquil sanctuary features spacious rooms and an incomparable view of the lush outdoors
Load More Stories

Get inspiring design ideas and handy hints.
Subscribe to our newsletter now!