It’s Fire Prevention Month, and for Filipinos who buy insurance for their homes, it is the time when they renew their standard fire policy with their insurance company.
But very few of these homeowners know that the typical fire insurance they buy do not cover earthquake.
Fortune General Insurance Corp. (FGen Insurance) reminds these homeowners to make sure that they include earthquake as one of the perils their insurance policy
would respond to.
FGen Insurance President Michael Rellosa said this is the best way of insuring one’s home, particularly in view of reports that Metro Manila is due for a major earthquake emanating from the so-called West Valley Fault.
“We always hear news about the Big One from the West Valley Fault. We are all aware that this earthquake may happen anytime.
It is only fitting that in our preparation for this Big One, let us include insurance as it will be the one that will help us rebuild or repair our homes in case they get damaged in the quake,”
he said.
According to Rellosa, earthquake is typically excluded from a standard fire-insurance policy.
Hence, a homeowner should “buy back” such exclusion by paying an extra premium, which is 0.10 percent of the sum insured or the estimated cost of the house.
To make it easy for its clients, FGen Insurance has a comprehensive residential insurance product that already covers fire, earthquake, as well as typhoon, flood, explosion, vehicle or animal impact, aircraft damage, water damage, and even theft or housebreaking.
FGen also has a product that is meant for owners of buildings that protects them from loss of rental income due to contingencies, like fire or earthquake.
Rellosa said FGen Insurance anticipates the needs of its clients and makes sure that its products would address such needs.
“Since our strength is retail, our products and the way we do business are personalized.
“We help our clients assess the risks they face for their homes or their businesses. And we help them address those risks through cost-effective insurance products,” he said.
Image credits: AP/Heri Juanda