Proudly Pinoy - Planters Development Bank

INSURANCE
FIRE INSURANCE...
PROTECT YOURSELF
AND YOUR PROPERTY
BY VICTORIA TAMBUNTING ALFONSO
18
SME.COMmunity.PHilippines
It’s 2 in the morning and you are awakened
from your sleep by sirens… You look out your
window and you see flames coming from your
next door neighbor’s house. You start thinking
to yourself- what do I do? What if my house
catches fire too? How do I get out of here
alive? How do I get the rest of my family out
of the house?
Faced with an event like this, would you
and the rest of your family know what to do?
Do you have a fire escape plan? If a fire does
occur, do you have the funds to repair damage
that may happen to your property?
In recent months, several blazes have
destroyed residential and commercial sites,
causing millions of pesos in property damage,
loss of life and economic displacement. We
should all be aware of how to prevent fires in
our homes and how to protect ourselves and
our property incase a fire does occur.
How can you avoid having a fire
in your home?
• Avoid electrical overloading
• Check all electrical installations regularly
• Check gas stoves and LPG tanks for
leaks
• Keep children away from flammable
liquids, lighters and matches
• Avoid smoking in bed
• Do not leave lighted mosquito coils
unattended
• Always take extra precautions while
cooking
• Never leave lighted candles unattended
• Do not throw lighted cigars or cigarette
butts on dried leaves and garbage
• Maintain proper housekeeping to
eliminate fire hazards
Does your family have a fire
escape plan?
Aside from practicing ways to avoid a fire,
families should all have a fire escape plan.
A typical plan would include finding 2 exits
out of every room and picking a meeting
place outside the home. Hold a family drill
every year and remind each other that if
you have a fire in your home, once you get
out, stay out. Do not go back inside for any
reason.
Are you secure with a Fire
Insurance Policy for your home?
Fires are accidents and sometimes can not be
prevented. What one needs to do is protect
themselves from possible property damage
and loss. To protect yourself from potentially
large losses that may occur from a fire, make
sure you have a Fire Insurance Policy.
A Fire Insurance Policy is a contract
wherein the Insurer (Insurance Company)
undertakes, for a premium, to pay or make
good to the Insured (home owner), up to an
agreed amount (sum insured), for direct loss
or damage to a particular property, caused
during a specific period by fire or other
insured perils (risks like earthquake, typhoon
etc).
What should you look for when
purchasing a Policy?
• The policy you purchased should be from
an agent and insurer that are reputable.
They should continue to be in business
long after you purchase your policy.
• The insured amount should be at least
the sound value (replacement cost less
depreciation) of the property.
• There were no misrepresentations and
concealment of material facts especially
as to utilization and ownership.
• As a reminder, you should read and
understand your policy thoroughly and
pay close attention to the exclusions and
conditions.
• Lastly, premiums should be paid on time
otherwise late payment could be used as
a technicality should you be making any
claims.
Are Fire Insurance Policies
expensive?
Fire Insurance Policies are not as expensive as
you may think. For example, for a property
valued at P1 million with contents valued
at P500,000 annual premium would be
approximately P1,700 for residences within
Metro Manila and P4,000 for those outside
Metro Manila. Isn’t that amount worth it for
your peace of mind?
Victoria Tambunting Alfonso is connected with
PDB Insurance Agency, an affiliate of Planters
Development Bank.