Buildings & contents Insurance!

[Darren_UK]

Hi All, 

It seems like a lot of my friends here on the Island do not have Buildings & Contents Insurance but now I’ve built a few rooms to rent and a bar I think I want to get Insured.

What companies and policies are everyone using?
Do you know where the best policy’s are in Philippines? I’m about to do some research but just wanted to see what other people are using and how much is it per month.

PNB Bank are offering Insurance and the amount depends on the total value of the property but not sure if this is competitive with other companies. 
A 5m value property will cost 7953 per year insurance which covers:

- Fire & Lightning, Earthquake, Typhoon, Flood, Riot, Strikes & Malicious Damage

- Plumbing, electrical, locksmith, glasswork

Is this good? Who is everyone else insured with?

Thanks in advance!

Darren 

[hk blues]

I'm with BPI Insurance - It's fire insurance but covers a variety of other stuff similar to that you mention.  We are covered for about the same as you (don't remember the exact amount but it's there or thereabouts) and we paid 7,800php last April. I don't know if it's any good as I've never needed to use it (touch wood) but BPI are one of the big players here so I'd hope so.  

Yours looks about the same.

[Darren_UK]

Ok thanks! 
Do you also have contents insurance or not bother! 
 

[hk blues]

1 hour ago, Darren_UK said:

Ok thanks! 
Do you also have contents insurance or not bother! 
 

It's in with the Fire Insurance - all-in-one policy.  But, it isn't as comprehensive as we might have in the UK i.e. the contents are only covered IF they are damaged by one of the covered events you mentioned i.e. if something is damaged accidentally - not covered but if damaged in a fire/floor/typhoon etc - covered.  

I'd imagine the PNB policy is the same.

[Jack Peterson]

2 hours ago, hk blues said:

I'd imagine the PNB policy is the same.

 Not so HK our PNB Home Insurance is New for old and  ls Comprehensive It is very Expensive But,,,,,,,,,,,,,,,,, evaluated each year to maximise the Cover but as I say, expensive and is "you get what you pay for" even down to kids breaking windows  replacing stuff is just not cheap sow opted for this 

[Freebie]

I have Prudential. Covers contents for my condo except for cash and pcs and phones.

 

I had an expensive one previously with Tokyo Marine but this year with Prudential , following a  tip from a friend who has a few condos covered by Pru

[hk blues]

1 hour ago, Jack Peterson said:

 Not so HK our PNB Home Insurance is New for old and  ls Comprehensive It is very Expensive But,,,,,,,,,,,,,,,,, evaluated each year to maximise the Cover but as I say, expensive and is "you get what you pay for" even down to kids breaking windows  replacing stuff is just not cheap sow opted for this 

I was referring to the PNB insurance Darren quoted, not PNB insurance in general, Jack - based on the fact the premiums were identical it seems likely cover is similar.  At BPI I could have chosen such a comprehensive policy but I just wasn't willing to pay the additional premium.  

[Joey G]

5 hours ago, Darren_UK said:

A 5m value property will cost 7953 per year insurance which covers:

- Fire & Lightning, Earthquake, Typhoon, Flood, Riot, Strikes & Malicious Damage

- Plumbing, electrical, locksmith, glasswork

Is this good? Who is everyone else insured with?

If you can get a insurance policy to cover all that for that price... it's a steal... In the US you'd have to buy 3 separate policies for Fire, typhoon (hurricane, wind), and flood.... plus they all exclude earthquake and riots.   The only question I'd have is what is thier track record on paying off?  

[Darren_UK]

Thanks for all the advice. I guess it’s a good price but I also want to get my contents insured for burglary / theft as a few places have been done over Xmas. 
Maybe I just go to the bank and get a quote for Building & Contents Insurance! 

[hk blues]

15 hours ago, Joey G said:

If you can get a insurance policy to cover all that for that price... it's a steal... In the US you'd have to buy 3 separate policies for Fire, typhoon (hurricane, wind), and flood.... plus they all exclude earthquake and riots.   The only question I'd have is what is thier track record on paying off?  

But, we're not in the US Joey and we cannot compare prices.  It's a competitive price but no more than that.