Homeowners Insurance

[MikeyD]

Has anyone purchased homeowners insurance for a house that their Filipina spouse owns anywhere in the Cebu City metro area?  The companies that have popped up in internet searches I have done so far are AXA, MAPFRE, Malayan and FPG but I haven't been able to determine which ones are the best. 

[hk blues]

Our Home Insurance is through BPI Insurance.  I've no idea if they are any good as we just pay the premium and haven't had to make any claims as yet.  

[Joey G]

We checked into at one time... you have to read the details of each policy really really close. Picking the company won't be as hard as the details... how much they value your house, deductible, % of replacement cost, demolition costs, ... and the hazards it covers... i.e., typhoons, earthquakes, and volcanoes aren't covered unless you want to pay big for it. Flooding also is extra... and read what each says about water damage and the types (plumbing failure, rain, wind driven rain, flash flood).  Don't assume if you "pay enough" your covered... the policy words are all that count to insurance companies.

[Possum]

We got our homeowners insurance thru Metrobank. I read the policy carefully and it's similar to what I had in the USA EXCEPT for theft insurance. When we asked the agent about adding theft insurance she laughed and said "It's possible but expensive" I guess they know the risk is high.

[RBM]

Although we were in need of car insurance, not home owners we did our research. Malayan insurance won hands down.

[Tommy T.]

Standard Insurance seems to offer a good package for homeowner's insurance. We have had it for two years and, according to the fine print I read, it seems to cover almost everything for us except flooding since we are not in a flooding area. Also damage from heavy rain is not covered. But it seemed rather comprehensive to me and for something like P30k annually, that does not seem unreasonable.

Edited October 28, 2023 by Tommy T.
I mistakenly quoted "National," as my insurance company and just noticed it is really "Standard." Mea culpa.....

[MikeyD]

Has anyone heard of the Philippine British Assurance Company?  I have a proposal from an agent who was referred by a trusted contact for insurance with this company.  From my searches they seem legitimate and the quote seems reasonable for the coverages.  They don't seem to be one of the major home insurance companies here but I don't see any red flags yet.  

[MikeyD]

By the way, we wound up purchasing a policy with Standard Insurance.  I asked my health insurance agent if he also sells house insurance and he offered AXA and Standard as options.  Since we have our car insurance with Standard we went with that option.  Next year we may re-evaluate but for now at least we have coverage.  The thing with insurance is I always hope I don't have to use it but want to feel like the company has the ability to pay if we do but of course it also depends on the coverage.