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Protect Your Investment And Belongings With House Protect

According to the Bureau of Fire Protection (BFP), the incidence of deaths due to fires increased in 2019 compared to the previous year. Data from the BFP reveals that there were a total of 16,382 recorded fire incidents from January 1 to December 11 versus 15,848 from the same period last year. The BFP also revealed that the number of casualties increased by nine percent to 326 persons. 

You might still be lucky that your house has not been struck by fire yet. But what if your house gets ravaged by fire? How will you recover your investment? Aside from the structure itself, there is equipment and furniture that could be destroyed in the fire. Where will you get the money to pay for the losses? 

This is where House Protect comes in. It is an insurance policy that protects your home from financial losses due to accidental fire. You may have the necessary safety measures in place to prevent the occurrence of fire in your home but in case it happens, the financial impact of the fire may be too much for you to shoulder out of your pocket.

What is Underinsurance?

Underinsurance happens when your declared Sum Insured is less than the cost of rebuilding or replacing your home at the time of loss or damage. With underinsurance, any claim will be subjected to an “Average Clause.” This is applied to all cases of underinsurance, whether intentional or not. 

To avoid underinsurance, make sure that your home is subjected to regular appraisal by a licensed property appraiser.

5 Reasons You Need House Protect Fire Insurance

People balk at the word “insurance” because they think of it as another expense for them. When someone starts pitching about an insurance policy, they would usually say “I don’t need it.” But here are five reasons why getting House Protect fire insurance makes sense.

1. Fire-related Accidents Can be Costly To Shoulder By Your Own
When your house becomes totally destroyed or seriously damaged, you might not have cash on hand to shoulder repairs and renovations of your home. This may be covered under Fire and/or Lightning.
2. Catastrophic Events Are Potentially Devastating
Your house may be located in an earthquake or flood-free area but your home is still at risk of exposure from the damaging effects of earthquakes, floods, and typhoons. With a House Protect fire insurance policy, these will be covered under Acts of Nature.
3. Fire Insurance is a Bank Requirement When Taking Out A Loan
When taking out a loan for repairing or renovating your home, you will be required to purchase fire insurance. The premium should be at least equivalent to the amount of your loan.
4. Fire Insurance Protects You From Legal Liabilities
What if a house guest gets injured while on your premises? They might ask for some indemnification from you to cover their medical expenses. If they sue you for the injuries, you may have to pay for legal fees in case they drag you to court. You may be covered by a fire insurance policy under “Personal Liability.”
5. You May Be Compensated For Temporary Accommodations
There are instances when fire makes your home become uninhabitable which can make relocation necessary. You may not have the money to cover the sudden move. A Home Protect fire insurance policy will provide you with the funds under “Alternative Accommodation or Loss of Rent.

How House Protect Works?

Here are some important terms you need to understand about fire insurance:

Sum Insured
This is the declared value of the property to be insured. The sum insured is also the maximum amount Assurance PH will pay in case of claims when your home is totally damaged. If after a day of living in it and your home was totally destroyed in an accidental fire, we will pay you the Sum Insured to rebuild your home. Sum Insured reflects size of your home, quality, and prevailing construction costs.
Replacement Value
This amount represents the cost of building the same exact home from the ground up plus the increases in materials and labor over a certain period of time. We highly recommend that you use replacement value as the basis of valuation.
Actual Cash Value or Sound Value
This refers to the replacement value less the depreciation. This is the default basis of the valuation of your home without specific instructions from you.

What Is A Deductible?

A deductible is the amount of representation in the event of a claim. Assurance.PH will only pay the claim amount that is over and above your deductible. It can help mitigate the risk that the uninsured party may engage in reckless or consistently unsafe behavior. Fire-related losses are not subject to deductibles. 

In case of catastrophic losses, a deductible equal to 2% of the actual cash value at the time of loss of each affected item, for each claim or series of claims that may arise out of one occurrence.

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