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.
How House Protect Works?
Here are some important terms you need to understand about fire insurance:
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.