Choosing the right insurance for your home

MANILA, Philippines - Owning a dream house would probably be high on the list of anyone’s priorities. Mishaps, however, from accidents and natural disasters lurk. And a home, no matter how princely, could crash and burn.

“For most Filipinos, their home is their biggest asset. So it makes sense that you do not only invest on your property but also for its insurance. You don’t need to wait for calamity to happen before you insure your home,” says Geraldine Desiderio- Garcia, senior vice president and general manager of Country Bankers Insurance Group (CBIG).

Choosing the right home insurance, however, can be tricky at times, Garcia explains. One must be wise and practical in choosing.

For instance, through its Home Insurance Package (HIP),  Country Bankers Insurance Corp (CBIC) offers protection that does not only cover fire and lightning, but also burglary and other ancilliary costs such as fire fighting expense, clearing of debris, and rental expense. 

“It is disheartening enough to lose one’s properties built from many years of hardwork. HIP hopes to lessen the burden for the aggrieved property owner by extending more assistance to them,” adds Garcia.

An allied product CBIC offers is fire insurance which is also available for residential owners. Insurance inspectors visit the site and assess the fire insurance premium rates applicable.

While insurance coverage has become more affordable, Filipinos’ attitude towards insurance is still passive. “Some Filipinos believe they are invincible – and that they are safe from danger. What insurance offers is peace of mind – something which is not a commodity you can buy in any store,” Garcia points out.

Attracting more prospects to apply for coverage is still a huge challenge but with a vast network extending to far flung areas, insurance has become more accessible. CBIG prides itself with solid partnerships with rural banks and microfinance institutions all over the country.

CBIG has two subsidiaries offering a variety of insurance plans that protect lives as well as properties and assets:  Country Bankers Life Insurance Corp. (CBLIC) for individual and group insurance and Country Bankers Insurance Corp. (CBIC) for non-life insurance (motor vehicle, personal accident, home and fire insurance, among others). 

For inquiries on life and non-life insurance products, visit Country Bankers Centre at 648 T.M. Kalaw Ave., Ermita, Manila or call 523-8611 for life and 524-0621 for non-life.