The most important thing after availing a luxury condo in Manila isn’t really being able to afford furniture, appliances or electronics for your new home—since condominiums are investments, after acquisition, it is very important that you secure the investment with Insurance.
Condominium insurance is a type of non-life insurance policy that protects your property from anything untoward. As with most insurance policies, a condo insurance makes sure that you are free if not have limited liability from financial loses.
Basic Coverage Insurance
The most common type of insurance that is offered for condominiums is Basic Coverage insurance. This insures your unit from fire and lightning accidents, lightning being the kind that is caused by nature and not equivocal to electric and electrical discharge damage. This type of insurance might also be provided and required by the property developers themselves; something you don’t have to worry too much about. But if you look at it closely, the insurance doesn’t really cover a wide range of possible circumstances that are actually lurking to imperil your property. It only scopes in two major circumstances that are less likely to happen rather than, say, a burglary.
That is where a broader type of insurance comes into play. Comprehensive Insurance, as it is commonly known not only in housing and condominium insurance terms, gives coverage of more untoward incidents, depending on how “comprehensive” you want your insurance policy to be.
May also be called HO6 (homeowners policy unit owners form 6), the property insurance specifically modified for condominiums covers pretty much the same comprehensive coverage like that or real property but with less property coverage since it is built around a master policy of the condominium as a whole.
The comprehensive coverage may include explosions and vehicular (land craft and aircraft accidents), riots, malicious damage of persons, dangers like the plumbing freezing over, the air vents stop cycling breathable air, glass breakage, burglary and theft of the contents of the house.
Remember that it is more important to know that your investment is secured than to build upon said investment that might get wiped out without a fall back. If there is anything more important than a property insurance, what do you think it is?