Home Insurance For Your Luxury Home

Most homeowners want a home specially built for their liking and are able to fill their valuable possessions. However, the Philippines is prone to earthquakes, volcanic eruptions, and typhoons as it belongs to the Pacific Ring of Fire, which makes our homes prone to destruction.

Homeowners don’t want to experience such pain seeing their investments go to waste the fruits of their hard work. That’s why you need to protect your home from these calamities by getting homeowners insurance or also known as home insurance.

What is a Homeowners Insurance?

Home or homeowners insurance is a type of insurance that provides financial protection against property damage and loss. It also provides liability coverage against accidents occurred inside the home. Homeowners insurance can cover luxury real estate in the Philippines such as luxury condominiums, country homes, and other dwelling units. This form of insurance satisfies the requirement of the mortgage lender for a home loan, gives you peace of mind, and lessens your stress.

What Do I Need to Consider in Getting a Homeowners Insurance Policy

What are the Types of Home Insurance Coverage?

There are hard or fast rules for getting home insurance. Choosing the best insurance policy will depend on the surrounding risk factors around your luxury home. Here are some policies of home insurance Philippines that provide protection for your luxury real estate:

Basic Home Insurance

Basic Insurance pays for any damage that occurred from lightning or fire. It covers your house and personal belongings such as jewelry, valuable art, cash, and furniture. The insurance firm pays reconstruction costs when the insured makes a claim. This type of insurance is usually availed of by clients who are not yet sure of what they should get for their homes and will eventually upgrade to comprehensive insurance.

Comprehensive Home Insurance

Comprehensive Home Insurance, or also known as a high-value home insurance policy, provides more coverage for your luxury home. It covers other natural or man-made disasters, like floods, earthquakes, explosions, tsunamis, volcanic eruptions, and vehicular accidents. There are also comprehensive home insurance coverages for other perils like accidental death, riot, strike and malicious damage to your home.

Comprehensive insurance policies give better home coverage. The policyholder will be reimbursed for house repairs above the amount listed in the contract. This insurance goes beyond basic insurance by offering extended costs for the replacement and reconstruction of your home. Some contracts also allow policyholders to opt to “cash out” their claims in case their home has been destroyed and decides to build a home elsewhere.

Comprehensive Home Insurance is catered to people who own expensive or valuable items at home. Thus, it provides better content coverage. For one, it covers all your items at home, as compared to a standard or basic home insurance which can only cover your items for particular “named perils”.

Better liability coverage is also what sets this insurance apart from basic home insurance. If you are faced with a lawsuit that involves your luxury home, you will need to spend a lot on your expenses. The Comprehensive Home Insurance policy alleviates your financial struggles by covering legal expenses outside of your policy’s limit.

What are the Types of Home Insurance Coverage

Comprehensive Home Insurance policies have other benefits to policyholders, such as the following:

  • Minimum Hazard Insurance. This type of homeowners insurance policy is required by mortgage lenders as protection against natural calamities.
  • Multiple Lines of Coverage. If you want to have additional coverage on your home insurance Philippines, you may consider this policy. It also covers your pool or personal belongings stored at home.
  • Liability Insurance. Liability insurance is the standard home insurance policy that covers personal liability for injuries done by other persons that occurred in your house.
  • Personal Property Insurance. This insurance policy is extended coverage of your personal properties in your home, and you may include valuable art and jewelry in your policy.
  • Hospitalization and personal injury insurance coverage
  • Insurance for household helpers, gardeners, and drivers
  • Relocation allowance

This type of homeowners insurance is ideal for owning luxury houses in the Philippines, such as those owned by Brittany Corporation.

What Do I Need to Consider in Getting a Homeowners Insurance Policy?

Since luxury homes are one of the most significant investments you could have, getting home insurance Philippines will protect your home from any unforeseen circumstances. When availing of an insurance policy, you need to pay premiums to keep it active. However, you need to consider the factors that may influence the cost of your policy.

  1. Insurance Plan

    Your chosen insurance policy will affect your premium costs drastically. A standard insurance policy has a lower insurance premium. But if you own one of the luxury houses in the Philippines, it is ideal to avail yourself of comprehensive home insurance so you can insure other expensive items in your home.

  2. Location

    The location of your luxury condominium or luxury home is also a big factor in paying premiums. Insurers consider the proximity of your home to natural hazards or accident-prone areas. Crime rates in the communities may also affect the price of your premiums, such neighborhoods where gang wars, theft, and vandalism are prominent. So, if you live near any of these areas, expect to have a higher premium payment.

    Aside from these, you may also have to pay higher premiums when you also have convenient access to everything, such as airports, lifestyle shopping malls, and recreational spots. Brittany homes are accessible to these areas, that’s why most homebuyers consider getting houses from houses owned by Brittany Corporation, and they wouldn’t mind paying for higher premiums if its convenience and comfort are what they get in return.

  3. Size of Your Home

    The larger the home, the higher the insurance premiums you need to pay. Luxury homes, like villas, are larger than country homes and are ideal for big-size families. A larger home would mean more amenities, rooms, and other storage spaces. Your insurance company will consider these factors in giving you the best insurance policy as larger homes have more materials and equipment compared to smaller homes.

  4. Overall Condition of the House

    Premium materials are used in building luxury houses in the Philippines because of the humidity and frequency of typhoons. Luxury homeowners choose the materials of their houses based on appearance, comfort, and durability. Commonly-used materials for luxury houses are brick, granite, marble, exotic wood, stone, and many more.

    Aside from the materials, your home’s unique design will be considered, such as those houses with geothermal heating systems, glass walls, or engineered floating staircases.

Home Insurance For Your Luxury Home

Choose a Reputable Home Insurance Provider

There are several insurance companies offering home insurance to their prospective clients. Here’s how you can determine which company offers the best services:

  • History and Reputation. Go over the insurance company’s website to read its history, and search for reviews from its clients to give yourself an overview of the company’s reputation in providing its services.
  • Convenience. Insurance companies should have a way of transactions easier for their clients. Check if they offer to file claims and payment of premiums online or in various payment methods.
  • Discounts Offered. Insurance companies offer discounts or special offers to new clients to save you money from paying insurance premiums. Ask your insurance agent if they have exclusive discounts for you.

Key Takeaway

Regardless of the type of insurance you will get for your home, with the guidance of agents and thorough research, a home insurance policy ensures that your luxury home will be protected from any kind of hazard or accident.

If you want to experience living in luxury home with safety, check out Brittany Corporation’s luxury houses in the Philippines. You’ll see beautiful Brittany homes and luxury condominiums fairly priced to meet your expectations. To know more about Brittany, what Brittany living feels like, and news on the latest updates, make sure to follow us on our LinkedIn and Youtube accounts.

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