Admit it or not, most homes here in the Philippines are not insured unless the property was acquired and maintained by the real estate developer, like condominium units.
For those who have their homes insured, by now I guess they know that the insurance does not provide coverage for flood unless you specify you want a flood insurance. However there are homeowners insurance that provides coverage for many types of water damage to your homes. Although the term water damage in this type of insurance only covers issue when the water damages your home before the water comes in contact with the ground.
A good example of water damage incidence include.
- Drips from your attic or ceiling due to heavy rain that soak through the roof.
- Broken water pipes that spewed water in your home.
- Or a hailstorm that smashed through your window allowing the rain and hail to get inside your homes.
- I also learned that losses from theft because the owners evacuated their home because of flood, fire or explosion is covered by a homeowners insurance.
It is wise that you study the terms very well before purchasing a home insurance. You should
compare house insurance first and see to it that you cover any event that is impossible to happen. After all its up to you to make sure you, your family and home is protected.
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