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Condo Leasing 101: What Is A Condo Renter’s Insurance?

by on | Categories: Investments, Renting

An insurance policy serves as a safety net during unforeseen events. A health insurance protects your income in the event you fall ill, while a life insurance ensures that your dependents are able to maintain their lifestyle after your demise. The same concept applies to a property insurance such as a condo insurance. The insurer, or the insurance company, will cover the financial losses you may incur in the event of theft, fire, or other causes of property damage or loss. It is essential to know the various types of insurance available to protect you from the uncertainties of life.

Protect yourself from possible financial ruin by securing adequate insurance. When renting a DMCI Homes condo, what type of property insurance should you get? Here is your guide.

Condo insurance vs. condo renter’s insurance

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A condo renter’s insurance and condo insurance are both property insurance plans. You may also refer to these as General Insurance products. They are offered by non-life insurance companies. What is a suitable plan for you?

A condo insurance is secured by the condo homeowners association. Remember that a condo is a corporation in which every unit owner is a shareholder. Thus as owners, it is one of their obligations to make sure that the buildings and common areas are adequately insured. The premiums for the condo insurance are shouldered by each unit owner and collected as part of the association dues.

A condo renter’s insurance, as the name implies, is an insurance plan for a condo space tenant. In a nutshell, it provides protection to the renter, including you and your properties. There is a plethora of this type of insurance in the market today. You can compare and contrast plans online.

The many benefits of a condo renter’s insurance

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A basic condo renter’s insurance provides coverage for personal valuables such as cash, jewelry, and furniture pieces. The insurer will cover the cost of loss or damage due to fire and acts of nature (earthquake, typhoon, or flood). It also covers improvements to the interior of the condo space and legal liability for injury to visitors. You should know that insurance companies are expanding home insurance coverage to respond to the changing needs of people. You can get a plan that includes rent and relocation expenses, personal accident insurance, and household helper coverage.

How much does a condo renter’s insurance cost?

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Cost is a concern by many who are still undecided on getting an insurance (any type of insurance, for that matter). It is believed that insurance premiums are only inconvenient expenses. However, if you truly understand the purpose of insurance plans, you will realize that you need it more than any other item in your condo.

The premiums of a property insurance depend on a number of factors such as the value of your personal property and the features, or add-ons in the policy. Truly, it does not cost much considering the peace of mind an insurance policy provides. A certain insurer in the Philippines offers an all-risk property insurance with a Php 1 million coverage for a premium of Php1,200.00.

You can lower the cost of your insurance plan by reducing the risk of your space. Make sure you repair any broken fixture especially those that may cause a fire. You may also be specific on the features that you need. A comprehensive insurance is always advisable, but if you are cost conscious, get only a basic coverage. You may opt out of features that you do not need.

New features of insurance plans for tenants

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Condo insurance for property developers and condo renter’s insurance are some of the property insurance plans available in the country.

If you are a renter or lives in your own condo, you can insure your family against losses due to accidental death or dismemberment. There is also a medical reimbursement benefit as well as cover for burial expenses. You can add a family hospitalization rider that provides monetary assistance for in-patient costs or surgical expenses incurred due to accidents.

The household helper coverage is another innovation in property insurance plans. This protects your household helpers with a Personal Accident Insurance and Property Damage Protection. There is a specific insurer that offers new extensions including accidental breakage of fixed glass, alterations and repairs, automatic increase clause for house contents, and special assessment clause (available for condos only).

Condo renting is a smart option for you to live conveniently in the city. No need to worry about securing your home and valuables from destructive storms and floods that regularly hit the country. Condos are designed to address common city-living risks. The buildings and common areas are equipped with security systems and are adequately insured against damage and break-ins. All you need to do is get an additional layer of protection for your personal properties with a condo renter’s insurance.

Call DMCI Homes Leasing Services and inquire about a condo space!

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