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Many property owners often see fire insurance as an extra expense, but don’t realize that the coverage it gives can be worth every peso
According to Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA), March is one of the hottest months of the year in the Philippines, marking the start of the dry season where heat and humidity increase and cause “high sensible temperatures.” It is also the time of the year when the most fire incidents occur, which is why informational campaigns are intensified, especially by the Bureau of Fire Protection (BFP), as March is designated as Fire Prevention Month.
Despite the government’s efforts to raise awareness on fire prevention and preparedness, the BFP says that an average of about nine fire incidents across the Philippines occur daily. With that said, being ready to deal with the damage caused by a fire is just as paramount as preventing it, and investing in fire insurance is one of the more basic ways of protecting your home or business.
Keep in mind that the fire insurance you acquire and its coverage will depend on the type of the property that you are insuring. For example, properties inclusive of lots will require coverage for the building and the contents. Condominium units need fire insurance to only cover the improvements, appliances and furniture that are lost or damaged during a fire since the building already insured separately by the developer or through the homeowners association.
Fire insurance can also be purchased separately or be bundled up with a larger and more extensive home insurance package. For more information on fire insurance, and the terms and coverage that may best apply to your home or business, contact your local commercial bank or insurance providers.
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