October 31, 2012, 3:29pm
Many homeowners think that by purchasing property insurance, they
have already gained enough financial protection for their homes and
other valuable possessions. Only when an unfortunate event like a fire
or major flooding causes irreparable damage to their property do they
realize the inadequacies in their policy.This could be because their coverage is not enough, or their policy had already lapsed, causing their claim to be denied.
“The last thing you need when filing a claim is to find out you’re not covered,” said Malayan Insurance Retail Fire Underwriting Head Sharon Navarro. Malayan Insurance has built its reputation for promptly settling valid claims, and has been leading the non-life insurance industry every year since 1970.
First, keep in mind the level of protection you want so you can have a policy tailored to your needs. They need to realize that standard fire policy covers only fire and lightning but additional coverage may be bought back such as Acts of Nature perils through an endorsement in their policy. These AONs may include typhoon and flood, earthquake fire and shock, among others.
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Second, insurance premiums are also affected based on several criteria such as location of the property and whether it is a residential, general, warehouse, or industrial facility. Buildings constructed of concrete with sheet roofing or better may also be given premium discounts, among other considerations.
Third, homeowners must research the reputation of the company they will entrust their property to since this will have a direct impact in rebuilding their lives should the unfortunate happen. The insurer must have a proven track record for efficient service backed by sound and stable operations, with strong financial capability to be able to pay just and valid claims quickly.
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