Things To Do When Buying Fire Insurance Philippines

Whether you are a homeowner or commercial property owner in the Philippines, buying fire insurance is very important. This insurance plays the very important role of covering your losses or damages that may arise because of a fire. In the unfortunate event that your home or commercial property is burned down to ashes and you do not have fire insurance, you will be forced to spend a lot of money out of your pocket to rebuild it.

There are various things you will need to do if you decide to purchase fire insurance Philippines. First of all, you will need to make sure that what you are buying is the right coverage for your property. Because the purpose of the insurance is to indemnify the policyholder at the time of loss, you need to make sure that you have the right insurance coverage. If you have leased your property, you have to make sure that the contents of that property are insured. For you to be able to purchase the right cover for your property, you will need to prepare a list of the items that you would like to insure. If you are the owner of the building, you will need to by fire insurance for its structure as well.

Another thing you will need to do when buying fire insurance Philippines is go for a high deductible. In the insurance sector, a deductible refers to the amount of money that a policyholder is supposed to pay before the insurance carrier kicks in. For instance, if a fire insurance policy has a deductible of 5,000 Pesos, it means that if there were a claim of 10,000 Pesos, you would be required to pay 5,000 Pesos, and the remaining amount would be paid by the insurer. If you opt for higher deductible, you can lower your premium to a certain extent.

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A Look At The Factors Affecting Your Car Insurance In The Philippines

Are you planning to buy a car in the Philippines? If you are, you need to be ready for the expenses that come with this purchase. In addition to paying off your car loan and making sure that you have enough money for gas, repairs and tolls, you will need to set aside a good amount of money for insurance. The following are some of the factors that will come into play when you are buying car insurance Philippines.

One of the factors that will determine your car insurance is your gender. If you are a female, you are likely to get a lower premium compared to a male driver. A 20 year old male driver is likely to pay about 21 percent more compared to his female counterpart. The reason for this is that on average, men are considered to be riskier than women. Men are more likely to speed, get a driving under influence conviction and get into more catastrophic accidents compared to females.

Another factor that will definitely come into pay when you are buying car insurance Philippines is your marital status. If you are still single, be prepared to get stiffed. On average, a single 20 year old driver is likely to pay about 21 percent more than their married counterpart for the same policy.

Your credit score will also affect your car insurance plan. To be on the safe side, you should make your credit card payments on time in order to lower your rate. In the event that you have maxed out your visa or skipped a payment or two this year, you could be in for a higher premium. Whether you like or not, your credit score is a measure of your financial responsibility, and the insurance companies use the credit scores as a predictor of the overall behavioral responsibility of their customers.

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