To get or not to get travel insurance? It shouldn't even be a question.

Filipinos in general do not put insurance in the priority list. Only 3% of Filipino households have property insurance.* But as we face intense summer heat brought about by climate change, it is best that we are prepared for any disaster it may bring.

Let Cheryl-Ann Tiambeng, Executive Vice President and COO of GTS Insurance Brokers, Inc. help you understand the basics of fire insurance and why it should be considered.

Who should get fire insurance, do you have to own your home or will it also be recommended for those renting?

Everyone who owns property is advised to have fire insurance. Property insurance can be for:

Structures
This covers all buildings, may it be residential, commercial (office or retail store), warehouse, or industrial (factories).

Contents and Improvements
For residences, offices, and retail stores, this includes all furniture, equipment, fixtures, and, fittings. For factories and warehouses, this includes machinery and equipment and all stocks of raw materials, goods in process and finished goods as well.

It is always wise to check your lease contract to make sure if building insurance should be secured by the lessor or the lessee. If building insurance is not contractually required from the lessee, then, all lessee needs to cover will be his property inside the building, including any improvement made inside the property he is in (building or unit of a building).

What does fire insurance cover?
The insurance covers the cost of damaged property due to the occurrence of unexpected peril. It helps the insured recover and be back to that position had the loss not occurred.

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In the unfortunate incident that your home partially or completely burns down (with all your important documents included), what kind of documentation should you present to be able to make a claim against your fire insurance?

There’s a high chance for important documentation to be part property damage during unexpected fire incidents. In cases like this, you may call your insurance provider, give the policy holder’s name, and they should be able to locate your policy on record.

For GTS Insurance Brokers, Inc. clients you may call us at 6874933 to 35 or email us at gts@gtsinsure.com for assistance.

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When you and your family are displaced due to fire, what kind of assistance can your fire insurance provide?

There are some policies that offer rent expense. This is applicable for those renting properties like a condominium or an apartment unit.
_‍_{*Study finds most Filipinos not fully ready for disasters,}_{https://www.bworldonline.com/study-finds-most-filipinos-not-fully-ready-for-disasters/}