Why getting an insurance for your condo is a smart move

Check out the benefits of protecting your property.

After years of hard work and sacrifice, you’ve finally made a big investment—a condo unit that you can call your own! This is a good move, but it doesn’t stop there. You may not think about it much, or at all, but you should also consider getting your condo insured. Sure, there are monthly association fees that usually address the upkeep of the condo, but you would also need coverage for the contents of your unit, in case they get damaged or broken.

Here’s why it pays to have property insurance for your condo:

1. It gives the contents of your unit coverage against damages. It funds some home improvement projects, too.
Even with all the necessary safety precautions in place, you still won’t be able to tell if or when natural disasters, robbery, or other untoward incidents happen and damage your property. It’s no joke to shell out money for repairs and replacements, so having an insurance plan for your condo will cushion you from the financial blow caused by these.

2. It provides reimbursement in case your unit becomes uninhabitable.
In case these unfortunate incidents cause damage significant enough that you’d have to leave your home temporarily for repairs, an insurance policy for your condo can reimburse you for rental expenses while your condo unit is being fixed.

3. It covers your personal belongings.

Think about it for a second. It’s not just the unit itself that you invested so much money in, but everything that’s inside it as well—from furniture and fixtures to the appliances. Depending on the amount of the coverage that you will opt for, you can have these insured as well in case they get damaged due to covered incidents or are stolen.

4. It offers protection in case you meet an accident.
We feel safest when we’re at home, but sometimes, unfortunately, accidents just happen. That’s why it’s a comfort to know that you and your family can also get coverage through a personal accident insurance when you get your condo insured.

5. It shields you from personal liabilities.
It’s not just you, the owner, who will be financially protected from accidents. For example, you have inadvertently caused damage to a next-door unit due to, say, a leaky faucet—your condo’s insurance policy can help cover the costs entailed by your legal liability/ies.

AXA Philippines offers Condo Security, a comprehensive property insurance for your condo unit’s contents and improvements. For as low as ₱1,200 per year, your unit can be insured for ₱1 million with coverage for the following: your property’s contents, personal accident, personal liability, damage due to robbery and burglary, firefighting expense and debris removal, rental expense and income, and your household helper.

Get your condo insured today and have peace of mind knowing that your hard-earned investment is protected, no matter what happens.