The turn of the millennium saw the rise of condominiums in the country, particularly in highly commercial zones such as Makati, Mandaluyong, and Quezon City. With condominiums now more prevalent than ever, a lot of Filipinos who can afford a unit have been rushing to get one, citing convenience in this fast-paced world. However, like any other thing, condominium units are also prone to unfortunate events that may put you and your investment at risk.
With this topic at hand, how can condo unit owners protect their hard-earned investments from the perils that may happen to your condominium?
Your developer may be liable—but only to a certain extent
When you purchase a condominium unit, you will find a clause in the contract that would talk about the building’s master policies. According to this, the condo association’s master policy covers the physical property, common areas (e.g. gymnasium, swimming pool), and physical structure of the building alone. This policy do not cover your personal belongings and any other upgrade you made in your unit.
Since the contents of your condo are not included in the coverage, what can you do to make sure that your belongings are protected in times of disaster?
Get a condo insurance
After the wrath of typhoon Ondoy, a lot of families suffered tremendous financial losses. With cars overturned by the flood and belongings permanently damaged by water, it was hard for some families to rise above the challenges of incurring losses due to the flooding. Because of this, a lot of people started to appreciate the advantages of having non-life insurance. Fortunately, there are insurance packages specifically tailored for condominium owners.
When buying condominium insurance, check which type of coverage you need the most. For instance, coverage against fire is a necessity, but it only protects your unit from damages caused by fire and lightning. If your condo unit is on the ground floor and your area is determined as flood zone, you may want to get additional coverage such as Acts of Nature. This is a wise move especially our country is marred by severe storms and flooding every year. You may also want to add personal property coverage to make sure that your items are fully protected.
Consider also getting a vehicle insurance if you have a car
Although condominiums have secure parking spaces for their residents, it is still a prudent choice to purchase a vehicle insurance for your car. Even if condos have strict policies when it comes to incoming and outgoing vehicles, they will not protect your vehicle the moment you get out of your condo’s premises. Aside from the standard coverage offered by insurers, you may also want to include additional coverages such as acts of nature to protect your vehicle from unwanted scenarios.
Let’s face it: condo living spells convenience to the residents as they offer both top-notch city living to homeowners and instant access to facilities such as supermarkets, malls, and workplaces. However, the same risks also apply to condo owners, as they are also prone to the same uncertainties faced by everyone. Keep in mind that when it comes to protection, nothing beats to being insured – property insurance is your best option.