Malayan Insurance stresses need for earthquake cover
Malayan Insurance, the country’s no. 1 non-life insurer, stressed the need for earthquake cover and urges Filipinos to take lessons from the devastating magnitude 7.8 earthquake that struck Nepal.
“What happened in Nepal can happen to any country. The Philippines is earthquake-prone as it lies on the Pacific Ring of Fire. In fact, we experienced a similar earthquake of the same magnitude back in 1990 and witnessed its devastating effect first hand. Earthquake is a reality in our country,” said Malayan Insurance Fire Underwriting Head Judel Rosario.
There is low insurance penetration in the country, and many households do not have fire insurance, much more an earthquake endorsement. This exposes many Filipinos to financial loss in the event of such natural disaster.
“Earthquake coverage is one of the standard exclusions in a regular fire insurance policy. Those who would like earthquake coverage would have to buy back this exclusion. It is an additional cost but the benefits are rewarding,” Rosario said.
He further said that availing of insurance with earthquake coverage will aid an affected individual in repairing or rebuilding his home or property and his life in general. Without it, one will be burdened with all the costs.
“We know the importance of earthquake cover that is why we created a packaged product called Home Protect Plus, which includes several catastrophic covers in one fire policy,” he said.
Home Protect Plus includes Fire and Lightning, Earthquake Fire, and Earthquake Shock. Its extended covers include smoke damage; explosion; vehicular impact; falling aircraft; burglary; housebreaking, riots, strikes and malicious damage; sprinkler leakage; and overflowing of water tanks, apparatus, and pipes.
Aside from these coverage, the product also provides rent money for up to P 25,000 per month for a maximum period of six months should the assured’s home is destroyed during a catastrophe.
“As an out-of-the-shelf product, Home Protect Plus is an economical, practical, and beneficial answer should unfortunate events happen,” he said.
To inquire about Malayan’s Home Protect Plus, call Malayan Insurance at 628-8-628 your nearest Malayan Insurance branch or visit www.malayanonline.com.