Condominiums were popular in the Philippines after the turn of the millennium, notably in business areas like Makati, Mandaluyong, and Quezon City. In this fast-paced world, many Filipinos who can afford to buy a condominium unit have been hurrying to get their hands on one. Condominiums, like any other type of property, are susceptible to unexpected circumstances that might jeopardize the value of your property.
When it comes to protecting your hard-earned money, how can condo unit owners safeguard their investments? You may be able to hold your developer accountable but only to a limited extent. It is standard practice in the purchase agreement for condominiums to include a section describing the building's master policies. Condo associations' master policies only protect the physical property, common amenities (e.g. gyms, swimming pools), and physical construction of the building, according to this. Your items and any other improvements you've made to your apartment aren't covered by this policy.
What can you do to safeguard your possessions in the event of a tragedy if your condo's contents aren't covered?
Master Policy vs Condo Insurance
Condo owners do not own the building they reside in, nor the ground on which it rests. There is a master policy or homeowner's association policy that covers the building's exterior and common facilities, but each unit will need its coverage to protect itself.
There are three sorts of master policies: all-in and all-inclusive, a special entity, and bare walls and wall studs. Unit owners are liable for their personal property in all master policies, regardless of the kind. Condo insurance can in these situations. The sort of condo insurance that should be purchased depends on the type of master policy in place for the building.
Condo Insurance
Personal property belonging to unit owners, including appliances and furnishings, is often covered by condo insurance policies.
Fire and smoke damage, explosion damage, wind and hail damage, and lightning damage are all covered by condo insurance. Also covered are theft, vandalism, and broken pipes. Damage from earthquakes, floods, vandalism, and normal wear and tear are just a few examples of things that aren't usually covered.
Cash value and replacement cost are the two types of coverage available in condo insurance. Replacement cost coverage looks at how much it will cost to replace the insured item, whereas cash value coverage recovers the value of covered objects minus depreciation.
For instance, it is possible for an insurance provider to write a cheque for how much a unit owner's television costs at the time it was taken under cash value coverage or how much a new television would cost under replacement cost coverage. Replacement cost coverage is preferable to cash value coverage for newly purchased products.
A thorough inventory of all personal belongings can be made by unit owners. This is going to help figure out how much insurance he'll need for the unit. Owners will also be able to more readily make insurance claims in the event of a break-in.
In case of a break-in, an n insurance claim must be filed with either the homeowner association's insurance company or the unit owner's insurance company, depending on the circumstances of the incident. Claims can be filed with the insurance company of a condo unit if it has been burglarized, for example. Unit owners may also submit a claim with the homeowners association's insurance provider if the burglary involves breaking and entering that destroyed the external entryway, or if it occurred owing to insufficient building security.
Benefits of Insuring your Condo
It protects the contents of your unit in the event of a break-in and natural calamities.
Natural disasters, burglaries, and other calamities may occur without warning, and you have no control over whether or not they cause damage to your property. The cost of condo repairs and replacements is no laughing matter, so protecting your finances with an insurance policy is a wise move.
In the event that your unit becomes uninhabitable, you will be reimbursed.
Insurance policies for condos can compensate you for rental charges if these terrible events create damage serious enough to necessitate you moving out of your property for repairs.
Protects your personal items.
Take a second to consider this, in addition to the unit itself, you spent a great deal of money on the furnishings and fixtures inside it, as well as the appliances. The quantity of coverage you choose will determine whether or not these items are covered in the event of a covered occurrence, or if they are stolen.
Your personal liability is protected.
In the event of an accident, not only will you as the owner be financially insured. Suppose, for example, that a leaking faucet caused damage to a neighbor's unit. Your condo's insurance coverage can assist pay the costs associated with your legal responsibilities.
You can also consider getting a vehicle insurance
A car insurance policy is still a good idea for condominium dwellers, even when their parking areas are safe and secure. However stringent the restrictions are for arriving and departing automobiles, condos will not safeguard your vehicle after you leave the property. In addition to the regular coverage provided by insurers, you may choose to incorporate extra coverages such as natural disasters to safeguard your car from undesirable circumstances.
Condo living is convenient for its occupants since it provides access to a wide range of amenities and its strategic locations get you close to various places, including supermarkets, malls, and offices, all within a short distance. However, condo owners suffer the same dangers as everyone else since they are subject to the same kinds of uncertainty. Keep in mind that nothing beats property insurance when it comes to protecting your assets.
Condominium owners should have their own insurance coverage to protect themselves financially and provide them with peace of mind in the event of a burglary and natural calamities. Condo insurance is a need for individuals who live in condominium and those who are about to purchase ready for occupancy condo or pre selling condo. Those who do will be glad they did so when circumstances get tough.
If you are thinking of moving in to a new condominium, check out Vista Residences!
Vista Residences is the condominium arm of the country’s largest homebuilder, Vista Land & Lifescapes, Inc. that offers ready for occupancy and pre-selling condominium projects in Manila, Makati, Mandaluyong, Quezon City, Ortigas, Baguio, Cebu, and CDO that are strategically located within major cities, in close proximity to premium universities, transit oriented locations and developed business districts.
At Vista Residences, unit owners can take advantage of the property’s centrality. The properties of Vista Residences are strategically located near the country’s premium universities and CBDs, making them an attractive investment for both local and foreign investors.
Living in Vista Residences enables you to enjoy convenience, where everything is pretty much within walking distance or a few minutes away from the property; comfort because the project features and amenities are designed to deliver comfort at all times, which makes condo living a worthy investment; security that is 24/7 and CCTV monitoring, which makes the residents safe and secure within the property.
In line with Vista Residences’ thrust to offer convenience among its residents, it also features an AllDay Convenience Store and Coffee Project in all its projects.
For more information on Vista Residences, email [email protected], follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and YouTube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.
