House/Condo Insurance

[meimei]

^sis, do you have condo insurance? if yes, ok lang pa-share kung magkano exactly yung premium and coverage and saan mo kinuha? and kung ilang sqm ang unit mo (para ma-estimate ko lang and compare sa akin)?

i just need a ballpark figure to evaluate my finances. i'm considering buying a condo mid next year kasi. so inaalam ko na ang additional expenses (like insurance) aside from the purchase of the condo itself.

[j.adore]

Does this cover all items in the unit or it depends on the plan you get?

Di ko maalala kung meron kami pero kuha na din kasi we're spending much on the interiors.

[mxherr5]

Mine's a condo. Premium is roughly 1.7k for an appraised
value of 1.1M. My policy has the "allied perils" clause on top
of the base fire insurance.

area is 25sqm.

The MRI is around per 1,000 of coverage. So a 1M condo
means the premium is 2k.

Note that the fire insurance is based on the appraised value
and will never change.

The MRI on the other hand is based on the loaned amount
so that means every year it goes down as your loan balance
goes down.

Hope that helps.

[mxherr5]

All premiums are on an annual basis.
Haven't run into a bank that offers monthly premiums yet
when it comes to MRI and Fire insurance.

My loan is with Chinabank, their non life insurance
provider is Prudential and their life insurance provider
is Manulife

[BAISANAN]

my premium for condo is below 1k annual with allied perils tsi 500k lang kasi contents lang ang kinuha ko.

[j.adore]

Just to confirm, allied perils is like acts of god?
Mga insurance niyo covered na ba pati mga gamit like cabinets and electronics?

[BAISANAN]

yes allied perils is  acts of god, contents like furnitures, fixtures & fittings excluding jewelries, gadget like laptop

[j.adore]

Thanks!
They do allow even gadgets naman right? Just added on the premium?

[kaminari12]

Sisses, at 1M coverage, how much ideally ang distribution for building and for contents? Tama ba na contents na lang kunin ko since the unit is already covered in condo building insurance? Thank you.

[BAISANAN]

hi sis yap usually pag condo may kasamang ng fire insurance ang bldg. once na na acquire at kasama yon sa asso. dues na binabayaran monthly ang  choice na lang ng ibang owners ipa insured ang contents including lease of improvements.