Non-life insurance companies in the country see the need more than ever for the protection of one’s assets like houses, apartments or condominium units, as the local property market gears for recovery this year.
Malayan Insurance Co. Inc. in a statement cited the Philippine Property Outlook 2021 report of Colliers International Philippines which advised condominium developers to focus on attractive price segments and locations for pre-selling if they are planning to capture pent-up demand this year.
Malayan also said Colliers urged landlords to be proactive in offering attractive leasing strategies to their tenants. Apartment landlords, condominium developers, and mixed-use mall operators need to be mindful of the government-projected recovery this year, Malayan further quoted the Colliers report.
According to the report, available residential units are expected to increase by 21 percent year-on-year.
But Malayan said as the property sector is poised for recovery, some risks are still evident in terms of owning a home or renting a space such as floods, typhoons, fires, or instances of burglary.
It said protection will give policyholders peace of mind during these trying times.
Malayan for example offers its Renter’s Protect, a complete protection product designed for co-living space renters and condominium/apartment lessees, available for a period of three, six, or 12-months. The new insurance product is ideal for people renting or subletting a single-family home, apartment, duplex, condominium, studio, loft or townhouse that want to be insured for varying periods of time.