The residential property market is seen to recover by the tailend of 2021, led initially by the upscale market wanting to own or rent houses or spaces.
But according to Yvonne Yuchengco, vice chairperson of Malayan Insurance Co. Inc., Filipinos looking to buy homes or simply rent out spaces should factor in their decision-making process both risks and opportunities.
Citing Colliers International Philippines’ Q4 2020 Property Market Report, Malayan Insurance said residential takeup will improve in the latter half of 2021 buoyed by projections on the growth of cash remittances earlier shared by the Bangko Sentral ng Pilipinas (BSP) as well as the prevailing low interest rate environment.
Malayan Insurance also cited findings of the Consumer Expectations Survey for Q4 2020 which Filipino households are also open to buying real property this year registering an increase by 3.6 percent from 3.3 percent during the third quarter of 2020.
With an expected recovery in the residential market, those planning to buy their own house or simply just rent a space should be protected from risks like natural calamities or man-made disasters. Such risks can be mitigated under a comprehensive insurance policy, Malayan Insurance said.
For those wanting to own a house, the leading non-life insurance company in the Philippines ofers Home Protect Plus, an all-in-one home insurance package providing financial protection to families or individuals should their houses or its contents incur damages from weather-related perils.
Malayan Insurance also offers its Renter’s Protect, which provides fire cash assistance, personal accident (PA) coverage, comprehensive personal liability (CPL), murder and unprovoked assault coverage, as well as burglary and housebreaking assistance to policyholders.
The fire cash assistance protects the renter’s belongings and personal effects in the event of a fire in the property being leased. The personal accident covers the assured against accidents or unforeseen events that lead to fatalities, injury, disability or dismemberment.
Meanwhile, the personal liability cover protects the assured against liabilities in the event of damages made to common areas or the rented space. The assured is also protected against burglars and “akyat-bahay”, needed at this time of economic uncertainty.
