The Most Important Thing When Buying a Condo
The most important thing after availing a condo for sale in
Makati isn’t really being able to afford furniture, appliances or electronics
for your new home—since condominiums are investments, after acquisition, it is
very important that you secure the investment with Insurance.
Condominium insurance is a type of non-life insurance policy
that protects your property from anything untoward. As with most insurance
policies, a condo insurance makes sure that you are free if not have limited
liability from financial loses.
The most common type of insurance that is offered for
condominiums is Basic Coverage insurance. This insures your unit from fire and
lightning accidents, lightning being the kind that is caused by nature and not
equivocal to electric and electrical discharge damage. This type of insurance
might also be provided and required by the property developers themselves;
something you don’t have to worry too much about. But if you look at it
closely, the insurance doesn’t really cover a wide range of possible
circumstances that are actually lurking to imperil your property. It only
scopes in two major circumstances that are less likely to happen rather than,
say, a burglary.
That is where a broader type of insurance comes into play.
Comprehensive Insurance, as it is commonly known not only in housing and
condominium insurance terms, gives coverage of more untoward incidents,
depending on how “comprehensive” you want your insurance policy to be.
May also be called HO6 (homeowners policy unit owners form
6), the property insurance specifically modified for condominiums covers pretty
much the same comprehensive coverage like that or real property but with less
property coverage since it is built around a master policy of the condominium
as a whole.
The comprehensive coverage may include explosions and
vehicular (land craft and aircraft accidents), riots, malicious damage of
persons, dangers like the plumbing freezing over, the air vents stop cycling
breathable air, glass breakage, burglary and theft of the contents of the
house.
Remember that it is more important to know that your
investment is secured than to build upon said investment that might get wiped
out without a fall back. If there is anything more important than a property
insurance, what do you think it is?
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