3 Reasons Why You Should Get Fire Insurance

A little extra safety goes a long way, especially when it comes to preventing potential fire-related scenarios. Despite its importance, some still think that availing fire insurance is an unnecessary expense.

In 2024, the cost of damage to property caused by fire reached almost Php 14 billion nationwide, according to the Bureau of Fire Protection.  You should not spend a chunk of your savings on fire-related incidents. Hence, preparing for the worst-case scenario is not an option—it is a necessity.

Having fire insurance will prevent your savings from running out of money to spend it for repairs, reconstruction, and replacement of valuable items after a fire incident.

Standard fire insurance covers damage or loss to property caused by fire and/or lightning.

When you are availing of a housing loan to buy or renovate a property, you must first secure fire insurance.

Banks will require you to get one before approving your loan request.  They need assurance that a borrower can financially repair or rebuild their house in case of fire damage.

Fortunately, some housing loans already include fire insurance in their coverage. Be sure to review the policy to fully understand its coverage.

Believe it or not, many fire insurance premiums cost only as low as Php 950. Some policies even have the basic coverage of up to Php 1 million. It covers damaged properties such as buildings, household goods, machinery, and equipment.

Getting fire insurance could give you another layer of protection from fire incidents and give you and your loved ones peace of mind. You can inquire more about this with a trusted non-life insurance company like BPI MS and see what kind of fire insurance coverage fits you best