People renting living spaces are now provided insurance coverage of up to P1 million for their lives and personal belongings under a new insurance product from Malayan Insurance Co. Inc.
The country’s number one non-life insurance firm, Malayan Insurance, has launched 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 variants of the product offered either through the short-term, mid-term, or the annual-term premium plan, was designed to accommodate the varying needs of the co-living and renters’ market.
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.
Renter’s Protect 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. The personal liability cover protects the assured against liabilities in case 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.
This insurance is important since community quarantine measures, commuter transport difficulties, and the risk of contagion have made living near schools or workplaces an essential part of the “new normal.” The slowdown in economic activity resulting from the pandemic might also see an increase in criminal activities such as robbery, which Malayan’s Renter’s Protect product addresses through its anti-crime protection covers.
Homeowners, those who live in condominiums, or those who rent out spaces can benefit from this product as it protects your personal belongings in case of fire. While most condo or apartment buildings have building fire insurance, renters’ personal belongings are not included in the building’s fire insurance policy.
Furthermore, the leading non-life insurer said that property inspection is waived under Renter’s Protect. Customers need only to fill out an application form available via Malayan Insurance branches or agents, to get insured.
Malayan Insurance celebrates its 90th year this 2020, and is a part of the Yuchengco Group of Companies (YGC).