For condo owners: Do you get building insurance for your own unit?

**yebo** · October 4th, 2017 09:24 AM

Originally Posted by papi smith

To avoid this, maybe one should insure with different companies yearly, so they cannot contest depreciation over yearly renewals?

yan exactly nasa isip ko para walang depreciation.

BUT, you will still have the "year built" and "cost of building and improvements" in the tax declaration form (which is the basis of the amount of insurance coverage). kaya dapat talaga meron at least letter stating not subject to depreciation.

**papi smith** · October 4th, 2017 09:42 AM

There is an interesting share about this case by Mdejess at pinoymoneytalk. IIRC, this guy contested his initial settlement for a long period of time, though he was not able to get the insured amount, I think he was able to settle with 3x the initial offer.

Correction: it took him 2 years pala to finally settle at 1.2M+ from initial offer of 610k for a cover of 7M. I found the link below..

Insurance loss claim, how adjusters calculate loss. - Banking / Insurance / Credit Cards - PMT Forum

**ice15** · February 22nd, 2022 10:13 AM

just sharing...

was planning to insure our unit, kaso insurance does not want to include earthquakes kasi our condo is 950m away from a fault line.

**dr. d** · February 22nd, 2022 10:31 AM

Originally Posted by ice15

just sharing...

was planning to insure our unit, kaso insurance does not want to include earthquakes kasi our condo is 950m away from a fault line.

inquire if your condo is already automatically insured by the building operator.

**ice15** · February 22nd, 2022 10:42 AM

Originally Posted by dr. d

inquire if your condo is already automatically insured by the building operator.

yes the "condo" is insured

something happens to the unit that affects the facade and hallway, they will have it fixed
anything inside the unit owner's problem

**dr. d** · February 22nd, 2022 10:46 AM

Originally Posted by ice15

yes the "condo" is insured

something happens to the unit that affects the facade and hallway, they will have it fixed
anything inside the unit owner's problem

inquire from the insurance provider, if they have coverage that does not include earthquake.
fire, water leak damage, vandalism, theft...

**ice15** · February 22nd, 2022 10:55 AM

Originally Posted by dr. d

inquire from the insurance provider, if they have coverage that does not include earthquake.
fire, water leak damage, vandalism, theft...

yes... they were offering something a bit more expensive without the earthquake clause...

plus there's a clause that they will investigate the incident to confirm that it was not caused by an earthquake.

anyway, will most probably get one this year since ex-staff ko yung agent

**Deestone** · February 22nd, 2022 10:48 AM

Usually if you get bank loan you are required to pay MRI monthly and on top of that Fire insurance of your unit. For earthquake, the building corp insurance covers it.