news from www.abs-cbnnews.com:

http://www.abs-cbnnews.com/business/...-record-claims

"
According to them, only insurance policyholders who availed of additional coverage against the so-called "acts of God" or "acts of nature" will be paid for all the damage to property wrought by the recent typhoon.
Esteban explained that usually, people neglect to avail of coverage for acts of nature since they think that the chance of being victimized by such is remote.

However, sometimes, the decision not to buy insurance for natural disasters isn't conscious at all. Esteban said many insurance agents fail to explain to their clients that normal policies do not cover these, but only accidents or theft for vehicles, or fire for homes.

"That is why it is really important that we explain it to them so they are not surprised during times like this," noted Esteban.
Esteban said typhoon or flood insurance costs P400 to P500 per year, only a drop in the bucket compared to the amount of damages one would shoulder when not covered.

This means that a P1-million car would only require a premium of P500 annually."