Malayan Insurance asks homeowners to secure property

Non-life insurer Malayan Insurance appealed to property owners to secure their estate against fire as accidents continue to rise every year.

The Bureau of Fire Protection reported a total of 14,316 fires in 2018, up by 0.84 percent from 2017.   The BFP identified the leading causes of fires in the nation as malfunctioning or faulty electrical connections, lit cigarette butts and open flames from unattended stoves.

Lit cigarette butts and open flames from unattended stoves can cause either Class A fires, which involve ordinary combustible materials like wood, paper and plastic; or Class B fires, which involve flammable liquids and chemicals such as liquefied petroleum gas.

Malfunctioning and faulty electrical connections can cause electrical fires classified as Class C.

“Fires are disasters that put lives and homes in danger, and through planning and vigilance, these terrible losses can be prevented,” said Malayan Insurance first vice president for marketing and communications Martin Yuchioco.

Yuchioco said securing a property does not only add value to the property but also serves as a safety net for the owners when disasters occur.  “Our products, Home Protect + and Business Protect both offer coverage for losses caused by fires,” said Yuchioco.

Malayan insurance said the cost of losses from fires continue to increase over the years for both residential and business properties.