Individuals renting living spaces can avail of an insurance coverage of up to P1 million for their lives and personal belongings.
Malayan Insurance has recently launched Renter’s Protect, its new product designed for co-living space renters and condominium/apartment lessees. It’s available for a period of three, six, and 12 months.
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 the event of damages made to common areas or the rented space. The assured is also protected against burglars and akyat-bahay.
Homeowners or those who rent out spaces can likewise benefit from this product as it protects their personal belongings in case of fire. While most condo/apartment buildings have building fire insurance, Malayan said, the personal belongings of renters are not included in the building’s fire insurance policy.
Property inspection is waived under Renter’s Protect. Customers need only to fill-out an application form available at Malayan Insurance branches or agents to get insured.