Best Home & Property Insurance Plans in the Philippines

Last Updated – Oct 31, 2023 @ 5:43 am

Owning a home or any real estate property is an amazing feeling, but are you prepared to cover out-of-pocket costs when emergencies arise? 

Your home and property do not just provide a roof over your head or a steady income. It’s also a valuable asset you should protect. To help you do this, investing in home and property insurance is a must. 

What is Property Insurance?

Property insurance is a broad term that covers property protection coverages for home and property owners. Owners pay a small fee to an insurance provider in exchange for a guarantee that the provider will carry the burden caused by loss or damage to your home or property.

Let’s say you have a building in a major city. As long as you continually pay your property taxes, you can use this building any way you like – sell it, leave it vacant, or rent it out. So why is insurance still needed?

What if a tree falls on the building during heavy rain and causes intense damage? Now, you have to deal with the cost of repairing the building. But if you have property insurance, you won’t need to spend a dime on repairs, or your out-of-pocket costs will be very minimal.

Considering this, property insurance is needed for all property owners, especially those who have high-priced possessions which include:

  • Art pieces
  • Antiques
  • Designer clothes
  • Fine jewelry

What does Home & Property Insurance cover?

Property insurance provides reimbursement to renters or owners or a structure as well as its contents when there is theft or damage to the property. 

Depending on the insurance plan, property insurance usually covers the following:

  • Home or building as well as its attached structures like porches
  • Stand-alone structures like sheds or fences
  • Belongings that are damaged or stolen like appliances, clothing, and furniture
  • Temporary living expenses while the property or home is under repair
  • Medical expenses to someone who is injured due to property damage regardless of who’s at fault

More of this will be detailed in every insurance plan mentioned below.

Types of Property Insurance in the Philippines

Before getting property insurance, you first have to know its different types. This way, you can see which one is the perfect fit for your property.

When you choose the best property insurance type, you will enjoy maximum protection for your property, yourself, your business, and your family from any financial liability when misfortune strikes.

Homeowner’s insurance

Despite its myriad of benefits, a lot of people in the Philippines do not know that homes can be insured.

However, this type of insurance is one of the most claimed insurances so it’s a great investment for both long-term and short-term, especially considering your home is one of your largest investments. 

When getting this type of insurance, you’re not only protecting your house, but also items that are not easily replaceable such as furniture.  

Commercial property insurance

If you’re a business owner, you need to protect your property since it’s a huge investment. You won’t need to worry about spending your savings to cover the damages due to natural disasters, theft, or fire. The businesses that need this type of insurance include, but are not limited to:

  • Retailers
  • Manufacturers
  • Service-oriented businesses
  • Not-for-profit organizations 

When paying for this type of insurance, make sure to factor in the value of the property’s assets, including the building, as well as other physical assets in the property.

The weather conditions in your area should also be put into consideration, as well as its build and occupancy, among others. 

Flood insurance

This property insurance covers properties or dwellings for losses that have been sustained by water damage due to flooding or heavy or prolonged rain, coastal storm surges, and many more.

In many cases in the Philippines, floods are common and the damage it causes can set you back financially. 

Fire insurance

Fire insurance is a type of property insurance that covers losses and damages caused by fires. Most home insurance policies already home with fire protection, but property owners can avail of this additional coverage for peace of mind.

This insurance will cover the cost of repair, replacement, and even the reconstruction of the property. 

Related: Gadget Insurance in the Philippines

Benefits of Property Insurance

Still haven’t made up your mind if you’re getting home and property insurance? Let these benefits below convince you. 

It protects your property

The major benefit of having home or property insurances is the protection it gives to your property and its contents against many types of damages.

This way, you won’t have to be financially burdened by unexpected costs. 

It offers safety

Property insurances protect your savings from uncertain losses due to unforeseen events. Therefore, you can have peace of mind that you won’t lose money over your assets should you suffer any losses. 

It helps you lessen your stress

When you have home or property insurance, you won’t have to be burdened by expenses for repair or reconstruction.

It’s also one less thing to worry about especially if your location is prone to natural disasters that may destroy or damage your property. 

It’s a requirement of mortgage lenders

For those getting a loan to purchase a new home or property, this insurance is one of the things you need to pay for.

Mortgage lenders will not grant you a loan unless you have secured this insurance since they want to make sure your property is adequately protected. 

It’s affordable

The average premium of home and property insurances are very low compared to the value of your assets. More than its affordability, it is also very accessible and easy to get.

It protects your finances

Can you imagine what you would do if your home burns down? Where will you live? How will you recuperate its costs? You will definitely be held back financially.

Thanks to property insurance, you can have compensation for your loss, and your financial security will remain protected. 

It covers temporary places to stay

Nobody wants to experience any emergencies that will affect their dwelling, but if this happens, having insurance will help you pay for a temporary place to stay.

This does not just include hotels, but also food, and travel expenses, depending on your insurance package.

Factors that affect Home & Property Insurance Premiums

Home and property insurance premiums are calculated based on different factors which rate your risk of claiming an insured loss. These factors include:

  • Your location
  • Age and condition of your home or property
  • Your home or property’s security and safety features
  • Your credit history
  • Your deductible
  • Your claims history
  • Additional coverages
  • Having additional amenities like a swimming pool
  • Roof condition
  • Price of your home or property and cost to rebuild it

Of all these factors, the location of your home has the biggest impact on the price of your home or property insurance. 

For instance, if you live in an area that is close to natural hazards such as Samar where there is always a storm surge1, or if your home is near Taal Volcano, you need to pay a higher premium since you are likely to incur damages caused by natural disasters. 

Aside from the risk of natural disasters, the crime rate in your community can also increase the price of your insurance. For instance, if you are living in an area where there are always cases of gang wars, vandalism, or theft, expect your insurance premium to increase. 

Additionally, the condition of your home is also an integral factor that decides your insurance premium. For instance, if your house is made with cement or bricks, you may pay lower compared to homes made with wood since it is a flammable material. Another thing to keep in mind is old houses that are not well-maintained will also cost higher. 

Unfortunately, there are locations in the Philippines that are not covered by home or property insurances. This includes areas that fall within one kilometer of earthquake fault lines. Many insurance companies also do not cover the following locations:

  • Reclaimed areas, and congested areas
  • Maguindanao
  • Pasay (Malibay, Divisoria, Baclaran)
  • Kalinga, Apayao
  • Lanao del Sur
  • Sulu Province
  • Marawi City
  • Sultan Kudarat
  • North Cotabato
  • Basilan

If you live in any of these areas, make sure to check with your preferred provider first.

How much does Home Insurance cost in the Philippines?

The cost of home insurance varies greatly, but expect the minimum amount to fall between Php700 to Php3,000. This could increase depending on the factors mentioned above. 

Keep in mind that the maximum insurable home or property depends on your choice of provider. Most offer a maximum protection of Php10 million, while others can go up to Php25 million. 

Best Home & Property Insurance Plans in the Philippines

Insurance companies in the country offer various types of home and property insurance coverages so whether you want basic protection or a comprehensive one, there is something for you.

Here are the best home & property insurance plans in the country you can choose from.

Malayan Home Plus Protect

Malayan is one of the top non-life insurance providers in the Philippines. Since 1930, they have been serving Filipinos who need recovery protection.

The Malayan Home Plus Protect is a comprehensive plan that is great for any type of property owner. This type of insurance offers no minimum sum insured. 

Benefits and features: 

  • Property insurance
    • Fire and Lightning
    • Earthquake Fire & Earthquake Shock
    • Typhoon & Flood (subject to underwriting evaluation and approval)
    • Riots, Strikes, and Malicious Damage
    • Bursting or Overflowing of Water Tanks, Pipes & Fittings (BOWTAP)
    • Sprinkler Leakage
    • Volcanic Eruption 
    • Extended Coverage (Smoke Damage, Explosion, Vehicular Impact & Falling Aircraft)
  • Extension of covers
    • Burglary & Housebreaking 
    • Personal Liability
    • Accidental Breakage of Fixed Glass 
    • Alterations & Repairs 
    • Alternative Accommodation 
    • Architect & Surveyor’s Fees 
    • Automatic Increase Clause (For Contents Only) 
    • Debris Removal 
    • Expediting Expense 
    • Fire Fighting Expense 
    • Professional Fees 
    • Replacement & Lock Keys 
    • Temporary Removal Clause 
    • Outbuilding Clause 
    • Special Assessment Clause (For Condominium Only)
  • Personal accident (Subject to additional premium)
  • Accidental Death, Disablement and/or Dismemberment
  • Medical Reimbursement
  • Burial Expenses 
  • Family Hospitalization Insurance (Subject to additional premium)
  • Household Employee Insurance (Subject to additional premium)
  • Valuable Items Protection (Subject to an additional premium, per declaration)
    • Paintings
    • Antiques
    • Works of art
      • *excludes jewelry, and subject to underwriting evaluation and acceptance upon submission of authenticity and valuation
  • Basic Coverage Property Insurance
    • Fire and Lightning
    • Earthquake Fire & Earthquake Shock
    • Typhoon & Flood, Riots
    • Strikes and Malicious Damage
    • Bursting or Overflowing of Water Tanks
    • Pipes & Fittings
    • Sprinkler Leakage
    • Volcanic Eruption
    • Extended Coverage and Extension of Covers 

Note: Malayan offers a free risk survey and underwriting value quotation. Simply contact the Malayan branch in your area.

AXA Property Insurance

AXA is one of the fastest-growing insurance providers in the country, with more than 1.3 million clients through individual and group insurance products.

Their Property Insurance enables property owners to protect their residences when disasters arise.

Products offered:

  • Regular fire and with allied perils
  • Industrial all risk
  • Commercial all risk
  • Trust receipts


  • Fire and lightning
  • Typhoon and flood
  • Earthquake, fire, and shock
  • Riot, strike, and malicious damage
  • Smoke damage
  • Vehicle impact
  • Falling aircraft
  • Explosion

Price: For a premium of 1,200 pesos, your property can be insured for 1,000,000 pesos (sample quote only) 

MAPFRE Home Insurance

Since 1934, MAPFRE Insurance has been serving Filipinos through their non-life insurance policies. With their home insurance, you can protect your home and assets, as well as enjoy free benefits. 

Standard Home Insurance 

This home insurance is best for homeowners or tenants looking for basic coverage. It protects your house and its contents against loss or damage caused by:

  • Fire 
  • Lightning

Standard Home Insurance with Additional Benefits

This home insurance offers the same benefits as the Standard Home insurance but with free additional benefits in the form of allowance and assistance services.

Comprehensive Home Insurance

This insurance solution is perfect for homeowners and tenants looking for comprehensive coverage. It protects your house and its contents against loss or damage caused by the following:

  • Fire and lightning
  • Earthquake
  • Typhoon
  • Flood (only available in listed areas)
  • Riot, strike, and malicious damage
  • Extended cover including explosion, falling aircraft, smoke, vehicle impact
  • Broad water damage
  • Accidental bursting of water tanks, apparatus, and pipes
  • Robbery
  • More additional benefits for free in the form of allowance, assistance services, personal accident, and personal liability coverages

Comprehensive Personal Liability

This insurance solution protects you against liabilities to third parties due to accidents that occur at your house, whether owned or rented, or due to acts of negligence that result in the death of or injuries to third parties or of the destruction of or damage to the property of third parties.

Contact Details:

  • MAPFRE Client Service hotline: (02) 8876 – 4400
  • Email:

AIG Property Insurance

AIG is the world’s leading provider of general and property-casualty insurance, with a staggering 88 million clients in more than 100 countries. Here are the different property insurance packages they offer. 

AIG Property All-Risk

This type of insurance covers the following properties:

  • Airports
  • Hotels
  • Malls
  • Condominiums
  • Commercial Buildings
  • Infrastructure (Roads, Railway systems)
  • Casinos
  • Schools
  • Hospitals
  • Telecoms


“All-Risks” of physical loss or damage including, but not limited to:

  • Fire and/or lightning
  • Windstorm, storm, typhoon, hailstorm, hurricane, tornado
  • Flood
  • Earthquake
  • Volcanic eruption
  • Explosion, falling aircraft, impact by road vehicles, smoke
  • Broad water damage, water damage caused by the overflowing or bursting of water tanks, pipes, or other apparatus, backing up of sewers and pipes
  • Subsidence, collapse, landslide, and/or landslip
  • Riot and strike, civil commotion, malicious acts
  • Mechanical or electrical derangement, failure, or breakdown
  • Electrical injury or overheating of electrical and electronic equipment without actual ignition
  • Bush fire
  • Spontaneous combustion
  • Sprinkler and related firefighting apparatus leakage
  • Tidal wave and tsunami

For this insurance package, there is an option to include Machinery Breakdown cover, Electronic Equipment Insurance cover, and Business Interruption.

Property Terrorism

If terrorism attacks are rampant in your area, this is an insurance package you should consider to protect your assets. It covers the following properties:

  • Airports
  • Hotels
  • Iconic structures
  • High-rise buildings
  • Infrastructures
  • Terminals, ports
  • Casinos
  • Power plants
  • Manufacturing plants
  • Railroads
  • Schools
  • Stadiums, arenas
  • Shopping centers,
  • Hospitals/medical institutions


  • Sabotage or deliberate subversion to cause harm or destruction of property
  • Terrorism or the unlawful use of violence against persons or property including policy objectives

BDO Home Insurance

All property owners don’t want to experience the distress that comes with disasters. Thankfully, BDO Home Insurance offers custom packages for condominium units and homeowners, as well as other residential properties. 

They also offer exclusive protection for SMDC Property owners. Based on the package, the coverage includes: 

  • Fire/lightning
  • Riot, strike, malicious damage and extended cover (smoke, vehicle impact, falling aircraft, explosion)
  • Earthquake, fire/shock, typhoon, flood
  • Broad water damage including accidental bursting and/or overflowing of water tanks, apparatus or pipes,
  • Sprinkler leakage
  • Vandalism, malicious mischief, volcanic eruption, landslide and subsidence
  • All other risks not excluded in the policy
  • Burglary and/or robbery
  • Extensions available: 
  • Comprehensive personal liability
  • Alternative accommodation or loss of rent (max 6 mos.)
  • Family personal accident
  • Electronic equipment insurance  
  • Plate glass cover (3 years and below)


Package 1 (Sum insured: Php1 million)

  • Php760.20 for basic
  • Php1,267 for limited cover
  • Php1,710 for comprehensive

Package 2 (Sum Insured: 3 million)

  • Php2,280 for basic
  • Php3,801 for limited cover
  • Php5,135.35 for comprehensive

 Package 3 (Sum insured: 5 million)

  • Php3,801 for basic
  • Php6,335 for limited cover
  • Php8,552.25 for comprehensive 

FPG Home Insurance

This home insurance option is designed to give you comprehensive and flexible protection. 

It covers physical loss or damage to the covered property arising from the following perils: 

  • Fire or Lightning or Thunder
  • Earthquake
  • Typhoon or Windstorm including Flood or Overflow
  • Flood or Overflow of the Sea
  • Volcanic Eruption
  • Subterranean Fire
  • Extended Coverage against Explosion, Falling Aircraft, Vehicular Impact, and Smoke Damage)
  • Riot, Strike, and Malicious Damage
  • Broad Water Damage
  • Bursting or Overflowing of any water tank apparatus or pipe
  • Robbery / Burglary / Housebreaking

Additional Coverage:

  • Architect or Surveyor’s Fees up to 5% of the building sum insured
  • Debris Removal expense up to 10% of the building sum insured
  • Internal Removal expense up to 10% of the contents sum insured
  • Visitors Personal Effects up to 5% of the contents sum insured
  • Automatic coverage for Platinum, Gold, Silver, Jade articles and pieces of jewelry, and furs up to one-third of the contents’ sum insured unless specifically agreed herein, maximum limit of Php 50,000 pesos
  • Servant’s Property up to 10% of the contents’ sum insured, maximum limit of Php 5,000 pesos
  • Alternative Accommodation or Loss of Rent, up to 10% of the building sum insured plus 10% of the contents’ sum insured, maximum limit of Php 5,000 pesos per month, up to 6 months

Personal liability

Liability to the Public which the Insured may be legally liable for bodily injury or property damage sustained by a third party up to Php 100,000

Group Personal Accident Benefit

Accidental Death and/or Disablement (AD&D) to the Insured’s family (due to Fire, Violent External Means, or caused by Thieves while in the Insured’s premises)

Prudential Guarantee

With 39 offices in key cities and provinces in the country, Prudential Guarantee serves over 630,00 clients. Over the years, they have cemented their name in providing non-life insurance packages to some of the biggest companies in the world. 

Here are the different insurance packages they offer:

Property Insurance

This is one of the best options for businesses that want to shield their property from catastrophes and emergencies. The Fire Insurance policy covers loss or damage to property due to fire and lightning, but its coverage can be extended to the following:

  • Earthquake fire / shock
  • Typhoon
  • Flood
  • Riot, strike, and malicious damage
  • Extended coverage (includes the perils of smoke, explosion, falling aircraft, and impact of vehicles)
  • Broad water damage w/ accidental bursting and/or overflowing of water tanks, apparatus, and pipes 
  • Sprinkler leakage
  • Landslide / subsidence
  • Spontaneous combustion
  • Robbery / burglary

It can also include the following conditions, subject to a limit by the policy: 

  • Automatic Increase / Capital Additions Clause
  • Professional Fees Clause
  • Fire Fighting Expense Clause
  • Debris Removal Clause

Other products offered under the Fire Insurance line:

  • Basic Fire / Lightning Insurance (with or without Allied Perils)
  • Industrial All Risks Insurance
  • Business Interruption and/or Consequential Loss Insurance

Home Guard

This home property insurance is great for homeowners who want to protect the following: 

  • Building (excluding foundation)
  • Leasehold Improvements
  • Furniture, Fixtures, Fittings
  • Household Contents

This insurance covers the following perils:

  • Fire / lightning
  • Acts of nature: earthquake, typhoon, flood, windstorm, landslide, and subsidence, tidal wave, tsunami, volcanic eruption, tornado, hurricane
  • Extended coverage (falling aircraft, vehicle damage, smoke, explosion)
  • Riot, strike, and malicious damage
  • Vandalism
  • Bush fire
  • Broad water damage with accidental bursting of water tanks and pipes
  • Sprinkler leakage (if applicable)

Contact Details:

  • Number: (02) 8813-7749
  • Email:

Howden Group Home and Contents Insurance

Every homeowner’s goal is to create a safe space for their entire family. But what happens when an emergency strikes?

This insurance by Howden Group helps you insure your home against these perils: 

  • Fire
  • Earthquake 
  • Typhoon
  • Flood
  • Subsidence, Landslide & Collapse
  • Explosion 
  • Smoke Damage
  • Vehicle Impact 
  • Falling Aircraft
  • Electrical Fire
  • Bush/Grass Fire
  • Lightning
  • Spontaneous Combustion
  • Broadwater Damage
  • Bursting &/or Overflowing of Water Tanks, Apparatus or Pipes
  • Sprinkler Leakage
  • Riot, Strike, Civil Commotion and Malicious Damage
  • Plate Glass 
  • Robbery/Burglary
  • Plus Personal Accident:
    • Accidental Death and Dismemberment 
    • Unprovoked Murder and Assault
    • Medical Reimbursement 
    • Burial Expenses
  • Reasonable deductibles
    • Electronic equipment coverage 
    • High single article limits, where required
    • Loss of rent or alternative accommodation cover
    • Replacement locks and keys

PNB House Protector Plan

If you want to protect your home from calamities, the PNB House Protector Plan is one of the most affordable fire insurance packages you can avail of.

However, it is limited to Class A construction residences, which are homes made with concrete hollow blocks under a galvanized iron roof. 

Please contact PNB at (+632) 8573 8888 or email them at

Standard Insurance

Working towards building a better life for their customers, Standard Insurance offers two home and property insurance options.

House Protect Insurance

This comprehensive insurance plan is the ultimate way to insure your dream house and make sure you are protected from risks. 

Its coverage includes property damage due to:

  • Fire and/or Lightning
  • Extended Coverage (Smoke, Falling Aircraft, Vehicle Impact, Explosion)
  • Riot, Strike, and Malicious Damage (RSMD)
  • Personal liability
  • Alternative accommodation/loss of rent
  • Family personal accident insurance
  • Other perils covered:
    • Earthquake
    • Typhoon
    • Flood
    • Robbery and Burglary
    • Broad Water Damage with Bursting and Overflowing of Water Tanks and Apparatus

Fire and Allied Perils

Fire incidents are one of the most devastating emergencies Filipino families can experience. To protect yourself from fire and other perils, this insurance is a must-have. 

Its coverage includes losses due to:

  • Fire or lightning
  • Earthquake fire 
  • Typhoon
  • Flood
  • Explosion
  • Smoke
  • Riot and strike
  • Malicious damage

Additional extended covers:

  • Burglary
  • Plate glass
  • Machinery breakdown
  • Deterioration of stocks due to water damage caused by fire
  • Business interruption or loss of profit

Pioneer Insurance

Established in 1964, Pioneer insurance is one of the biggest players in the industry. They prioritize helping their customers secure their lives, as well as their properties.

Pioneer Insurance offers the following home and property insurance types:


This easy and affordable home insurance offers basic coverage


This reliable all-in-one insurance is perfect for the entire household

Fire Residential

A dependable comprehensive insurance plan to protect your property against different perils. 

Contact Details:

  • Number: 09190623770 and 09178323562
  • Email:

Tips in Choosing a Home or Property Insurance Plan & Provider

Navigating different insurance options can be very confusing and overwhelming for property owners. This handy guide will enable you to choose the most suitable insurance package for your property.

Take time to read the insurance plans

Browsing through different insurance plans can take time, but rushing this process will get you nowhere. Try to understand every single policy and coverage.

Once you have finished this, you are one step closer to knowing which insurance package is perfect for your property.

Know what you need

Before you get insurance, try to assess what your needs are. Do you live in an area where floods always occur? Maybe the problem with your location is theft?

Whatever it is, choose an insurance plan that is in line with your concerns. 

Don’t skimp on insurance

It can be tempting to choose the most affordable plan, but what if it doesn’t solve your major concerns? Never sacrifice protection for affordability.

As much as you can, customize your insurance policy with additional coverages to get maximum coverage.

Consider the financial stability of the insurer

You wouldn’t want to put your money in an unreliable insurer. Thankfully, all packages mentioned above have impressive financial strengths. This will make claim settlements more hassle-free. 

If you want to take the extra mile, check the insurer’s claims history before making your decision. This will paint a clear picture of how many claims has the company settled in relation to the claims made annually. 

Check your insurer’s accessibility

Nowadays, many insurers have taken steps to give their clients more convenience when doing transactions so try to see if your insurer lets you submit a claim online.

Whether you work with an agent or not, it helps to pick an insurer that has an office near your area. This way, you can have peace of mind that you can reach them anytime. Finally, choose an insurer that offers prompt customer service.  

Additional tip: File claims properly

If you already have home or property insurance and want to file a claim, make sure to do your due diligence. This includes the following:

  • Notifying your insurer promptly 
  • Doing an inventory of damaged property
  • Documenting damaged property
  • Taking steps to protect your home or property from further damage
  • Filing a proof of loss within your insurer’s request (check with your insurer how many days their filing limit is)  


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About MJ de Castro

MJ de Castro is the lead personal finance columnist at Grit PH.

MJ started her career as a writer for her local government’s City Information Office. Later on, she became a news anchor on PTV Davao del Norte.

Wanting to break free from the shackles of her 9-to-5 career to live by the beach, she pursued remote work. Over the years, she has developed a wide specialization on health, financial literacy, entrepreneurship, branding, and travel.

Now, she juggles writing professionally, her business centering on women’s menstrual health, and surfing.

Education: Ateneo de Davao University (AB Mass Communication)
Focus: Personal Finance, Personal Development, Entrepreneurship, & Marketing

Reader Interactions


  1. Ivan says

    If you are interested to know more about home and property insurance then you are in the right post. This post is very detailed. It is very easy to understand too. Definitely very helpful to me.

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