Are Property Insurance Worth the Investment?

I Thought Property Insurance Was Just Another Expense—Until I Needed It

If you had asked me a few years ago whether I thought property insurance was worth it, I would have shrugged and said, “Maybe someday.” Like many Filipinos, I saw it as an extra cost—something only the wealthy or overly cautious would bother with.

But then, life reminded me just how unpredictable it can be.

A flash flood hit our city. It wasn’t even a typhoon—just one of those sudden, merciless downpours. In less than an hour, water had crept into our home, soaking furniture, appliances, even important documents. My car, parked outside, was partially submerged.

And just like that, tens of thousands of pesos were gone.

The worst part? We didn’t have property insurance.

That moment changed everything for me. And it’s why I’m writing this now—not as a financial advisor, but as someone who learned the hard way that insurance isn’t a luxury—it’s a lifeline.

Understanding Property Insurance in the Philippines: Why It’s Not Optional Anymore

Property and casualty (P&C) insurance protects your home, car, and other valuable assets against loss, damage, or liability. While policies like car insurance are legally required, many Filipinos still skip out on coverage for their homes or businesses.

Here’s the truth: Whether you own a bungalow in the province, a condo in the city, or run a small business—if you have something you can’t afford to lose, you need insurance.

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What Does Property Insurance Actually Cover?

Let’s break down two of the most important types of P&C insurance in the Philippines:

🏡 Homeowners' Insurance

Protects your residential property against fire, theft, typhoons, earthquakes, and other risks. Some policies even include personal liability coverage if someone is injured in your home.

🚗 Auto Insurance

Mandatory by law, this covers physical damage to your vehicle and liability for injuries or damage you may cause to others. You can also get comprehensive plans that protect against floods, theft, and more.

Key Insurance Terms You Should Know

Understanding these terms helps you make smarter choices and avoid surprises later on:

Premium – The amount you pay monthly or annually for your insurance policy.

Deductible – The out-of-pocket amount you must pay when filing a claim.

Declarations Page – A summary of your policy: coverage, limits, beneficiaries, and terms.

📌 Example: If your car repair bill is ₱20,000 and your deductible is ₱5,000, you’ll pay ₱5,000 and your insurer covers the remaining ₱15,000.

What Affects Your Premiums and Coverage?

Every policy is tailored based on a few factors:

Property Value – Higher-value assets usually mean higher premiums.

Location and Risk – Living in flood-prone or high-theft areas can raise your rates.

Coverage Options – Comprehensive plans cost more but cover more risks.

Deductible Amount – A higher deductible lowers your premium, but increases your cost during claims.

Common Attitudes Toward Insurance in the Philippines—And Why They Need to Change

As someone who talks to hundreds of families and professionals, I’ve seen a pattern:

1. Skepticism

Some see insurance as an unnecessary cost—until something happens.

2. Compliance-Only Mindset

Many only get insurance because it's legally required, not because they believe in it.

3. Hope as a Strategy

There’s a cultural reliance on community, family, and “bahala na.” But hope, while beautiful, is not a substitute for preparedness.

4. Growing Awareness

Thankfully, more Filipinos—especially the younger generation and OFWs—are beginning to see insurance as a smart and loving act of responsibility.

Most Sought-After Property Insurance Types in the Philippines

Whether you’re protecting a personal item or a business asset, here are common policies Filipinos are now investing in:

Homeowners’ Insurance – Covers homes from fire, theft, and disasters.

Condo Insurance – Protects unit interiors and personal belongings.

Fire Insurance – Often required for mortgaged properties.

Commercial Property Insurance – Protects business assets and inventory.

Motor Vehicle Insurance – Covers accidents, damage, and third-party liability.

Travel Insurance – For both domestic and international peace of mind.

Personal Accident Insurance – Offers financial assistance in case of accidental injury or death.

Engineering Insurance – Specialized for construction and machinery protection.

The Real Cost of Not Having Property Insurance

No one expects accidents, but they happen. Fires, floods, thefts—they don’t give warnings. When they strike, you either have protection… or regret.

After our home got flooded, we had to start from scratch financially. The emotional toll was just as heavy. I kept thinking, “If only we had insurance, this wouldn’t feel like a total loss.”

Now, we do. And I sleep better every night because of it.

So, How Do You Get Started?

Here’s a simple roadmap:

Assess Your Assets – List your home, car, appliances, valuables, etc.

Identify the Risks – Are you in a flood-prone area? Do you drive often?

Set Your Budget – Choose a premium and deductible you can manage.

Talk to a Trusted Advisor – Get guidance on which coverage is right for your needs.

Get Covered – Don’t delay. Every day without insurance is a day you're vulnerable.

Final Words: Insurance Isn’t Just About Protection—It’s About Peace of Mind

If you’ve ever rebuilt something from zero, you know how important it is to protect what you’ve worked hard for. Insurance does that. It’s not just paperwork. It’s love in action. It’s foresight. It’s the legacy of someone who planned ahead.

📣 My call to you is simple:

Don’t wait for a disaster to teach you a lesson. Let my story be your turning point. Talk to someone. Get insured. Safeguard what matters most.

About the Author

Jack Marbida is a husband, father, financial advisor, and advocate for smarter living. Through his platform, Online Advisors Financial Education, Jack helps Filipinos build stronger families and futures through practical, heartfelt financial guidance. He is passionate about making insurance and money conversations more relatable, empowering, and human.

📩 Need help finding the right insurance? Contact Jack at papajackph@gmail.com or visit 

About the author 

Jack Marbida is a husband to his wife Wene and a father of 2 little boys Isaac and Israel, he is a financial advisor, speaker, and writer who helps families be financially stable and grow their relationships. He works with families to help them reach their goals by teaching them about financial literacy and helping them develop a healthy relationship with money.

He has been featured in Sun Life Financials and others for his work as a financial coach. He is also the founder of Online Advisors Financial Education, which provides free educational content through blogs and videos.

Jack speaks at conferences across the Philippines on topics such as family finances, and personal and professional growth.  

You can contact Jack Marbida through his social media accounts or email him at papajackph@gmail.com.

Cheers!