Metro Manila and numerous provinces in Luzon are once again facing flooding and possibly related emergencies such as blackouts and evacuation this rainy season. But there is a way to lessen the financial burden of these calamities, and it all starts with foresight and doing the necessary preparations.
1. For everyone: DISASTER KIT
What it contains:
• food that requires minimal to no preparation like canned goods and breads
• bottled water
• clothes to protect from cold and the rain
• trash bags that can serve as raincoat and/or blanket
• transistor radio
• extra batteries for cellphones and other critical gadgets
Cost: Estimated PHP 1,200 for a family of six
2. For everyone: LIFE INSURANCE
Life insurance is not just about passing away and leaving a considerable amount to your family. In some life insurance policies, especially those with investment opportunities, owners can “borrow” or withdraw their earnings to cover natural disasters such as flooding.
Cost: around P1,000/month but also depends on the provider and type of policy. Please take note that life insurance policies are tailor-fit for each individual, based on many factors, such as age and health, among many others. For a quote, please consult a financial advisor.
3. For homeowners: FLOOD / TYPHOON INSURANCE
Non-life insurance for your home is necessary not only for the upkeep but also to ensure your financial security. In addition to your normal policy, coverage for “acts of God” or “acts of nature” are just as important as those for fire and theft.
Cost: Just like life insurance, home insurance is completely dependent on your home and the scope of your intended coverage. For a quote, please consult a non-life insurance company.
4. For car owners: CAR INSURANCE
Just like your home, auto maintenance and repair can put a dent in your budget if you have not set provisions in cases of flooding and other accidents.
Cost: Car insurance varies depending on your car’s model as well as your intended coverage.
5. For frequent travelers: TRAVEL INSURANCE
Flight cancellations are the bane of bad weather. Get a travel insurance that shoulders and even compensates delays and other inconveniences such as lost of baggage.
Cost: around P175 to PHP 1,000 for international trips but also depends on the provider and type of policy
Non-life insurance industry faces record claims – http://www.abs-cbnnews.com/business/09/28/09/non-life-insurance-industry-faces-record-claims
‘NCR cost of living almost triple minimum wage’ – http://newsinfo.inquirer.net/398567/ncr-cost-of-living-almost-triple-minimum-wage
Image credit: A Girl A Style