Acts of God Clause in Home Insurance: Is My Home Covered?

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acts of god

Typhoon Ondoy taught us that even residential areas in Metro Manila that we thought were flood-proof can get devastated by floodwaters given a large amount of rain. For this reason, you need to make sure that your home insurance policy covers “Acts of God” or “Acts of Nature”, which means that they are liable for natural phenomena like floods, lightning strikes, earthquakes, and other freak natural occurrences that can’t be prevented. In the event that your home gets damaged by a flood or similar nature, you can get your insurance provider to compensate for the repairs.

During disaster-free years, you might get the impression that paying for home insurance and the additional costs of the Acts of God clause are a waste of money. After all, the very nature of the Acts of God clause is that these natural disasters are unpredictable and unexpected. You may not think of your street as flood-prone, but you never know. It’s best to stay protected and stay covered because you may regret being under-insured in the future.

So the next time you speak with your insurance provider, make sure it is clear what situations are considered to be an “Act of God.” Ask them to be very clear about what specific natural disasters are covered by your insurer so that you can have the peace of mind knowing that all will not be lost during freak occurrences.

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How to Clean Up After a Flood

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clean up after a flood

Last weekend, a number of residential neighborhoods in Metro Manila had to contend with the worst flood in 50 years. Now that Typhoon Ondoy has passed, those who were affected by the flood are now busy cleaning up the house and their personal belonging. Here are some tips and techniques for cleaning flooded items and sanitizing the house after a flood.

General cleaning

  • Before anything else, talk to your insurance agent and ask if your insurance covers Acts of God like floods and earthquakes. List down the damage and take photos of the house to help your insurance company assess the situation.
  • Remove as much mud as you can from the floors and walls, then use a hose to wash the surfaces.
  • Using an anti-bacterial, all-purpose house cleaner, disinfect every surface and piece of furniture. It’s important that your house cleaner have anti-bacterial properties because floodwaters are teeming with pathogens and bacteria.

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    Avoid Getting Rejected for a Pag-Ibig Housing Loan

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    There are thousands and thousands of borrowers that apply for a Pag-ibig housing loan, but not everyone gets their application approved. Here are some of the common pitfalls of applying for a Pag-Ibig housing loan, and how to avoid getting your application denied:

    1) The amount on the Deed of Absolute Sale is less than the approved loan. The amount on the deed should never be less than the approved loan.

    2) Applying for a loan to buy a property that has an encumbrance like mortgages, recorded abstracts of judgment, deeds of trust, unpaid real property taxes, easements, mechanic’s liens, and water or timber rights. All encumbrances are on record with the Recorder of Deeds or County Recorder. Before you execute the contract, verify with the Home Development Mutual Fund (HDMF) if the property is acceptable to Pag-Ibig.

    3) Improvements outside the house are not part of financing. Consult Pag-Ibig before you pursue the construction.

    4) Loans get rejected if part of the bills of materials were reduced (e.g. the flooring and ceiling were deleted) just so it will fit the loan granted for construction. Simply follow the bill of materials evaluated by the HDMF.

    5) When borrowers who are separated from their spouse apply for the loan without the signature of the husband or wife, the loan will get rejected. The spouse or wife should present legal separation papers before Pag-Ibig can accept the loan application.

    Other than Pag-Ibig Fund, there are other institutions that offer home financing like the Social Security System, the Government Service Insurance System, and the Land Bank of the Philippines. For further inquiries on Pag-Ibig housing loans, call the Pag-Ibig hotline at 724-4244.

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    Real Estate Experts Help OFWs in Saudi Own Homes

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    house in the philippines

    Aside from sending their children to school, owning a house in the Philippines is one of the main reasons Filipinos choose to work overseas. However, many of our OFWs have faced bad experiences trying to buy property in the Philippines because of unscrupulous land developers who try to cheat them.

    To prevent this from happening, a team of real estate experts from Ayala Land will be flying to Saudi Arabia this week to provide assistance to OFWs who are looking to buy their own homes in the Philippines. The Ayala Land team, made up of Edgar Malibay, Bob Bayona, Ryan Data, Alex Encarnacion, and Leejay Gonzalez, will be at Riyadh from August 9 to August 18, and in Jeddah from August 18 to September 14.

    This Friday, August 7, the team will be speaking to the Filipino community at the Mohamed Dossary Hospital auditorium. On August 14, Rex Ma. Mendoza, Ayala Land’s Senior Vice President for Corporate Sales and Marketing will be speaking at the Dajen Restaurant along Khurais Road near exit 26. Topics include wealth management so OFWs can protect their hard-earned money and make it grow through investing in real estate. The same talk will also be held on August 21 at the Ramada Hotel in Jeddah.

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    Anvaya Cove is One of the World’s Greenest Resorts

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    anvaya cove

    It’s good to know that our real estate developers care about our environment and place a lot of importance on sustainability and wildlife preservation. Ayala Land Premiere’s latest development, the high-end beach and country club
    Anvaya Cove, has been recognized by New York-based Hospitality Design Magazine as one of the most sustainable real estate projects in the world. The coveted HD Awards program receives over 300 entries from luxury hotels, resorts, and spas, and Anvaya Cove, with its Asian tropical architecture, was chosen as a finalist in the Green/Sustainable project category.

    According to the resort’s senior architect Manny Illana, the planning of Anvaya Cove was centered around sustainable environmental principles, with protecting the physical environment of the site as top priority. Roadways were designed to avoid mature trees, lighting fixtures were chosen so that the wildlife doesn’t get disoriented, and amenities were created so its guests and residents can enjoy the natural beauty of the place while promoting conservation. The resort was built in a forested foothill filled with mango and narra trees, but the developers left the natural groves of trees untouched, even though it could have brought them more lease opportunities. In fact, Ayala built a 10,000 sqm Mango Grove Park in order to protect the tall, 50-year old mango trees. They also took efforts to preserve an area where eagle owls and sea turtles nest, and an elevated pond in a secluded cove has been declared a sanctuary of local mallard ducks.

    Lots are selling for as low as P3.8M, and townhouse type units are selling for P16M. For more information, contact Antonio P Reyes at (0918) 333-35-75, (0916) 675-36-89, or through his US phone number via VoiP at (317) 493-5744.

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    Philippine Real Estate Festival 2009

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    Despite the global financial crisis, the country’s real estate sector has remained resilient and stable, and there’s no better time to invest in Philippine real estate than now. This is the thrust of the 2009 Philippine Real Estate Festival happening this weekend, July 23 to July 25, 2009 at the World Trade Center in Pasay City. Over 200 real estate developers, contractors, lending institutions, and professionals will be present to provide investors and first-time buyers with opportunities to choose from a variety of properties. With the help of experts and real estate professionals, potential buyers and investors can see why the Philippines is a smart choice for global and local investors.

    Participating in the Philippine Real Estate Festival are the country’s leading developers like Ayala Land, Robinsons Land Corp, SM Development Corp, Sta. Lucia, Highlands Prime, Filinvest, Fil-Estate, DMCI, Syntech Properties, Megaworld, Nuvo Land, Shang Properties, and Vista Land. Besides seeing what these developers have to offer, there are also two panel discussions on the theme “Property tourism: Why should smart global investors take a look at the Philippines.” Moderating the panel discussions are former National economic and Development Authority director Cielito Habito and Biznews Asia editor-in-cheif Antonio Lopez. Besides learning from the experts, the panel discussions are also a great way to network with big names from the business and finance, like Philippine Chamber of Commerce and Industry President Edgardo Lacson, Federation of Filipino-Chinese Chamber of Commerce and Industry President Alfonso Uy, Federation of Indian Chambers of Commerce Philippines President Ram Sitaldas, and United States Ambassador Kristie Kenney.

    The Philippine Real Estate Festival 2009 kicks off at 10:30 am on June 23 with opening remarks from the chairman Ms Rosemarie Basa, and a speech from guest of honor President Gloria Macapagal-Arroyo. For more information, check out the website of the Philippine Real Estate Festival at http://www.prefestival.com.