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Grow your money

September 14, 2018

The Cost of Being Prepared for Typhoon Season

It's not as costly as you think

Typhoon season is here. We may be facing flooding and possibly related emergencies such as blackouts and evacuation. 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 • medicines • clothes to protect from cold and the rain
  • trash bags that can serve as raincoat and/or blanket
  • transistor radio
  • flashlight
  • extra batteries for cellphones and other critical gadgets

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.

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 from lost of baggage to medical emergencies.

Cost: It varies depending on the coverage, destination, and travel period.

Sources:

Non-life insurance industry faces record claims 

‘NCR cost of living almost triple minimum wage’

 

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