Much has been said about the importance of purchasing a life insurance policy, but there are other important assets you own that also require ample insurance coverage.

Healthcare
With an environment becoming more and more unfit for healthy living, you can easily fall prey to all kinds of sickness. Accidents have also become part of everyday living. A major illness or a serious accident can wreck havoc on a family’s finances. It is necessary for each family to have some form of healthcare insurance to pay for medical bills and replace income lost while the insured is recovering. Don’t rely solely on your PhilHealth coverage because this is not sufficient, especially with sickness or injuries that require prolonged treatment and management.

Real properties
You work hard all your life to accumulate assets, most common of which is real property and it will probably take you many years to build your dream house. So that your world will not come crumbling down in case your dream house is gutted by fire, damaged by natural or man-made disasters or burglarized, you have to insure your house and its contents.

Vehicles
Although the government only requires a compulsory third party liability (CTPL) insurance coverage when you register your vehicle, you might want to consider getting a comprehensive insurance package for your car especially if you are accident-prone. This will give you coverage against theft, damage to your car, other cars and properties as well as bodily injury liabilities.

Business
The business you have painstakingly built can come to an abrupt end due to fire or other natural and man-made disasters. A wise entrepreneur should purchase an insurance policy, which at the minimum protects his business against property loss or damage, theft and burglary, and third-party claim for bodily injury and property damage.

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This article is from is MoneySense, the country’s first and only personal finance magazine. You can read more financial tips and stories at www.moneysense.com.ph.