Home Insurance

Obviously, insurance only comes into play the day you have a claim. And even though you may never have one in your life, which we hope you won't, it would not be wise to do without it. Indeed, the amounts involved in the event of a claim can be very significant, which is why the law provides for many cases in which home insurance is mandatory.

Philippine, our educational expert, explains everything there is to know about comprehensive home insurance, so that you know what it consists of and the events it covers.

As its name indicates, home insurance is used to insure your home. In concrete terms, this means that in the event of a disaster - an accident causing damage - the insurance will be there to support you, compensate you and/or restore your home. In order to offer you a complete coverage at a fair price, different protections exist depending on your profile:

• Home owner insurance
• Home insurance for tenants
• Home insurance for students
• Non-occupying owner insurance

But also according to your type of housing:

• House insurance
• Flat insurance
• Flat sharing home insurance
• Second home insurance

• General risks: Without insurance you won’t be compensated for damage to your property. If your property causes damage to third parties or their belongings—such as shared areas in an flat building or a neighbor’s home—you’ll need to cover the costs for repairs and compensation out of pocket.
• For tenants: If you lack insurance you may risk eviction. A landlord may start eviction proceedings if you fail to provide proof of coverage or refuse to purchase it (this must be stipulated in the lease). Moving into a new place? The landlord can refuse to hand over the keys if you aren’t insured.

The financial impact can be significant, which is why insurance is mandatory in many situations—and strongly recommended in all cases.

Basic Coverage or Comprehensive Home Insurance?

• Basic coverage often includes civil liability (included in all our options) and protection against events like fire, explosion, and water damage. For tenants, this is typically referred to as “rental risk coverage.”
• Civil liability insurance covers you if you cause harm to others, such as injuries caused by a fire that started in your home or water damage affecting the building's shared spaces.

It doesn’t cover your belongings, personal injuries, or other incidents like burglary, broken windows (with glass breakage coverage), or locksmith services. Comprehensive home insurance, which offers broader protection, is highly recommended.

Luko: Affordable Home Insurance

Looking for essential coverage at a fair price?

• Competitive pricing: Our premiums are, on average, 15% lower than those of traditional insurers for equivalent coverage. As an online-only provider with no physical branches, we minimize operational costs to offer you more affordable premiums.
• Quick reimbursements: Thanks to tools like video claims assessments, we process claims twice as fast as the industry average, so you can move on quickly.
• Instant coverage: Get insured and receive your certificate in just 2 minutes. No complicated jargon—our policies are clear about what’s covered and what isn’t.
• Accessible support: Our customer service team is available daily, including evenings and weekends. Get responses in under 2 minutes via chat, no waiting on hold.

Several factors influence the cost of your home insurance:

1. Your profile: Are you a tenant or homeowner? Do you live alone or with others? Is it a shared household?
2. Property specifics: Is it your primary or secondary residence? Is it a house or an apartment? Where is it located, and what’s the floor area? Does it have features like a fireplace?
3. Optional coverage: What’s the total value of your belongings? Do you have high-value items (e.g., jewelry, artwork)? Would you prefer a lower deductible?

Tips to Lower Your Premium

1. Review your coverage: Check if you’re paying for unnecessary options. For example, if you always unplug electronics during storms, you might not need electrical damage coverage.
2. Adjust your deductible: A higher deductible lowers your monthly premiums. Just ensure it’s an amount you can comfortably afford if needed.
3. Opt for online insurance: Companies like Luko offer competitive rates by reducing costs associated with physical branches, without compromising on coverage quality.

General claims process:

1. Check your policy:
2. Review your policy to confirm coverage for the event, including:
3. Applicable deductibles (amounts you’ll pay out of pocket). Coverage limits. Exclusions or conditions that may affect your claim.
4. Report the claim:
5. Notify your insurer through their preferred channels—online, via mobile app, phone, or mail. For theft or burglary, file a police report within two business days before contacting your insurer.
6. Gather supporting documents (e.g., receipts, photos) to ensure a smoother process.
7. Claim assessment:
8. An insurance claims handler will review your case and an independent expert may visit to evaluate the damage. Avoid starting repairs until you’ve received confirmation from your insurer as this could impact your reimbursement.
9. Compensation:
10. Depending on the claim, your insurer will either send a professional to handle repairs or provide financial reimbursement.

With the Hamon Law (2015), you can cancel anytime after the first year. Simply send a cancellation letter, or let Luko handle the switch for you when you sign up with us.

Obviously, insurance only comes into play the day you have a claim. And even though you may never have one in your life, which we hope you won't, it would not be wise to do without it. Indeed, the amounts involved in the event of a claim can be very significant, which is why the law provides for many cases in which home insurance is mandatory.

Philippine, our educational expert, explains everything there is to know about comprehensive home insurance, so that you know what it consists of and the events it covers.

As its name indicates, home insurance is used to insure your home. In concrete terms, this means that in the event of a disaster - an accident causing damage - the insurance will be there to support you, compensate you and/or restore your home. In order to offer you a complete coverage at a fair price, different protections exist depending on your profile:

• Home owner insurance
• Home insurance for tenants
• Home insurance for students
• Non-occupying owner insurance

But also according to your type of housing:

• House insurance
• Flat insurance
• Flat sharing home insurance
• Second home insurance

• General risks: Without insurance you won’t be compensated for damage to your property. If your property causes damage to third parties or their belongings—such as shared areas in an flat building or a neighbor’s home—you’ll need to cover the costs for repairs and compensation out of pocket.
• For tenants: If you lack insurance you may risk eviction. A landlord may start eviction proceedings if you fail to provide proof of coverage or refuse to purchase it (this must be stipulated in the lease). Moving into a new place? The landlord can refuse to hand over the keys if you aren’t insured.

The financial impact can be significant, which is why insurance is mandatory in many situations—and strongly recommended in all cases.

Basic Coverage or Comprehensive Home Insurance?

• Basic coverage often includes civil liability (included in all our options) and protection against events like fire, explosion, and water damage. For tenants, this is typically referred to as “rental risk coverage.”
• Civil liability insurance covers you if you cause harm to others, such as injuries caused by a fire that started in your home or water damage affecting the building's shared spaces.

It doesn’t cover your belongings, personal injuries, or other incidents like burglary, broken windows (with glass breakage coverage), or locksmith services. Comprehensive home insurance, which offers broader protection, is highly recommended.

Luko: Affordable Home Insurance

Looking for essential coverage at a fair price?

• Competitive pricing: Our premiums are, on average, 15% lower than those of traditional insurers for equivalent coverage. As an online-only provider with no physical branches, we minimize operational costs to offer you more affordable premiums.
• Quick reimbursements: Thanks to tools like video claims assessments, we process claims twice as fast as the industry average, so you can move on quickly.
• Instant coverage: Get insured and receive your certificate in just 2 minutes. No complicated jargon—our policies are clear about what’s covered and what isn’t.
• Accessible support: Our customer service team is available daily, including evenings and weekends. Get responses in under 2 minutes via chat, no waiting on hold.

Several factors influence the cost of your home insurance:

1. Your profile: Are you a tenant or homeowner? Do you live alone or with others? Is it a shared household?
2. Property specifics: Is it your primary or secondary residence? Is it a house or an apartment? Where is it located, and what’s the floor area? Does it have features like a fireplace?
3. Optional coverage: What’s the total value of your belongings? Do you have high-value items (e.g., jewelry, artwork)? Would you prefer a lower deductible?

Tips to Lower Your Premium

1. Review your coverage: Check if you’re paying for unnecessary options. For example, if you always unplug electronics during storms, you might not need electrical damage coverage.
2. Adjust your deductible: A higher deductible lowers your monthly premiums. Just ensure it’s an amount you can comfortably afford if needed.
3. Opt for online insurance: Companies like Luko offer competitive rates by reducing costs associated with physical branches, without compromising on coverage quality.

General claims process:

1. Check your policy:
2. Review your policy to confirm coverage for the event, including:
3. Applicable deductibles (amounts you’ll pay out of pocket). Coverage limits. Exclusions or conditions that may affect your claim.
4. Report the claim:
5. Notify your insurer through their preferred channels—online, via mobile app, phone, or mail. For theft or burglary, file a police report within two business days before contacting your insurer.
6. Gather supporting documents (e.g., receipts, photos) to ensure a smoother process.
7. Claim assessment:
8. An insurance claims handler will review your case and an independent expert may visit to evaluate the damage. Avoid starting repairs until you’ve received confirmation from your insurer as this could impact your reimbursement.
9. Compensation:
10. Depending on the claim, your insurer will either send a professional to handle repairs or provide financial reimbursement.

With the Hamon Law (2015), you can cancel anytime after the first year. Simply send a cancellation letter, or let Luko handle the switch for you when you sign up with us.