MANILA, Philippines — MyTown, the country’s first and largest co-living community which is under Philippines Urban Living Solutions (PULS), has partnered with BDO Insurance Brokers Inc. to provide renters’ insurance for the peace of mind of all its tenants.
Insurance companies in the US and Europe have long offered renters’ insurance as part of their standard product portfolio, and coverage is a mandatory requirement for many property developers and owners there. Despite the benefits it offers to young professionals and renters in general, renters’ insurance in the Philippines is not a common consideration by landlords.
MyTown’s renters’ insurance will now provide coverage to thousands of tenants in its co-living community against theft, injury and liability, including the coverage of expenses of temporary accommodation in the case of an unexpected calamity. This goes beyond standard local property insurance products, which mainly cover the building or condominium itself.
“We aim to make our tenants feel assured and at home in MyTown and to continue to be a leader in co-living. Introducing the sector to renters’ insurance helps us further that dual mission. It’s another way we hope to show our dedication and support for the well-being of each individual who makes up the amazing community inside our buildings. We’re glad to have found a partner in BDO Insurance who was willing to share our vision and offers this product to PULS” said Jelmer Ikink, PULS group director.
“We are grateful for this pioneering partnership with MyTown in providing renters’ insurance. This product of BDO Insurance applies also to wider residential property market; whether someone is renting a house, an apartment, or a co-living space. It is beneficial to both the lessor and the lessee that neither party is disadvantaged in case of an unexpected situation.” Tracy Tan, general manager of BDO Insurance, added.