Many people dismiss the necessity of home insurance. There is a general tendency to view insurance as an imposed expense, such as in the case of motor insurance or as just a life savings option, such as Life Assurance. While both are absolutely useful, home insurance is also one of the most important types of insurance in a person’s life.
What is Home Insurance?
Home insurance is an insurance product which is designed to protect your house and its contents, against damage caused by perils such as flood, fire and burglary, amongst others.
What are the benefits of Home Insurance?
A home insurance reimburses the policyholder the cost of the damage caused, within the limits of the value of the sum assured. This provides the policyholders with a protection for their assets in case of unforeseen perils.
For example, if a fire damages the floors, walls and other fixtures, as well as the contents of the household, the policyholder can make claims against the sum insured for the house. This is dependent on the type of policies taken out. A building insurance cover provides cover against damage to the building and some fixtures of the house. A content insurance cover provides cover against damage or theft of to the valued contents of the household.
A policyholder would get better coverage if they opted for both types of covers.
One of the most clear-cut benefit for the policyholder is the protection against meeting the cost of the damage out-of-pocket. Once the compensation is paid out, the policyholder can start the process of rebuilding with less financial constraints.
Who can take out a home insurance?
Anyone who owns a home or rents an apartment or house can take out a home insurance. The Home Insurance has two types of policies – one covers the building and fixtures of the house and the second covers contents of the home. A homeowner can and should ideally take both covers. A landlord can take out a building cover and a renter (tenant) can take out a contents cover.
Tell us more about the Home Insurance Promotion
As part of our #Sacos40 anniversary, we are running two promotions for Home Insurance – one for existing customers and one for new customers.
For existing customers, Sacos will choose 10 lucky winners to win 4 years FREE insurance coverage for a sum assured up to SCR2 million. Any existing customer whose coverage has recently expired or will expire during the month of August, should renew the policy by 31 August 2020. For new customers who takes out a Home Insurance during the month of August, Sacos will provide 40 days free coverage to the new client.
Watch the video advert here! https://www.youtube.com/watch?v=RckZOr9tvlQ