A question all aspiring homeowners should ask is when is the right time to take out a homeowner’s insurance policy. The straightforward answer is right after the construction and furnishing of the home is completed or right after a purchase.
In reality, it is very common for homeowners to defer this decision to a much later time, sometimes, years after purchasing or constructing their homes. One of the reasons for this could be the limitations to their cash flow at that given time. Nevertheless, this is actually the best time to accurately determine the value of a house.
Even if a person defers this decision to later, assessors can appropriately determine the value of the house at an additional cost to the homeowner. Waiting however, poses extra risks to the homeowner.
The purpose of insurance policies is to protect the policyholder from financial losses in the event of a catastrophic event. This is ultimately what home insurance policies are designed for – compensating homeowners the value of their loss in the event of perils such as storms, floods, fire, burglary and so on. Because these perils are unforeseen, the risks to the homeowner are lowered the earlier the insurance policy is taken out.
Taking out a homeowner’s insurance is therefore one of the most responsible and diligent acts a homeowner can do when building or purchasing a new house. Sacos offers the Householder’s Policy to meet the needs of homeowners in Seychelles. The policy covers both the building and contents of the house as per the reference of the policyholder. Aside from coverage from perils, it also indemnifies the policyholder against certain liabilities, with exclusions included therein.