Home insurance in an insurance policy designed to compensate homeowners with the sum assured as per the conditions of their policy in the event of unforeseen perils such as fire, storms, flooding or burglary, amongst others.
The home insurance policy provides two types of coverage – the Building cover and the Contents cover.
The Building cover provides financial protection for damages to the wall, doors, windows, floors and roofs of the house, as well as some other permanent fixtures such as in-built cabinets and wardrobes.
The Content cover provides financial protection for damages to items the homeowner possesses within the home at the time the insurance is purchased such as furniture, electronics and jewelries.
A homeowner must ensure that the real value of their house is covered under the home insurance. If a house is underinsured, the homeowner will only receive a payout which falls within the sum assured when the policy was taken out. As such, any upgrades to the home must be declared with the insurance company at the earliest convenience.
In the event of an unforeseen peril, the homeowner risks having to bear the full financial burden of rebuilding their home. With an appropriate home insurance, this risk is minimised and shared with the insurance company. The homeowner then receives a payout from the insurance company and is able to substantially meet the cost of rebuilding a new home.
If you are interested in purchasing a home insurance, request quote for the Householder’s Policy from our website or send us an email (firstname.lastname@example.org) or call (2495000). If you take an insurance today, you can receive 10% discount on your insurance if you already have another insurance policy with Sacos and you will be automatically entered into a draw where you can stand the chance to win a free home insurance coverage for a sum insured of up to SCR2 million (terms and conditions apply).