Why is home insurance very important for a homeowner?

Home insurance is one of those products that you are either very familiar with or do not know much about.

Unlike motor insurance, a homeowner is not legally obligated to have home insurance; and, unlike life insurance, a homeowner does not receive the premiums paid in lump sum when the policy term ends. For some therefore, home insurance is one of those products considered as unnecessary- an additional burden to the household budget.

In fact, much like car insurance, a homeowner would only ever need to pay the premium annually. When the policy term ends after a 12-month period, a policyholder has to renew their insurance policy or risk a lack of coverage if it lapses.

Fires do not discriminate on neither the time nor day of their occurence. It does not target homes based on their (lack of) insurance coverage, which by the way, neither do burglars!

Yet, it helps to have home isurance when either occurs. The structural damage caused by a fire can take years of savings and loans to repair, renovate abd rebuild. On top of this, invaluable personal items have been lost, such as art, jewellry, bags, shoes, clothing and household items such as electronic goods – fridge, washing machine, TVs and computers/laptoos. The list is endless.

A homeowner cannot gamble on the idea that the government or the local community would repair or replace what was lost. After all, so many other people are on a long waiting for their first home or land.

Home insurance provides coverage against this very dilemma. It covers the house, including the building and/or contents, in case a fire breaks out. More than that, it also covers against damage caused by floods, storms, burglary and others. The homeowner is also provided with legal protection in case a third person is hurt on their property.

A homeowner would not have to worry how to finance the rebuilding and repairs or how to replace lost content. The Sacos Householders Insurance will provide compensation in the event of fire, burglary or other perils mentioned in the policy.

With the compensation received, it will then be at the homeowner’s discretion how and when they finance the reparation or rebuilding of the house At Sacos, we insure the market value of your home to ensure that your asset is not underinsured.

For more information on the Householders Policy, contact us on 429 5000 or send an email to general@sacos.sc. You can also request a quote via our website.

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