Invest In Home Insurance To Protect Your Property
Leading property portal looks at the importance of home insurance
Home ownership is almost always a costly exercise. The result is that insurance is often seen as an unnecessary expense, leaving property owners vulnerable when misfortune strikes.
However, insurance will give you peace of mind when problems occur, shielding you from financial difficulties and unplanned expenses in the event of a fire, robbery or other incidents.
Lamudi Kenya Managing Director, Dan Karua, said: “People need to realize the importance of home insurance. Many owners regret when problems arise at home and they have to incur the expenses of recovering the lost or damaged properties. At Lamudi, we encourage people who are buying property to always investigate their insurance options.
House hunters and property owners need to understand what kind of policies are out there and choose them appropriately. This will give you a safe haven when issues arise.”
To help property buyers choose an insurer that’s right for them, Lamudi has put compiled a guide to the key elements covered by home insurance policies in Kenya.
The property structure:
Home insurance covers the entire building when it is damaged. Depending on the policy you have chosen, the insurance covers the repair costs after the house has been burned down or brought down by floods. Some policies can also pay for council approval fees, surveyors and architects if the building needs to be reconstructed.
In case of fire or theft, home insurance will cover the cost for replacing your belongings. You need to take an inventory of your household items in advance for easier claiming purposes from the insurer.
Domestic workers are also included in the home insurance. According to the Workers Injury Benefits Act (2012) you are obligated to pay your worker if they are injured in your premises. The Act stipulates that when a domestic worker dies or is injured, the employer should pay compensation of eight years’ salary. Accidents do happen and it is important to cover yourself from the costs that will be incurred when it happens.
Home insurance is a requirement for those looking to get a mortgage. The lender needs to protect themselves in the event the homeowner cannot make their repayments and for this reason, they demand an insurance policy. In the event you are not able to repay your mortgage when a problem occurs with the problem, the insurer will make the repayments for you.
Launched in 2013, Lamudi is a global property portal focusing exclusively on emerging markets. The fast-growing platform is currently available in 31 countries in Asia, the Middle East, Africa and Latin America, with more than 600,000 real estate listings across its global network. The leading real estate marketplace offers sellers, buyers, landlords and renters a secure and easy-to-use platform to find or list properties online.
Africa Internet Group introduces and accelerates the online shift in Africa – for its people and its culture. It is committed to running successful and vibrant internet companies which boost the evolution of African online culture. AIH is the parent group of nine successful and fast-growing companies in more than 20 African countries, accounting for over 3000 staff. AIH cares about entrepreneurship and brings together all the key elements required to build great companies: team, concept, technology and capital. Its network of companies includes JUMIA, Kaymu, Hellofood, Lamudi, Carmudi, Zando, Jovago, Lendico and Easy Taxi.