Ghana Real Estate Glossary: Vol 11

real estate terminologies

“There are worse things in life than death. Have you ever spent an evening with an insurance salesman?” These are words of Woody Allen and in that light, Jumia House Ghana brings insurance terminologies in real estate.

Property Insurance

It is a policy that provides financial settlement to the owner or renter of a structure and its contents, in the event of damage or theft. Property insurance includes homeowners insurance, renters insurance, flood insurance and earthquake insurance.

Casualty Insurance

This covers a wide category of coverage against losses of property, damage or other liabilities like theft or accidents etc.

Hazard Insurance

This insurance protects an owner of a property against damages caused by fires or rainstorms or other natural disasters. The owner of the property receives reimbursements after the event has occurred and this covers the entire cost of the property.

Mortgage Insurance

When a person wants to acquire a property, mostly the buyer is required to pay 20% of the price but in cases where the buyer’s money is less than the 20%, he/she is required to get mortgage insurance. Therefore, a mortgage is a policy which protects a lender in instances where the borrower defaults.

Title Insurance

This is insurance policy found mostly in the United States of America which covers financial losses likely to be incurred due to flaws in the title of a real property or from an invalidity of mortgage loans. Title Insurance are paid by the borrower but protects the lender.

Commercial Real Estate Insurance

Insurance that covers any type of commercial property including that of businesses, factories, retailers, NGOs etc. They protect the properties against natural disasters, burglaries and fires.

Umbrella Insurance Policy

The umbrella insurance provides extra cover of security for individuals who are likely to be sued for damages they cause to other people’s property or injuries caused to others in accidents. They protect the owner against any breakages caused to property, slander and invasion of privacy. This policy is particularly beneficial to persons who have so many properties or very expensive assets and stand the chance of being sued.

 

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