Q&A: What Types of Insurance Do I Need for My Home?
Insurance is needed to receive reimbursements for a loss from a company or an individual. There are several insurance companies in Ghana that offer different insurances for life, travel, car, burglary, fire and property. In simple terms, insurance is the money (premium) one contributes to a particular company and in instances of loss or disasters, compensation is provided to that individual.
What insurances do I need to protect my home?
There is the homeowner’s insurance, which is one of the most popular on the market. It covers damage to the physical property as well as lawsuits that may arise when other people get injured on the property. A number of policies also cover accidents that may occur on the property.
There is also the renter’s insurance, which covers a renter’s property. What if your landlord has already insured his property? The landlord’s insurance may not cover your personal property, therefore, you need to insure your property against flood, vandalism or burglary.
Depending on the type of insurance cover or company you select, the policies may differ. You can also independently insure your property against fire or flood or burglary.
What will I need to insure my home?
You do not need so much. You can start by inquiring about the premium you will need to pay for your home. The amount will depend on the type of insurance you choose. If it is a home insurance, do not increase the value of the property as that will only increase the amount of money you will pay as your premium.
Again, different companies offer different products for each insurance hence the need to conduct a thorough search before settling on a particular company. Talk to as many companies as possible to find out which products they have on offer before settling down on a particular policy.
There will be a lot of paperwork involved, thus the need to prepare oneself adequately. Ask as many questions as possible if you do not understand anything. There may be some legal terms involved; speak to the professionals to clear all confusion and doubts.
What are the benefits of insuring your property?
As a homeowner, you cannot be too certain about disasters and when they will strike. This is the more reason you should insure your home against them. The Head of Corporate Affairs, Glico Insurance stresses that, “in other places such as Europe, every building has to be insured. So whether it is a private home or a public building, it has to be insured”.