You need Homeowners and Householder Insurance
- October 29, 2015
- Posted by: Admin
- Category: Blog
Picture theses scenarios and ask yourself, ‘Who is responsible for the loss’?
1. A learner driver trying to make a U-turn in front of your house and gbam… a large portion of the fence comes tumbling down…
2. You are a landlord and you come home after braving the traffic to discover that your tenants are very upset because their generator is stolen because the gate man left the gate unlocked…
3. You return to your lovely apartment from a family vacation only to find that a water leakage from the flat above has severely damaged your ceiling and home appliances…
HOMEOWNERS INSURANCE POLICY
Having a homeowner and Householder insurance policy is the most essential insurance policy any Landlord or tenant must have. Buying, building or renting a house or an apartment is usually a huge investment risk to undertake, and most homes these days are packed with gadgets and appliances. From washing machine/tumble dryers to dishwashers and PCs to home entertainment systems, the list is endless.
A homeowner insurance policy not only protects the house from damages, it also protects your belongings. This means that the policy should have a content provision in it which insures every item in your home up to the value of the policy.
It is important to mention that homeowner insurance is also a requirement for those who wants to take out a mortgage on their homes; this is because the lending institution wants to make sure that their collateral is protected so they require you to obtain a policy. Most of the time the lender wants you to cover the amount of your loan so if your house is destroyed, their debt is taken care of. Most lenders will require you to include your monthly premiums on your payments. This is then held in escrow and the bank pays for your renewal each year.
HOUSEHOLDER INSURANCE POLICY
The householder insurance policy on the other hand is designed to cover only the contents of private dwellings and it is usually by the taken out be the tenant occupying a house or apartment. As a tenant it is most advisable to take out a householder insurance policy because most landlords do not have a homeowner insurance policy for their houses. It is therefore important for a sitting tenant to protect their home content against such damage caused by fire, Burglary, flood and escape of water. Contents may include: furniture, household utensils, kitchen electrical goods, personal effects, jewelry and other valuables
It’s important to note here that most Homeowner Insurance policy does not extend to provide cover/protection for the properties and valuables of a tenant.
It is therefore essential for all Landlords and Tenants to have a good insurance policy on their home. This helps protect them from huge losses such as those described above.. To not have home insurance is taking a very high risk on your most valuable asset.
Give yourself peace of mind with a HOMEOWNER or HOUSEHOLDER policy from Standard Alliance Insurance Plc and be sure of an access to a rewarding life. Visit any of our branch offices nearest to you or send a mail request to email@example.com to get your policy today.