From our 15 years in the insurance industry, it’s evident that many Kenyans do not take the necessary precautions to insure their homes against unexpected setbacks such as theft, fires, injury of domestic workers or natural disasters. The financial repercussions of not safeguarding the home from these unexpected events could cost an arm and a leg to simply replenish the lost items or to pay for any damages in the home. Payments out of our pockets could set any family back or even worse see them lose their home.
The main question that may pop up in the minds of many is; why insure your home or the valuables within it? The answer is very simple, to transfer risk. Just like all insurance products, home insurance allows you to transfer financial risks from yourself to an insurance company in the event of unexpected events. With this in mind, we should take all measures possible to secure our property.
The insurance premiums that we pay enable insurance companies to come in and cover the cost of lost/stolen/damaged items. The perceived cost of insurance may often scare many away yet the insurance premium can be split into monthly instalments thus reducing the financial burden.
Home insurance has been offered by a variety of insurance companies for many years with very few Kenyans purchasing it. Home insurance can be purchased by any home occupier whether they are renting or living in a house that they own. However broad awareness on its importance and what it actually entails is now on the rise as more Kenyans are protecting what they value most which is their homes.
There is a world of benefits that a person can obtain while under the cover. Users are compensated in the event of accidental death or injuries to domestic employees, riots or strikes, malicious damage, bursting or overflowing water tanks, apparatus or pipes among others.
Furthermore, it covers loss or damage to personal belongings like furniture, household goods, and electrical equipment. Other personal items such as electronics e.g. laptops, phones, cameras and jewelry are also replaced if they are stolen. The insurer or their agent’s duty is to help you make an informed decision by giving you more details on the different areas offered under this cover. It is important to correctly identify what is covered under different insurance packages in order for you to select an appropriate package for your home. Make sure to acquaint yourself with the terms and conditions, otherwise known as exclusions, before making any purchase.
If an accident or incident takes place, appropriate steps must be taken in order to appropriately claim from your insurer. Report the loss to the nearest police station and obtain a police abstract, after which notify your insurer of the loss and submit all relevant documents as per the claim form that they shall provide you with. Await the rightful claim process and sign the discharge voucher the insurer issues to you if acceptable. The claim is paid within a few days after signing of the discharge voucher; it will take exactly 7 days here at Resolution Insurance.
A home is a very valuable asset that one works tirelessly to put together, a home is a place where a family can make unforgettable memories while seeking shelter and comfort. Home insurance brings peace of mind to families because they do not have to worry about the replacement of their assets as a result of any damage or loss.
The insurer steps in to help the family restore or replace any assets that had been insured. Having insurance helps the family to support those employed in their home should any accidents befall them by taking care of their financial needs or to provide a lump sum to the worker’s family should loss of life occur. At Resolution Insurance we believe that insurance contributes to the financial prosperity of any family or business and home insurance is no exception.
By Resolution Group CEO, Peter Nduati.