Is your property insured?
A HOME is one place where everyone feels peaceful. After a day’s hard work, home is the way to go. Despite living in an unpredictable world, many homes in Uganda are not insured.
BY OYET OKWERA
A HOME is one place where everyone feels peaceful. After a day’s hard work, home is the way to go. Despite living in an unpredictable world, many homes in Uganda are not insured.
Since fire is the commonest calamity that befalls property, insuring property is imperative because for many people, the home is a place where they live, raise children and spend much of their life yet it is also an investment.
So the home owners’ insurance is a must for a house owner. If you want to take a bank loan to purchase a house, you will have to get home insurance because banks have to be sure that the property is protected against fire.
Josephine Anguma, the communications manager of the National Insurance Corporation, says property insurance can be arranged through a named peril or open peril.
Named peril requires the actual cause of a loss to be listed in the policy of insurance. For instance, fire, flooding, earth quake, windstorm and hailstorm among others. Open peril covers all the causes excluded in the policy.
The different types of property insurance include; business property, commercial, home, personal and landlord property.
Aguma says even landlords are advised to insure their property nowadays because some tenants are careless. “Besides problems with tenants, landlords, as any other owner, can face other problems that may cause loss or damage of property,†says Aguma.
She adds that landlords should take out a house owner’s cover against the building offering cover against fire, earthquake, and special perils.
One can also take a fire and special perils insurance cover. If the property has generators, lifts and other machinery, Aguma says a machinery breakdown policy should be undertaken.
Many insurance companies have commercial property insurance which covers high value property such as buildings, machinery and equipment and stock in trade.
Benefits of insurance
Aguma says insurance guarantees financial protection against property following an accident or loss.
“Companies and other large enterprises that are insured do not have to tie up funds in reserves anticipating losses but can use that capital in a more productive way,†she says.
A HOME is one place where everyone feels peaceful. After a day’s hard work, home is the way to go. Despite living in an unpredictable world, many homes in Uganda are not insured.
Since fire is the commonest calamity that befalls property, insuring property is imperative because for many people, the home is a place where they live, raise children and spend much of their life yet it is also an investment.
So the home owners’ insurance is a must for a house owner. If you want to take a bank loan to purchase a house, you will have to get home insurance because banks have to be sure that the property is protected against fire.
Josephine Anguma, the communications manager of the National Insurance Corporation, says property insurance can be arranged through a named peril or open peril.
Named peril requires the actual cause of a loss to be listed in the policy of insurance. For instance, fire, flooding, earth quake, windstorm and hailstorm among others. Open peril covers all the causes excluded in the policy.
The different types of property insurance include; business property, commercial, home, personal and landlord property.
Aguma says even landlords are advised to insure their property nowadays because some tenants are careless. “Besides problems with tenants, landlords, as any other owner, can face other problems that may cause loss or damage of property,†says Aguma.
She adds that landlords should take out a house owner’s cover against the building offering cover against fire, earthquake, and special perils.
One can also take a fire and special perils insurance cover. If the property has generators, lifts and other machinery, Aguma says a machinery breakdown policy should be undertaken.
Many insurance companies have commercial property insurance which covers high value property such as buildings, machinery and equipment and stock in trade.
Benefits of insurance
Aguma says insurance guarantees financial protection against property following an accident or loss.
“Companies and other large enterprises that are insured do not have to tie up funds in reserves anticipating losses but can use that capital in a more productive way,†she says.