- Home insurance is an often overlooked topic in Kenya.
- Many people perceive home insurance as expensive and view it as an unnecessary investment.
- Many people mistakenly believe that home insurance only covers theft, vandalism, personal property, and fires. This is far from the truth.
- Although home insurance is not a new concept, many Kenyans remain unaware of its benefits. As of 2022, the insurance penetration rate in Kenya was only 3%.
Home insurance is an often overlooked topic in Kenya, rarely crossing the minds of many. It’s simply not a priority for most people. This is as a result of the many myths around it. To dig deeper into this sentiment, we recently conducted a mini survey to find out what people think about home insurance. One response particularly caught our attention. John, who lives in Syokimau, shared his perspective: “I’ve been a tenant for several years, and nothing has ever happened to my home that would make me consider getting insurance.” His comment highlights a common attitude—why invest in something that seems unnecessary? This prevailing mindset raises important questions about the awareness and perceived value of home insurance in Kenya and there are so many myths that need to be debunked. Let’s get into the myths shall we?
READ MORE: Understanding the Vital Role of Home Insurance in Safeguarding Your Future
Table of Contents
Home Insurance is Expensive
Many people perceive home insurance as expensive and view it as an unnecessary investment that lacks priority. However, contrary to popular belief, home insurance can be affordable. Several providers offer excellent packages and flexible payment plans. For instance, BuyRentKenya, in partnership with M-Tek and IRA Certified Insurance Brokers, offers a home insurance plan starting at just Ksh. 8,579 per year, payable in four instalments. This demonstrates that with thorough research, affordable options can be found, challenging the notion that home insurance is out of reach for the average person
Home Insurance is not important
Although home insurance is not a new concept, many Kenyans remain unaware of its benefits. As of 2022, the insurance penetration rate in Kenya was only 3%. For home insurance specifically, the figure is likely even lower, as Kenyans tend to prioritise compulsory insurance like motor vehicle insurance, and some may opt for health insurance due to its critical importance.
Recently, Kenya experienced severe flooding in many parts of the country, resulting in significant property damage. This underscores the importance of having a home insurance plan. The old saying, “It’s better to be safe than sorry,” is particularly relevant when it comes to insurance.
READ MORE: 5 Reasons You Need Home Insurance – Getting Home Insurance in Kenya
Acts of God, like floods and earthquakes, are not covered
A common myth about home insurance is that it doesn’t cover acts of God, such as floods and earthquakes. Many people mistakenly believe that home insurance only covers theft, vandalism, personal property, and fires. This is far from the truth. In reality, most comprehensive home insurance policies do cover acts of God. For example, many providers include coverage for natural disasters, ensuring that your home and belongings are protected against a wide range of unforeseen events. It’s important to read the terms of your policy carefully and consult with your insurance provider to understand the full extent of your coverage. Dispelling this myth can help homeowners make more informed decisions and ensure they are adequately protected.
Insurance Companies Take Forever to Pay our or process Claims
A prevalent myth is that Insurance companies take forever to pay or process claims. This myth stems from a common perception of the industry in general, where a lot of people have complained about this issue. Reputable companies however have streamlined their claims processes to ensure efficiency and customer satisfaction.
Advances in technology have further expedited claim handling, allowing for quicker assessments and faster payouts. Many insurers also provide clear guidelines and dedicated support teams to assist policyholders through the claims process. While delays can occur in complex cases, they are the exception rather than the rule. It is essential for policyholders to maintain accurate documentation and promptly provide any requested information to facilitate a smooth and timely claims process.
READ MORE: Step by Step Guide on Home Insurance
Conclusion
In conclusion, addressing the myths surrounding home insurance is crucial for increasing its adoption in Kenya. By educating the public on the affordability, importance, and comprehensive coverage of home insurance, we can shift perceptions and encourage more people to protect their homes. Moreover, highlighting the efficiency of modern claims processing can build trust in insurance providers. Ultimately, a better-informed public will be more likely to prioritise home insurance, leading to greater financial security and resilience in the face of unexpected event
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