- Insurance is not a big topic in Kenya.
- According to a report, Kenya is the 3rd lowest country with the least amount of Insurance penetration rate in Sub-saharan Africa.
- Before taking out home insurance, it is important to ensure that you take stock of your home’s unique characteristics, including its size, location, and contents.
- Understanding the different types of home insurance is crucial in helping you make an informed decision on what kind of insurance type you need and require.
Insurance is not a common topic in Kenya. Most people here actually acquire insurance only when need be or when there is no option. Look at car insurance for example, it is a requirement for anyone with a motor vehicle to have car insurance, and as such, anyone with a car has no option but to take it. According to statistics, Kenya only has a 3% insurance penetration rate. This makes Kenya, the country with the lowest number of people who are interested in insurance. According to a report, we are the 3rd lowest in Sub-saharan Africa. However, there’s hope on the horizon. BuyRentKenya in collaboration with GA Insurance and mTek Services is addressing this challenge head on by offering affordable and accessible Home and Domestic Insurance solutions.
Insurance comes in different forms. There are different types of insurance and today we will delve into Home Insurance.
Though not widely discussed, home insurance is a necessity. This is because of the inherent unpredictability of life. One is never really certain when trouble might come knocking. It could be a robbery, a natural calamity or even fire. As such, it is better to be prepared. In such circumstances, the saying, “prevention is better than cure” resonates profoundly, urging proactive measures to protect one’s properties and valuables .So how can one acquire home insurance?
Table of Contents
1. Assess Your Needs
Before taking out home insurance, it is important to ensure that you take stock of your home’s unique characteristics, including its size, location, and contents. Consider potential risks such as theft, fire, natural disasters, and liability issues. This assessment will help you determine the level of coverage you require.
2. Understand Policy Types
Home insurance policies come in various forms, each offering different levels of coverage. The types offered by our partners at GA Insurance include:
- Building Insurance: This protects the structure of your home and is the most common type of insurance.
- Contents Insurance: This is a cover for your home items.
- Renters / Landlord Insurance: Covers your liability as a landlord of the building or tenant of the building you are occupying.
- Domestic Help Insurance: This is cover for people you employ to work within your home.
Understanding the different types of home insurance is crucial in helping you make an informed decision on what kind of insurance type you need and require.
3. Identify a Good Insurance Provider
Once you’ve determined your coverage needs, it’s time to identify a good and reliable insurance provider with your best interests at heart. Ensure you understand what they offer, how good their turn around time and customer service is. Compare premiums, deductibles, coverage limits, and customer reviews to find the policy that best fits your budget and requirements.
4. Review Policy Exclusions and Limits
Before finalising your decision, it’s crucial to carefully review the fine print of each policy. Pay close attention to exclusions and limitations, including high-value items, specific types of damage, and coverage caps. Upon purchasing your home insurance package through the BuyRentKenya website, you’ll promptly receive a detailed policy document via email. This document provides a clear outline of what is covered and what isn’t, ensuring transparency throughout the process. Take the time to thoroughly understand the details of each policy, including its inclusions and exclusions. If any uncertainties arise, don’t hesitate to seek clarification by asking questions as needed.
5. Customize Your Policy
Tailor your home insurance policy to suit your specific needs by adding optional coverages or adjusting deductibles. For example, you may want to take the domestic insurance cover which includes natural calamities such as floods, if you live in a high-risk area, or increase your liability coverage for added peace of mind.
6. Maintain Accurate Records
Keep detailed records of your home inventory, including photos, receipts, and appraisals of valuable items. This documentation will expedite the claims process in the event of loss or damage and ensure you receive fair compensation.
7. Review and Update Regularly
As your life circumstances change, so too may your insurance needs. Periodically review your home insurance policy to ensure it continues to provide adequate coverage. Update your policy as needed to reflect changes in your home’s value, renovations, or lifestyle factors.
Conclusion
By following these steps and staying informed about your home insurance options, you can safeguard your most valuable asset and enjoy peace of mind knowing that you’re prepared for whatever life may throw your way. Don’t wait until it’s too late – protect your home and belongings today by purchasing our comprehensive insurance package through BuyRentKenya. Click here to get started!
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