How to obtain home insurance in Ghana?

Home insurance is an insurance policy that pays out compensation to a policyholder in the case of an agreed upon damage to the policyholder’s private residence.

Due to the many unfortunate incidents that could happen to a person’s home and its contents, home insurance constitutes a cover for several items all insured with one periodic premium. Apart from covering contents of property it could also cover the liability of a policyholder to a third party relating to domestic incidents.

A home is one of the biggest investments anyone will make in Ghana. It makes sense therefore that one should protect against the myriad problems that could arise from owning a home. Some of these potential mishaps are fires, robbery and damage from storms. Having an insurance policy gives you the assurance that your investment will be restored should anything happen to it.

In Ghana, there is a requirement that commercial buildings should have fire insurance but there is no mandatory insurance that a private residence should have. However, if you intend to use your property to secure a loan then you need to have insurance for it.

There are currently many insurance companies in Ghana each with a unique offering of policies for protecting the home. Although some of them do not offer home insurance as a package in Ghana, it would still be possible to select from a list of policies such as fire and natural disaster insurance to form protection for your home.

Before you apply for home insurance in Ghana you should have a reasonable idea of the market value of your property and its contents. This is to ensure that the premiums you are going to pay to insure your home are reasonable taking into consideration the value of the property. Also, you should have a fair idea of the risks that you might be faced with in the area that you live. For example, if you live in a low-lying area then you know that you’re prone to floods and so you should get insurance that covers natural disasters as part of your insurance policy. If you’re already subscribed to security services from a security company then it may be less important to spend more money on burglary insurance.

Finally, when you have an idea of the market value of your property and the risks associated with it, then you can start looking for which insurance company best fits your risks and your budget. Do not be in a rush to make a choice about the insurer. Insurance brokers in Ghana are very persuasive and you may end up signing up for the first policy you are offered. Take your time, compare out the policies of at least five different insurance companies, be sure you understand the conditions attached to the policy and then make your decision. We at GhanaCompares.com can help you comparing. To sign up for a policy you may be required to provide proof of the ownership of the residence and some of its contents.

Insurance for property that you have most probably acquired at a great cost makes absolute sense. Unfortunately, many Ghanaians do not acquire a home insurance policy although there are several potential hazards that they may face. Do not be one of those left with nothing when misfortune strikes. Get started on insuring your home today.