It is believed that the most valuable physical asset that an individual will own is their home and its contents seconded by a motor vehicle or motor vehicles. Those who live in rented accommodation will generally possess furniture and other valuable belongings which can be damaged by fire, theft etc.
There is, therefore, a great need for proper insurance cover for such assets. Today’s homes have evolved and require more extensive insurance cover than that offered by the traditional houseowners and householders policies.
Malawi has seen the mushrooming of elegant and magnificent private dwelling houses filled with highly valuable items both in rural and urban areas. Motor vehicles have also become part of many homes.
In the same vein, the losses and damages caused by fire, theft and many other perils have also increased. The aggressive campaign by human rights activists has made our society more litigious which has increased demands for legal services and liability compensations. We are also aware that, proportionately, more accidents occur at home than any other place.
It is against this background that NICO General Insurance Company Limited has introduced the Homesure Insurance policy to cater for the requirements of the modern home.
Below is a brief outline of the Homesure Personal Insurance Policy compared to a traditional Houseowners, Householders, Motor Private and other insurance covers.
Apart from covering the private dwelling house and its contents, Homesure also provides covers for Personal Liability, All Risks, Motor Vehicles, Motor Cycles, Trailers/ Caravans, Pleasure Craft, Personal Computers, Personal Accident and Legal Costs. It goes beyond covering a house and its contents.
Loss of rent limit under Homesure is 25% of the sum insured on the dwelling house whereas under the Houseowners Policy the limit is only 10% of sum insured for the house.
Under Homesure there is cover for loss or damage to “Water-Pumping Machinery” up to the limit of MK50, 000. This cover is not available under Houseowners.
Homesure provides indemnity for loss or damage to property belonging to guests who are temporarily residing with the Insured. Limit is MK50,000.
Loss or damage to domestic workers property up to MK20,000.
Homesure provides cover for loss of personal documents caused by insured events up to a limit of MK10, 000.
Medical/ Veterinary Expenses are covered up to a limit of MK10, 000 per person or MK5, 000 per animal under Homesure.
Homesure provides cover for personal injury or death of the insured and family while in the insured dwelling house or its grounds.
Limit: MK50, 000 for persons under 18 years
MK100, 000 for persons between 18 and 76 years.
Homesure provides cover for damage to domestic ground telephone up to MK2, 000 per instrument.
Under Homesure, there is provision for indemnity for costs incurred in employing a security guard following loss or damage caused by an insured event up to MK10,000 any one claim. This facility is not available under Houseowners Policy.
Under Homesure, there is cover for loss of water by leakage whereby the Insured is responsible to pay the costs of such leakage.
Trauma cover up to MK10,000 e.g. in the event of hold-up hijacking, etc.
Transit cover up to MK50, 000 for household goods (to or from any place of purchase, repair or renovation provided the damage is caused by fire, collision or overturning.
Homesure provides cover for damage caused by insured perils to gardens (e.g. trees, shrubs and plants at the dwelling) up to MK50,000.
Much as the name suggests that this is a personal policy the corporate clients can arrange cover for their staff as a group and enjoy group discounts.
It is quite clear from this brief that the Homesure policy offers wider cover for the homeowners. It is also possible to convert the existing policies from say Houseowners and Householders to Homesure.
This policy is also convenient to the insuring public in the sense that the insured will have a single policy document to look at in any transaction. Chances of overlooking any one particular cover have therefore been entirely eliminated.