Home Insurance: Which Policy Should I get?

Home Insurance shouldn’t be considered a luxury, rather a necessity because it protects your home and belongings against unfortunate events such as fire, flood, fallen tree and theft. It covers the loss or damage to the building and its content.

In selecting a Home Insurance policy, you need to understand which one is best for you. There are two types of Home Insurance:

  1. Homeowners Insurance
  2. Householders Insurance.

Homeowners Insurance

As the name suggests, Homeowners Insurance is a comprehensive insurance package designed to cover damages done to a building by flood, fire or fallen tree and the content in the building such as furniture & fittings, jewelries, equipment and electronics.

Features of Homeowners Insurance

  1. It covers the cost of rent or the cost of getting an alternative accommodation in the case of fire.
  2. It covers the content of an affected building if they are taken out for repairs, cleaning, renovating, etc.
  3. It covers the replacement of stolen items.
  4. The spouse of a policyholder is automatically considered an insured under the Homeowners Insurance.

Householders Insurance

Unlike Homeowners Insurance, Householders Insurance policy is designed to meet the needs of the insured that doesn’t own a home but desires protection for their belongings. It indemnifies them in the case of damage to their belongings in the event of theft or fire.

Features of Householders Insurance

  1. It protects against damage caused by burst pipes, flood and earthquakes
  2. It provides financial compensation for items lost due to theft or fire
  3. It provides limited compensation for death of the insured due to fire or violent burglary
  4. It covers items stolen during a break-in

You don’t have to own a house to get Home Insurance. Whether you are a homeowner or not, Coronation Insurance has got you covered. Visit www.coronationinsurance.com.ng or call 0700342592742 to start your journey with us.

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