Why you need to insure your home

When one builds their home, they invest their hard-earned money. That is why it is painful, if one’s home is lost in tragic circumstances. Once you insure your assets, however, you are assured that should any awful event occur, insurance will come to your rescue

The day started like any other day for Mr and Ms Kayondo residents of Mutundwe, Kirinyabiggo in Wakiso. Only two months back, the couple had just had house warming, after struggling to save and put up a decent home. The couple had been renting for about 20 years. Unfortunately, tragedy befall them .

Tragedy strikes
On the material date, they both left their home as early as 6.30am to report for work but at around 10 am, Ms Kayondo received a call from her neighbour that their four-bedroomed house, had been gutted by fire. She immediately called her husband, both rushing home to endeavour save some of their property. The neighbours tried putting out the fire but all was in vain. Panic increased when efforts to have fire brigade at the scene became futile. Unfortunately, at the time fire brigade arrived, it was also alleged that there was no water. The house was now completely in ashes including the contents. There was nothing to easily identify. The cause of the fire to date in still not known.

Helplessness
As the couple watched their house burning down, it was increasingly becoming unbearable for Ms Kayondo. She later collapsed and was rushed to hospital where she got treatment. It was vivid that the clothes the couples were wearing at that time were the only ones that remained. Fortunately, the children were all in boarding school.

With the help of friends, neighbours and other well-wishers the family was assisted and they had to stay apart as a family for about two months, while rebuilding their house.

Double tragedy
Although the couple is privileged to be decently employed, they had never thought of buying insurance for their home nor their household contents. To many it never crosses our minds that our homes and the valuable assets there in, can be insured. In our setting, when you own a home, chances are high that it is the largest investment made in life. It’s therefore tear-jerking to watch your life long investment-your home- get shattered in just hours.

It is from such experiences which are not only mentally disturbing but also results into financial losses amounting to millions that demonstrate the need for insurance - for a home.
No one can reasonably predict the amount of loss let alone when it will occur. Just like death, many people would rather have such disasters happen to others but not them. After all, who would like such to happen to them? Instead of being burdened by such mind exhausting uncertainty, insurance provides some reasonably fine solutions which give peace of mind. Once you insure your assets you are assured that should such awful events occur, insurance will come to your rescue.

Insurance cover you can take for your home
You can get house owners, householders or house contents Insurance covers. This form of insurance cover is designed to protect an individual’s home against loss or damages to the house itself or the possessions in the home. It also provides liability coverage against accidents in the home or on the property.

Premium for this type of cover is pegged on exposure, which means the more comprehensive the cover is, the higher the premium. In addition premium varies depending on variables like your building’s construction, its exposure to hazards, its housekeeping practices, the presence or absence of fire-fighting equipment.

When you secure such a policy the insurance company will send an inspector who will look at your home, draw a quotation, and propose suggestions on how to minimise hazards to lower your premium payments. To keep costs down, it is advisable you install burglar alarms, fire extinguishers; smoke alarms, fire doors and a sprinkler system.

Securing insurance as a means of protecting your home and assets may not be the most thrilling subject, but it’s important for any landlord or new home owner and even buyers to plan or secure one. Home insurance is not a luxury.

editorial@ug.nationmedia.com