By TKay Nthebe
What makes living in Lesotho special is that we get to enjoy and experience the picturesque landscape that is often covered in snow from as early as April annually – what we’ve come to term the “winter wonderland”.
Although the views are nothing short of inspiring, the bitter cold that often comes with it cannot be ignored, usually forcing us to switch on our heaters (paraffin, gas or electric) and fireplaces to keep warm. As a result, most people in Lesotho face the risk of fire damage that could burn down the dwelling house and the contents because of heaters and fireplaces left unattended. In this article, I will focus on the importance and benefits of domestic comprehensive insurance.
Domestic comprehensive insurance forms part of the financial plan’s risk management strategy that seeks to cover your house, contents and other valuables against damage or loss caused by fire, lightning, explosion, hail, snow and many other natural disasters. With domestic comprehensive insurance, the building for private dwelling, swimming pools, boreholes, boundary walls, fixtures and fittings are also covered.
Other benefits include cover against damage to the house should the geyser bursts and including the geyser itself. The house contents that can be covered are endless, and this depends on your possessions. This can consist of your television, stove and dining tables.
The question I always ask is, can your finances comfortably replace your house or property should they burn down? Can you afford to rebuild your house from scratch? By paying a premium (paid monthly, quarterly or annually) as shown in the table below, the owner can transfer this risk to an insurance company and get compensated should a disaster strike.
Much like other insurance covers discussed in earlier articles, it is important to understand the requirements and terms and conditions. To apply for domestic comprehensive insurance, you will have to provide a copy of the lease to insure the building. An inventory of your contents will be important if you want to insure the contents. This is to enable the insurance company to assess and determine the suitable level of cover. It is also important for you to fully disclose all the details to the insurance company to get the right cover for you.
As we approach the coldest season in Lesotho, make sure your house and household contents are covered against damage caused by the perils mentioned above. Speak to your insurance broker for suitable cover for your domestic comprehensive insurance. Take care of the important things and ensure you have peace of mind while enjoying the warmth of your house during this winter. Likhomo!
