04 Apr 2022

 Despite spending millions of Pula acquiring homes and household property, the thought of obtaining household insurance never crosses minds of many home owners .
Losing property due to disasters such as fire and floods can be devastating and costly hence the need to always prepare for such unfortunate incidents.

Botswana Insurance Company (BIC) Group Chief Executive Officer, Mr Newron Jazire told BOPA in an interview that home contents insurance, also known as householders' insurance, was availed to anyone who wished to have protection for the items in their home against natural disasters, theft and it specified risk exposures as per the policy.

Mr Jazire said ordinarily, ‘contents’ were the possessions in a private dwelling that an individual owns or is responsible for, including those of their immediate family members (spouse and children).
“These include, but are not limited to, decorative accessories like cushions, and curtains, furniture; electrical devices; clothes, and ornaments, bedding, kitchenware: pots, cutlery, etc.”, he said.
Moreover, he said one’s house contents and personal effects were covered against loss or damage due to theft, fire, lightning, storms, malicious damage, bursting or leakage from water apparatus and floods.

Mr Jazire highlighted that items were insured for their replacement value and the cover was limited to a specified residential address.
He said that it was imperative to notify the insurer of any changes to the cover (when owners dispose of other items or buy more) or change of residential address.

"Botswana Insurance Company can offer this type of cover as a standalone policy or it can be combined with buildings (house owners) insurance, the purchasing decision lies solely on the client as the cover is availed to those who own houses and tenants alike," he said. He said prices can range from a minimum of P300 bundled with other covers and a minimum of P1000 if the cover was taken alone.
This cover comes with free benefits at no additional costs, with specified limits for each, he said.

“These include accidental damage to television sets, contents belonging to a guest that was temporarily residing with the beneficiary, and loss or damage of keys and locks, whilst the insured goods were on transit, and liability to the public for any damage that may arise within your residence that you may be held legally liable for up to a specified limit,” he said. ENDS