NEWS
ESWATINI Royal Insurance Company (ESRIC) is committed to making home insurance affordable and accessible to everyone. Whether you live in a rural or urban area, own a traditional home or belong to a low-income household, ESRIC has insurance products tailored to meet your needs. Our goal is to protect your home, preserve your memories, and secure your future. No matter where your home is or how it was built, it deserves to be safeguarded.
Homeownership is a fundamental need for many, but with changing climate patterns and unpredictable weather, it has become increasingly important to protect our homes. ESRIC offers a range of property insurance options to secure homes across the country. Whether in rural or urban areas, ESRIC ensures homeowners are adequately covered, making insurance accessible to a broad demographic, including low-income earners.
ESRIC offers property insurance for homes constructed from various materials. These include bricks, concrete, tiles, iron roofs, thatched roofs, treated poles, and fabricated walls. Regardless of location—whether rural or urban—ESRIC provides comprehensive coverage to homeowners across the country.
A common question homeowners have is whether the insurance coverage differs between rural and urban properties. The good news is that ESRIC offers similar coverage for both. The primary factor that influences the coverage is the value of the home, which may vary depending on its size and location. However, the coverage itself remains consistent across all regions.
ESRIC assesses risk based on the same criteria for homes in both rural and urban areas. To ensure accurate coverage, ESRIC requires an evaluation report or up-to-date photos of the property, including images of all sides and the roof. This approach guarantees that every property is assessed fairly, regardless of where it is located.
ESRIC understands the importance of protecting traditional and informal homes. As long as a property is built using materials like bricks, concrete, tiles, iron roofs, treated poles, or fabricated walls, informal and traditionally built homes are eligible for insurance coverage. This inclusive approach ensures that a wide range of homes are covered by ESRIC’s policies.
To qualify for property insurance with ESRIC, homeowners must either own the property or have a financial relationship with it. For example, you may be eligible to insure your parent's home if you have a legal or financial connection to the property.
Breakdown of ESRIC’s rural homeowners insurance product structure:
- E17.50 per month for up to E50,000 coverage
- E37.50 per month for up to E100,000 coverage
- E50 per month for up to E200,000 coverage
This flexibility ensures that even those on a limited income can protect their homes.
Debunking the myth: Insurance is not just for the wealthy
Many people mistakenly believe that home insurance is only for the wealthy. However, shelter is a basic need, and a home is one of the most valuable assets anyone can own. When disaster strikes, where does one go? Home insurance serves as a vital safety net for all, regardless of income. For example, the premium for insuring a home worth E250,000 could be as low as E60 per month. Home insurance is more affordable than most people think.
Insuring incrementally built homes in rural areas
In rural areas, many homes are built incrementally over time. The good news is that these homes can still be insured, provided all the walls are fully closed, and there are windows, doors, and a roof in place. This flexibility allows homeowners to insure properties even if they are still under construction.
Insuring homes without title deeds or building plans
Not all properties come with formal title deeds or registered building plans. ESRIC understands this and offers insurance for properties in their current state, without requiring formal documentation. This inclusive approach ensures that homeowners can still secure coverage for their properties, regardless of paperwork.
Multiple structures on one property
Some properties, especially in rural areas, may have multiple structures within one yard. ESRIC allows homeowners to insure the entire homestead, but if you only wish to insure a specific structure, this can be specified in the application form. This flexibility ensures that homesteads with multiple buildings are adequately covered.
Common risks affecting rural homes
Rural homes, like urban ones, are susceptible to various risks. These include:
- Fire
- Storm damage
- Water damage
- Hail and wind damage
- Malicious damage
ESRIC’s property insurance covers these common risks, ensuring that rural homes are protected from the same threats that affect urban properties.
How ESRIC handles claims for fire, burglary and storm damage
In the event of a loss due to fire, burglary, or storm damage, ESRIC acts promptly. An assessor will be sent to evaluate the extent of the damage, and the homeowner will receive compensation up to the value of the loss. This process ensures that homeowners receive fair compensation and can rebuild their lives after a disaster.
Insurance coverage for landlords and tenants
Landlords and tenants have different needs when it comes to insurance coverage. Landlords typically cover the structure of the property under Homeowners Insurance, while tenants insure the contents of the home under House Contents Insurance. Both parties should understand the scope of their coverage to ensure that their assets are adequately protected.
Insurance for flats and townhouses in residential complexes
Flats, townhouses, and properties within residential complexes are covered under a specialised insurance product known as Buildings Combined Insurance. This coverage is tailored to meet the needs of properties that are part of larger residential developments.
Common reasons for insurance claim delays or rejections
Insurance claims may sometimes be delayed or rejected due to several reasons, including:
- Non-disclosure of material facts
- Damage caused by events excluded from the policy
- Failure to submit necessary documentation
- Non-payment of insurance premiums
It is important for policyholders to be transparent, keep up with payments, and provide all necessary documents to avoid delays in the claims process. A message for local citizens who have never considered insuring their homes At ESRIC, we are not just protecting your property; we are protecting the memories created within those walls. We invite all citizens to start a conversation with us to understand the importance of home insurance. With increasingly unpredictable weather patterns, it’s essential to secure your home for future generations.