HOUSEOWNERS INSURANCE

The ESRIC Houseowners’ Insurance covers the insured buildings, immovable fixtures and fittings, outbuildings, walls, gates, fences (hedges not included) on the same premises and used solely in connection with the insured house. All the above are covered against loses or damage resulting from either of the following: Accidental damage to structure of house, fire & lightning, power surge, earthquake, bursting or overflowing of water tanks/pipes, riot, strikes & malicious damage, storm, wind, water, hail or snow, explosion, accidental impact & falling objects, housebreaking, theft or attempted theft accompanied by actual forcible and violent entry or existing from the building at the premises.

Click here to download the Home Owner's Insurance brochure.

This policy also covers property related extensions, such as, derbies removal, costs of removal of fallen tree, architect and surveyors fees.

Pricing examples for standard constructed houses;

SUM INSURED (value of the house) PREMIUM/ YEAR
E100,000.00 E350.00
E300,000.00 E900.00
E800,000.00 E2,400.00

HOUSEHOLDERS INSURANCE

This policy covers the insured against loss or damage of immovable household property due to accidental damage to structure of house, fire & lightning, earthquake, bursting or overflowing of water tanks/pipes, riot, strikes & malicious damage, storm, wind, water, hail or snow, explosion, accidental impact & falling objects, housebreaking, theft or attempted theft accompanied by actual forcible and violent entry or existing from the building at the premises.

Click here to download the Household Contents Insurance brochure.

ESRIC also covers loss or damage of office contents.

Pricing examples;

SUM INSURED (value of the households) PREMIUM/YEAR
E40,000.00 E1,080.00
E50,000.00 E1,230.00
E100,000.00 E1,980.00
E150,000.00 E2,730.00

Documents required when taking up the insurance policy

  • Copy of ID;
  • Copy of utility bill as proof of physical residence;
  • Where there is no utility bill, copy of affidavit affirming place of residence;
  • Copy of property valuation where property is on title deed land for house-owners cover;

ADVISERIES

  • The NCB (on motor insurance) and CFG (on House-owners & House-holders insurance) is a reward system where the Insured is given a premium discount upon completing an insurance year without suffering a claim or loss. The accumulated NCB can be transferrable to other vehicles that the Insured may purchase in the future.
  • A Voluntary Excess is an optional excess in addition to mandatory basic excess that the Insured elects at own will to include in his or her policy in return for a discounted premium. In the event of a claim, the insured is responsible for the applicable excess (es).

Risk management measures on property insurance

  1. Roof maintenance -The insured must ensure that the roof structure is in good condition. This entails periodic inspections to determine if all IBR sheets or any roofing materials are not loose, but are properly affixed to the roof timber. Gutters and down-pipes must be cleared/freed of any blockages to prevent water ingress damage.
  2. Re-channeling of rain water run-offs. -The Insured must ensure that surface rain water is properly managed to safe-guard the property from flooding.
  3. Fire-fighting Equipment -Ensure households have at least basic fire-fighting equipment to deal with small household fires which may escalate into disasters if uncurbed at point of ignition.

Premium payment options available

  • Annual premium paid in full at inception or renewal of policy.
  • Annual premium payable monthly by debit order. This option attracts an interest in the capital amount.
  • Annual premium payable over a 90-day period with 33% payable at inception or renewal.

General information

  • Proposal forms must be completed and submitted together with required documents.
  • All information pertaining to the risk to be insured must be declared.
  • Insured risks must be insured at correct values at all times and the insured values must be reviewed at every policy renewal to avoid the application of the principle of average.