How to acquire Home Insurance in Kenya

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How to acquire Home Insurance in Kenya 

For most Kenyans, a home is their biggest investment. And being the case, they sacrifice a lot to own them. 

However, very few buy home insurance to protect their homes after acquiring them. 

In this article, you are going to learn how to acquire home insurance in Kenya.

Tips for choosing home insurance in Kenya

For starters, to get the best deal in home insurance in Kenya, apply these tips:

1) Check premium and coverage

Firstly, evaluate the risk that your home is facing or might face in the future. For example, if you live in a flood-prone area, make sure you have a home insurance policy that covers the risk.

Then check whether the premiums charged by the insurance company fit in your budget or not. 

And to ensure you have a good quote, request premium quotes from several insurers, and compare who has a better offer.

2) Check claim settlement ratio

Research and get to know the turnaround time in settling claims by an insurer. A good company should have 7-14 days of turnaround time in settling claims. 

Longer than this, it will have beaten the purpose of insurance.

Therefore, ask around different insurers’ turnaround time before making your choice.

3) Look at the company’s reputation

They say your reputation precedes you. This is no different for an insurance company. 

Therefore, when shopping for home insurance, observe the character of the insurance company before buying from them. 

For example, if the company has arrogant customer service, in the eventuality you need to file a claim, these are the same staff you will have to face when the time comes.

Therefore, choose wisely.

Things you will need when applying for a home insurance plan

  • A duly completed and signed proposal form
  • Company certificate of registration (if you insuring as a business entity)
  • PIN certificate for the company (if you are insuring as a business entity)
  • List, names, and location of the items insured
  • Schedule of the contents, and their values to be insured.
  • Serial numbers of the items insured.
  • For buildings the Location of the structure i.e Land Reference Number (LRNO)

Tips on how to lower your home insurance premium

Generally, home insurance can be expensive. However, these 4 strategies you can lower your home insurance premiums:

1) Agree to share the burden of repair

This will reduce your liability will, and consequently reduce your premiums.

2) Analyze your inventory  

What items do you want to insure? For example, if you have a TV which is more than 5 years old, there is no need to insure it. It is already too old and has a depreciating value.

3) Take two or more covers

If you have other insurance needs, take two or more insurance covers to become eligible for discounts. 

For example, if you also need motor insurance, take it together with your home insurance.

4) Install the necessary safety measures 

Make sure you have taken all the safety precautions in your home. For example, install CCTV cameras, fire safety alarms, have security guards, etc. This will enable you to enjoy discounted premiums.

Do you need assistance in choosing your home insurance from different providers? Look no more email us at info@finsolutions.co.ke or Call +254 780216631

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About Author

Anthony Kiratu is the Founder of Finsolutions. He is a financial analyst with over 5 years experience in research, investment advisory, valuation and financial modelling. Anthony is a member of the Institute of Certified Investment and Financial Analysts and Institute of Certified Public Accountants of Kenya. He is passionate about development of African Capital Markets through training of investors and dissemination of information for sound financial and investment decision making process. He is also a part-time lecturer in the Certified Investment and Financial Analyst course in the subjects of International Finance, Portfolio Management, Equity Investment Analysis, and Fixed Income Securities. Email: anthony@finsolutions.co.ke Contact: +254 780216631

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