Property Insurance

Property insurance

Household insurance

• Is taken by individuals.
• It covers household movable items such as furniture, Tvs and jewellery.
• Covers against losses due to theft and fire.
• Compensation is based on the value of items at the time the risk occurs i.e. after wear and tear and depreciation has been deducted.

Building insurance

• Is taken by the owner of buildings i.e. shops and houses.
• It covers against damage to buildings.
• Compensation is based on the value of the buildings at the time when the risk occurs.

To access more topics go to the Commerce Notes page.