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ZIMSEC O Level Commerce Notes: Insurance: 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.