{"id":40254,"date":"2023-12-18T20:34:15","date_gmt":"2023-12-18T20:34:15","guid":{"rendered":"https:\/\/www.africa-press.net\/eswatini\/?p=40254"},"modified":"2023-12-18T19:12:30","modified_gmt":"2023-12-18T19:12:30","slug":"home-insurance-affordability","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eswatini\/all-news\/home-insurance-affordability","title":{"rendered":"HOME INSURANCE AFFORDABILITY"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Eswatini. <\/strong><\/span><b>With over 1000 homes having been damaged by the recent hailstorm Eswatini Royal Insurance Corporation (ESRIC) General Manager, Zama Ngcobo says contrary to popular belief, home insurance is very affordable and gives one peace of mind.<\/b><\/p>\n<p>Ngobo in a interview said despite popular belief ESRIC house owners covered houses across the country including rural and urban areas.<\/p>\n<p>\u201cIt is affordable, for example, a house worth E1m has premiums worth E3 000 per annum,\u201d revealed Ngcobo.<\/p>\n<p>He cited that ESRIC also had affordable rural home insurance that targeted low-income earners less than E5 000.<\/p>\n<p>He further indicated that pensioners were also catered for at affordable rates of E17.50 per month in premiums that can cover up to E50 000.<\/p>\n<p>\u201cThe rural house owners product is structured such that it is on a first-loss basis which provides the client with a cover that does not cover the whole value of the home but it gives the client the opportunity to choose the cover amount. The first loss basis structure ensures that the product is affordable,\u201d he said<\/p>\n<p>Ngcobo added that the houseowners policy cover was based on the reinstatement value.<\/p>\n<p>\u201cThe definition of buildings under a houseowners policy includes all structures on premises including outbuildings, unless some or one of the buildings is specifically defined to be covered,\u201d he said.<\/p>\n<p>The GM said, mainly covered losses were due to fire, lightning and explosion, storm, wind, water, hail, earthquake. Others are bursting or overflowing of water tanks apparatus or pipes, accidental impact on buildings, theft or attempted theft, Riot and civil commotion.<\/p>\n<p>\u201cThese is a separate insurance policy called house contents insurance which is based on replacement value.:<\/p>\n<p>such items should be insured under all risks insurance since they were not stationed on premises but can be carried along from place to place by the owner<\/p>\n<p>Houseowners policy further has a liability extension which covers any sums, up to a limit of E2 million, that the insured is legally liable to pay as owner of the house in respect of third party bodily injury or damage to third party property,\u201d he added.<\/p>\n<p>Ngcobo further highlighted that the insured received benefit in the form of discounts for additional protections such as alarms and 24 hrs security and the policy premium also factors in a discount structure for each year that the insured remains claim free.<\/p>\n<p>Speaking on premium calculation, Ngcobo said calculations were based on the value and the construction type of the property.<\/p>\n<p>\u201cFactors informing the costs is the construction type which can either be standard construction and non-standard,\u2019 said Ngcobo.<\/p>\n<p>On claims the GM said a claim had to be notified formally by the insured and a claim form detailing the circumstances of the loss must also be completed to allow for processing of the claim.<\/p>\n<p>\u201cEnsure your policy is up to date without arrears.<\/p>\n<p>one of the most important things to take note of, is that claims have to be reported as soon as practicably possible after the event and full details must follow shortly thereafter.<\/p>\n<p>A claim can be declined purely because it has been notified outside of the stipulated reporting timeframes, not later than one week after the event,\u201d he said.<\/p>\n<p>Adding Ngcobo highlighted that it was wise to keep ones property in good condition as insurance did not cover maintenance.<\/p>\n<p>A product for the low and pensioners<\/p>\n<p>The ESRIC Rural Home Owners is targeted at people who;<\/p>\n<p>n Earn a maximum of E5 000<\/p>\n<p>n Pensioned<\/p>\n<p>n Unemployed<\/p>\n<p>Premium per month First Loss Sum Insured<\/p>\n<p>E17.50 E50 000<\/p>\n<p>E37.50 E100 000<\/p>\n<p>E50 E200 000<\/p>\n<p>The premiums are payable through the following modes of payment;<\/p>\n<p>n Cash in any of the three branches Mbabane, Manzini and Nhlangano<\/p>\n<p>n Mobile money<\/p>\n<p>n Eswatini Post office<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/eswatini\">Eswatini<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Eswatini. With over 1000 homes having been damaged by the recent hailstorm Eswatini Royal Insurance Corporation (ESRIC) General Manager, Zama Ngcobo says contrary to popular belief, home insurance is very affordable and gives one peace of mind. Ngobo in a interview said despite popular belief ESRIC house owners covered houses across the country [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":40253,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,248,249],"class_list":["post-40254","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-eswatini","tag-eswatini"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>HOME INSURANCE AFFORDABILITY - Eswatini<\/title>\n<meta name=\"description\" content=\"With over 1000 homes having been damaged by the recent hailstorm Eswatini Royal Insurance Corporation (ESRIC) General ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/eswatini\/all-news\/home-insurance-affordability\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HOME INSURANCE AFFORDABILITY\" \/>\n<meta property=\"og:description\" content=\"With over 1000 homes having been damaged by the recent hailstorm Eswatini Royal Insurance Corporation (ESRIC) General ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eswatini\/all-news\/home-insurance-affordability\" \/>\n<meta property=\"og:site_name\" content=\"Eswatini\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-18T20:34:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eswatini\/sites\/33\/2023\/12\/sm_1702913790.073925.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/home-insurance-affordability#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/home-insurance-affordability\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"HOME INSURANCE AFFORDABILITY\",\"datePublished\":\"2023-12-18T20:34:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/home-insurance-affordability\"},\"wordCount\":632,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/home-insurance-affordability#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eswatini\/sites\/33\/2023\/12\/sm_1702913790.073925.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Eswatini\",\"Eswatini\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/eswatini\/all-news\/home-insurance-affordability#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/home-insurance-affordability\",\"url\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/home-insurance-affordability\",\"name\":\"HOME INSURANCE AFFORDABILITY - 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