Buying a home, as we already know, can be a bit of a financial commitment. After going through the process of acquiring such an investment, it is very important to put all and every measure within your capability in place to protect your asset.

Property insurance is one of the ways you can protect said assets. Property insurance is a body of policies that protect and cover a homeowner or renter from unforeseen circumstances such as fire, theft, earthquakes etc

There are different insurances taken out for different groups of people; Homeowner’s policy , Renters policy and Landlord policy.

Landlord Insurance : This insurance has more coverage to the landlord than the home insurance. If your home insurance only applies to owner-occupied homes, you need to take landlord insurance that allows coverage even when you rent your property out.

Renters Insurance : This insurance protects the personal belongings of the person who took out the insurance in case of an unfortunate situation. Personal belongings of tenants are usually not included in the landlord or homeowner insurance policy.

Homeowners Insurance : This insurance is taken by the owner of the property. It protects the property and the assets in the home against damages and losses.

How do you get insurance as a homeowner?

There are several insurance companies in Ghana today that can help you through the process, otherwise, if you have an account with any bank, they can assist you with acquiring an insurance policy for your home.

The insurance rates vary according to financial institutions and property value.

Before you sign off on any insurance policy, make sure you have thoroughly read and understood and fully accepted the terms and conditions being offered.

If you can, consult with a lawyer.