You have been looking for property in the newspapers advertisements, property websites and contacted property agents and found your dream home. You have saved lots of money from your income and make the most important investment of your life buying a house. Next, you arranged for financing with banks or life insurance companies. After all the ownership of the house has been settled, you are handed the key to your house. You and your loved ones will be busy looking for the lovely furniture, fixtures and decors to make your house beautiful and as grand as palace where you call home.
Did you know that the financial companies that lend you money have imposed a condition that you must have a fire insurance policy in force to insure your house building throughout your loan period? The finance companies want to make sure that they can get back their money loaned to you by recovering from the insurance company. If not, you are at your own perils.
Look, if the house is totally or partially destroyed by fire or lighting or domestic cooking gas cylinder explosion, you will have to repair it or reconstruct it in order to continue living it that house you owned and to continue the monthly repayment program with the finance companies. It is a financial loss to you and can upset you and your family daily routine. You and your family need not go through traumatic experience and or get emotionally scarred by the unfortunate incident if only you have the Houseowner and/or Householder policy.