Basically, Houseowner/Householders insurance policy provides compensation to the insured for loss of or damage to his properties resulting from fire, lightning, earthquake, impact, flood, storm, leakage of water from apparatus and pipes, riot, strike and theft or attempt thereat. It is an annual policy which covers a period of twelve calendar months and is renewable on annual basis. However, the policy can take either of the following forms:

Houseowner Insurance Policy – this policy protects the owner or landlord against loss of or damage to the building(s), fixtures and fittings resulting from fire, lightning, earthquake, impact, flood, storm, leakage of water from apparatus and pipes, riot, strike and theft or attempt thereat. Where the owner resides in the building, this policy may also cover his contents (household goods and personal effects).

Householder Insurance Policy – This policy protects the tenant/occupant against loss of or damage to the insured’s goods and personal effect against the misfortune described above as he may not be the owner of the building.

COMPONENTS OF THE POLICIES

The above-mentioned policies have the following sections:

• Fire & Special Perils (lightning, earthquake, impact, flood, storm, leakage of water from apparatus and pipes, riot, strike)

• Theft, Burglary & Housebreaking or attempted theft.

• All risks Section (for jewelries, wrist watches, camera and other movable items).

• Liability to Public: personal liability claims from visitors and third parties arising from insured’s negligence or omission.

• Compensation for Death of the Insured following from any of the insured perils.