Overview of Insurance for Homes

INSURANCE FOR NON-COMMERCIAL PROPERTY

Non-commercial property insurance provides coverage geared to the needs of private property owners rather than businesses.

The following are examples of non-commercial property insurance:

a. Home/House owners Insurance

b. Automobile Insurance (Private)

INSURANCE FOR HOMEOWNERS/HOUSEHOLDERS

Homeowners' insurance, often known as domestic package insurance, is meant for people who own a home or live in a rented house. The typical homeowner's policy is divided into various sections: I Building (ii) Building Contents (iii) All Risks (iv) Workers Compensation (v) Owners/Occupiers Liability.

Each of the portions can be purchased independently. However, the first two portions (Building and Contents) must be purchased together. A homeowner's policy can include coverage for:

a. The structure and any other sections

b. Contents of the Building and any other sections

c. Structure, Contents, and Other Sections

d. Structure and Contents of Structures

INSURANCE FOR PRIVATE MOTOR VEHICLES

This regulation applies to individuals who possess automobiles for personal use, such as social, domestic, or recreational purposes. The three types of private motor insurance are a. Statutory Third Party Insurance: - Mandatory Cover required by law for any vehicle driven on a public road. Indemnity to the insured protects the insured against legal liability stemming from a third party's death or physical damage. The law establishes the limitations of coverage.

a. Third Party, Fire, and Theft: - This coverage protects the insured not only from legal liability stemming from the death or physical harm of a third party but also from loss or damage to the insured vehicle due to fire and theft.

b. Comprehensive Insurance: - An All-Risks insurance covers the insured for any loss or damage to the vehicle caused by any risk not explicitly excluded by the policy. Covers vehicle damage, including fire and theft, as well as third-party responsibility, including physical injury and property damage. Coverage for towing expenses, protection, and wreckage disposal, among other things, are available as add-ons to the insurance.