As we go about our daily lives, it is easy to overlook the importance of protecting one of our most valuable assets – our homes.
Fire outbreak statistics are stark. In 2022, Ghana recorded 6,796 fire outbreaks, resulting in 50 deaths and 241 injuries, with estimated damages worth GH¢64.91 million.
Between January and November 2024, the Ghana National Fire Service (GNFS) recorded 5,596 fire outbreaks, representing a 6.43 per cent increase compared to the same period in 2023.
In the first four months of 2024, GNFS recorded 2,764 fire incidents, which is an increase from the 2,683 fires reported during the same period in 2023.
Given the increasing number of fire outbreaks and the significant damage caused, homeowners need to consider insurance coverage to protect their properties and assets.
The Daily Graphic has consistently highlighted the need for homeowners to always place a premium on insurance coverage for their properties.
In a discussion at the just-ended Daily Graphic/GREDA Housing Fair, industry experts emphasised the significance of insuring both buildings and their contents against unforeseen risks.
Homeownership comes with inherent risks, from natural disasters to theft and accidents.
Without adequate insurance coverage, homeowners may face significant financial losses in the event of an unexpected disaster.
According to industry experts, homeowners’ insurance can be affordable, with premiums as low as GH¢300, providing entitlement to compensation in case of unforeseen events.
Instructively, while many homeowners place a premium on taking insurance policies for their buildings, they often overlook the importance of covering their contents.
This can include valuable items such as air conditioners, refrigerators, furniture, and more. Insuring contents can provide financial protection against theft, damage or loss, giving homeowners peace of mind and financial security.
An overview of the performance of the country’s insurance industry and the optimisation of its benefits to Ghanaians and businesses will reveal that collectively, we are below optimal levels.
For instance, many people are aware that homeowners’ insurance is not just for property owners; it is also essential for tenants.
Householders’ insurance policies can cover renters, protecting their personal belongings.
Additionally, insurance companies offer specialised plans for people who build for others, including bonds and advances for equipment used in construction.
To increase awareness of homeowners’ insurance, industry players must work together to market their products effectively.
Insurance companies should partner with bodies such as the Ghana Real Estate Developers Association (GREDA) to promote home protection policies.
By collaborating, they can educate homeowners about the benefits of insurance coverage and provide them with affordable options.
As the Daily Graphic continues to highlight the importance of homeowners’ insurance, we urge industry stakeholders to take proactive steps in promoting this essential protection.
By working together, we can ensure that homeowners are equipped with the knowledge and resources they need to protect their properties and assets.
Homeowners’ insurance is a vital protection that can provide financial security and peace of mind for property owners. By prioritising insurance coverage, homeowners can safeguard their assets and ensure that they are prepared for any unforeseen events.
We urge industry stakeholders to work together to promote homeowners’ insurance and educate the public about its benefits.
The Daily Graphic will continue to underscore the importance of this essential protection and encourage our readers to insure their homes and their contents as suggested by the experts, and we look forward to seeing increased awareness and adoption of homeowners’ insurance in the future.
As we highlight the importance of this essential protection, we encourage readers to prioritise insurance coverage for their homes.
