Insurance cover for low-cost home owners

housing schemes will automatically be covered under the new scheme. 
Datco chairman Mr Brighton Manengureni said the cover was timely as his firm has commenced its countrywide low-cost housing schemes.
“We have begun construction at most of the projects dotted around the country, which will see the construction of a total of  40 000 low-cost housing units.
“To this extent, the involvement of the insurance broker is to ensure that the investments are cushioned,” he said.
Progressive Insurance Brokers general manager for marketing Mr Collin Mboto said the scheme will significantly reduce the risk that is associated with constructing a house.
“The idea here is to mitigate the risk for members of Datco’s housing schemes. Mortgages tend to be very risky and we believe that they should be secured,” he said.
The Datco Group is principally involved in the construction of low-cost housing across the country.
Mr Manengureni said the first phase of the housing project will see 268 units being developed in Harare, while Muzarabani will get 10 000 units, Gweru 3 500 units, Marondera 1 600 units, Hwedza 4 300 units and Bulawayo 5 000 units among others.
He said the distribution of units was dependent on access to land in the various areas, although the firm is in the process of applying for State land, especially in Harare.
Housing is one of the biggest challenges in the country. Official statistics show that there are over 1,2 million families are without houses and around 500 000 are living in unserviceable shanty structures.
Low-cost housing schemes can play a critical role in reducing this housing deficit.