Online ReporterDalyn Chigwizura
When people have the opportunity to travel outside the country or city for a holiday, they will be excited to go, hoping to return home and find everything in order, the way they would have left it.
Like they say, home is the best.
It was a twist of fate for a family in Burnside suburb, Bulawayo, who had travelled outside the country for a holiday and returned to face the greatest shock of their lives. It was believed that a raging veld fire, which was started by someone clearing land in the area, spiralled out of control and burnt down the mansion.
They had left the country with smiles on their faces, but in a twinkle of an eye, they returned home to count their losses, as all household goods were turned to ashes. A vehicle parked in the garage was also set ablaze. It was estimated that property worth US$500 000 was destroyed by the fire.
All these losses could have been compensated if the house and property were insured.
In most cases, damage to property happens when one does not expect it. Natural disasters cannot be stopped, but one needs to be prepared in advance in case such a thing happens.
In most cases, the loss of houses or property can occur due to storms, lightning, floods and fire.
In Zimbabwe, it is very rare, almost a myth, to find someone who does not have a funeral policy or a medical aid policy. These are regarded as important and are common among many people.
But have people thought of securing the houses and property that they are working so tirelessly for, or have worked so hard to acquire? Has anyone bothered to take up house insurance?
Someone might be asking: What is home insurance?
Research has shown that a home insurance or property insurance is a legal contract that provides financial protection against unexpected damage or loss to your home, personal belongings, and liability for accidents that occur on your property.
This might sound funny, but it is not, because it is an issue of concern. Most Zimbabweans do not know that there is a home insurance policy that compensates for loss of property damaged by fire, storms, lightning, floods, or anything else that can destroy houses and property.
This was proven by interviews conducted with homeowners in high-density suburbs.
In an interview, Mr Machelela Hungwe said: “Here in Zimbabwe, do we have companies that offer that? What we are familiar with is funeral insurance and medical aid policies. Those ones we are aware of. My house is not insured because I believe there are no such companies here.”
Another interview with a woman who requested anonymity revealed that affordability and cultural beliefs also play a role.
She said: “Where will I get money to insure my house? This thing of insuring a house or property is for white people. What we believe as Africans is that if, for example, your house gets burnt, we say it is bad fortune, and the person needs to seek spiritual guidance.
“I am sure most of us know about home insurance, but mostly, we cannot afford it.”
The writer then shifted focus from interviewing homeowners to conducting street interviews, asking people randomly if they know about home insurance.
The results showed that most people do not know about it, and their excuse was that they are renting and do not own houses, so they believe there is nothing to insure.
Bulawayo chief fire officer, Mr Mhlangano Moyo, said most of the house fires they attend involve uninsured properties.
He said they have been urging communities to insure their properties, as the premium is affordable.
Mr Moyo explained that most house fires in the western suburbs of Bulawayo are caused by electrical faults from old wiring, overloading of appliances, unattended electric and gas stoves, and open flames from candles.
He urged residents to insure their houses and property, stating that insurance is critical as it protects against fire, covers theft and vandalism, and provides legal and liability coverage while promoting quick recovery in case of emergencies.
There are reputable companies like Zimnat and Old Mutual, among others, offering these services. For example, Old Mutual offers cover of US$30 000 at a premium of US$60 per year. In the eastern suburbs, the company charges around US$150 per year, which is reasonable when considering the cost-benefit, said Mr Moyo.
Insurance Council of Zimbabwe (ICZ) public relations and marketing manager, Ringisai Batiya, said there are insurers on the market that offer domestic cover for assets, such as household gadgets, clothes and jewellery. The insurance is available for both rented houses and houses occupied by their owners.
When asked what the ICZ is doing to raise awareness among ordinary Zimbabweans, especially homeowners in high-density suburbs, about the importance of insuring their properties, Ms Batiya said the ICZ has over the years engaged in awareness campaigns through radio, television, social media and roadshows.
She said based on the FinScope Survey 2022, they noted that 48 percent of Zimbabweans lack sufficient awareness on insurance, with 20 percent of surveyed adults having never heard about it.
Based on these low levels of insurance awareness, she added that the ICZ will continue to run campaigns on all short-term insurance products, including domestic packages. The campaigns will cover product knowledge, benefits of insurance and the claims processes.
In response to whether having a home insurance policy is affordable, Ms Batiya said the insurance premium for home insurance is 0,015 percent of the market value of the house.
This is one of the most affordable insurance products on the market. Hence, all property owners, regardless of the size of the house, are encouraged to take up home insurance. However, the use of the house should be disclosed to the insurer.
Considering all that, whether one is renting or owns a house, it is important to secure property against damage caused by unexpected accidents or fires. Homeowners are encouraged to insure their properties to avoid regret.
Natural disasters occur unexpectedly and cannot be stopped, but one needs to have a backup plan.
