Building Insurance
When the structure of your property has been damaged or your home has been lost to fire or natural disaster, isn’t it safe to say that having building insurance would make life a whole lot easier, especially when it comes time to repair or rebuild the property.
The costs to repair the damage or to reconstruct your property doesn’t need to be a financial burden, if you’ve taken out building insurance. Building insurance cover does differ so it’s important to know if you want to take out current market value insurance or fixed value insurance.
Unfortunately market value can rise or fall depending on the salable value of your property, and because of it’s unfixed nature your building insurance might fall short and this won’t cover the costs to rebuild your property.
By talking to a mortgage lender or insurance company they can discuss with benefits and risks involved depending on the type of building insurance cover you take out. Taking out 100% insurance cover gives you the peace of mind that no matter if the damage is minor or major it will cover the full replacement costs.
This is why mortgage lenders insist on you having building insurance, because they want their loan to be secure and your asset to be protected. Read more »
Any farmer will tell you that farm insurance isn’t just a necessary expense, it is also tantamount to being a legal requirement, however in other parts of the world many farmers are effectively uninsured. A new program being developed in Kenya for drought stricken farmers hopes to change that.
Throughout Africa millions of cattle farmers are trying to seek out a living in drought conditions but their stock faces inadequate feeding and watering, lack of vaccinations, and the wrath of the terrain which is dry and hot. Cattle mortality is high, and without farm insurance every setback can be disastrous to the herder who will need to replace the animal from their savings.
Poverty in Africa can be eradicated if the people of Africa have access to many of the services western people take for granted such as a vibrant healthy insurance industry. Offering farm insurance to traditional tribes people would within a very short period of time help them recoup their losses and plan for a better future.
This is one of the goals of a new insurance group created by Kenya’s Equity bank, Swiss Re, the International Livestock Research Institute, and UAP, a Kenyan insurance company operation out of Nairobi. Farmers and herders in remote regions of the country will be offered farm insurance for the equivalent of one third the cost of replacing a cow for as many as 10 beasts.
However this insurance will be very different from that offered in the western nations. Normally a farmer, or any policy holder for that matter, would be required to keep inventory of their stock, and if an animal is lost they’d need to determine the worth of filing a claim against the excess or deductible charged by the insurance company. Read more »
Term Life Insurance
We’re all familiar with insuring our belongings, whether its a house, a car, our personal effects, and of course most people in the western world will also have some type of policy to cover retirement, a government subsidized pension, or investments, but a significantly smaller number of people have term life insurance, or to more correctly describe it, as death insurance.
Of course we know that when we are dead we aren’t going to be terribly worried about making a claim on our insurance, the ancient Egyptians aside, most sane people recognize life insurance is intended to protect our estate and dependents from hardship after we are no longer alive to support them.
Term life insurance is one of several options we have available to us, and tends to be the most affordable as well. It can be compared with permanent life insurance, and other forms of life insurance such as variable, universal, or whole life insurance policies.
I mentioned that life insurance could more correctly be called death insurance, and in the case of term life insurance this is most definitely correct. A policy is taken out for a fixed number of years, and for an agreed value, and if the premium is paid every year then the policy remains in force with the original terms.
Essentially, term life insurance is very simple; an individual takes out a policy and agrees to pay a fixed amount per year, for a fixed number of years, and if they should die before the policy expires, their estate will receive the insured amount. If the policy expires before their death then the policy will need to renegotiated or a new policy found. Read more »
Building Insurance, Home Insurance | Admin | 
January 25, 2010 12:57 am | 
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