Regarding the market’s demand, banks are joining the competition. Instead of limiting themselves to fire and hazard coverage on buildings in which banks have hypothecary interests, the bank-insurance industry nowadays proposes various insurance plans, including extensions covering jewelries and personal belongings.
Mario Typhis said that there is an increase in the number of subscribed bank insurance policies, offering a one-stop-shop platform to clients who are forced to subscribe to an insurance covering their mortgaged houses. The ten-year-warrantee responsibility may even be compulsory, at least for some buildings following the new Building Control Act 2012.
Some borrowed to financial institutions which forced them to subscribe to a warrantee on the building, protecting the institution’s interests. Others are protected by insurance companies offering a plethora of warranties at competitive prices. There are multiple reasons to subscribe to a home insurance plan, even though the main reason remains the protection of investments against material damages.
Devesh Biltoo, Head of Underwriting- General Insurance at the Mauritius Union, states that a house is one of the main investments of an individual during his lifetime. Thus, it needs to be protected. He said that a home insurance is the only essential warrantee if we want to counter the worst which could happen and to ensure that even in case of hazards, our properties will be replaces. However, he observes that even if people are more conscious about the importance of insurance, they do not necessarily subscribe to one.
He added that this is why the Mauritius Union offers multi-hazards home insurance plans. Apart from covering the individuals and their properties, they can also cover the civil responsibility incurred by a person. This also applies to house employees. They also propose a 24/7 assistance for emergency services such as plumbing, electricity, locksmithing and windows replacement.
Regarding Gael Aliphon, Individual Business Manager at Swan Insurance, he says that home insurance is an industry which needs to be consolidated because, after all, a house represents a lifetime investment. More and more Mauritians realize the importance of being properly insured. Houses are more and more expensive to build and its entire content has an important value for the client. Home insurance as well as an alarm system or safety bars are seen as capitals nowadays.”
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Source: LexpressProperty Magazine May-June 2014 Edition
Posted by
Dany Gowsee
