Niko Insurance Tanzania Launches Innovative Home Insurance Policy

The new insurance policy named Homesure is a personal insurance policy that targets growing income earners in Tanzania who are investing in their homes.

Unveiling Homesure, in Dar es Salaam recently, Niko Insurance Tanzania Chief Executive Officer, Mr Manasseh Kawoloka explained ”It is believed that the most valuable physical asset that an individual will own is their home and its contents seconded by a motor vehicle.

Those who live in rented accommodation possess furniture and other expensive valuables which can be stolen or damaged by fire, windstorm, man-made risk or acts of God perils.

There is, therefore, great need for proper insurance cover for such assets.

Today’s homes have evolved and require more extensive insurance cover than those offered by traditional policies.

The answer to this jig-saw puzzle is found in Homesure.
Kawoloka admitted that there are numerous insurance policies on offer in the market and competition is high.

However, Kawoloka pointed at the clear difference between Homesure and existing insurance policies.

Among them is the fact that Homesure brings together more than twenty-five insurance covers in one policy, each covering a specific risk.

“Instead of one buying several policies, all one needs is one policy that covers it all. You need one policy, one premium and one renewal date,instead of several premiums, policies and dates. Homesure offers both peace of mind and convenience to the insuring public, boasted the CEO.

He further said, “at Niko, we understand that home-based risks are becoming complicated; the society is becoming more litigious than before. It becomes difficult for families to manage home-based risks because they have to consider buying all available and different insurance policies.

This is a difficult and cumbersome exercise. What we have done at Niko is to come up with an insurance that protects a family at all times, from all risks that they face in the home.”

According to Kawoloka the other main advantage of Homesure insurance is that it covers risks that are not traditionally insured in stand-alone policies.

For example; loss of water by leakage, mechanical or electrical breakdown; personal effects not otherwise insured belonging to a guest temporarily residing with a certain family are stolen or damaged, violent acts of theft, attempted thefts, hold up or hijacking which necessitates professional counseling due to trauma.

Similarly, in the event of damage to vehicle covered by the policy occurring more than 100 kilometers from your residence, Homesure will pay emergency hotel expenses necessarily incurred.

Apart from covering private dwelling house and its contents, Homesure provides insurance for personal liability, all risks, motor vehicles, motor cycles, trailers and caravans, pleasure craft, personal computers, personal accident and legal costs. Homesure, as the name suggests, goes beyond covering a house and its contents.

Accoridng to Kawoloka the insuring public deserves better insurance policies that are able to address their specific needs and respond to changes in living standards.

“Time is changing, insurance packages must change, too. As a leading insurance company, at Niko Insurance we are aware that proportionately, more accidents occur at home than any other place.

All these risks and those that we have not been able to mentioned, due to space limitations, call for a re-think in the way insurance is packaged and supplied to customers.

It is against this background that Niko Insurance decided to introduce Homesure to cater for insurance and risk management needs for a present day family in the comfort of a modern home,” concluded Kawoloka.

Niko Insurance (Tanzania) Limited was launched on 14th July 2005.

The company operates as part of Nico Holdings Limited ,a multi-national group whose main business is insurance and banking.

RELATED:  Tanzania Forbid Externalisation of Long-Term Insurance