At its most simple, home insurance provides financial protection in the event of an accident or disaster involving your home. Most people recognize that a basic home cover is the right thing to have. Few people, however, understand that beyond buildings, home insurance can also cover things like contents, personal accidents and liability. Home insurance can even provide alternative accommodation in the event your home is rendered uninhabitable through accident or disaster.

Ghanaians generally understand the value of real estate. Many spend a lot of time, money, and effort investing in property, either for themselves to live in, or to rent out for additional income. A lot of attention goes into the details of property purchase, renovation, maintenance, and rental. Yet, given the resources invested in these processes, and the money that could be lost if things go wrong, it is surprising that many homes or rental properties are not insured in Ghana.

Only about 1% of the economy is insured. Just over half of this is life insurance. With home, vehicle, and medical insurance together effectively covering less than half a percent of insured economic value, only a very tiny minority of actual homes or residential properties in Ghana are insured.

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