Kenya is one of the most recognized countries in the world due to its potential economic muscle. The economic strength of a country can best be determined by the number of businesses growing up in a year, and most importantly the number of insurance companies available. Statistically, by 2011 the number of registered insurance companies in Kenya was 50. The number of insurance brokers increased to 170 while registered insurance in agents was 4,000 in total. Currently, the numbers of insurance companies, insurance brokers and insurance agents have increased tremendously.

Kenya is a good example of a faster growing economy and that way the need of domestic insurance is essential. In simple term, domestic insurance is an insurance company established or founded in the same country that it operates in. having a domestic insurance of your choice is one of the best ways you can be sure about the future of your property. This is because it covers a larger field such as travelling, health care, housing or home insurance among other areas. Therefore, you should consider having a domestic insurance due to the following benefits.

Provides liability cover

Liability cover is one of the insurance registered under homeowner’s insurance. It mainly covers an individual against sudden accident or injuries people sustains while working on your property. Jubilee insurance is one of the most recognized insurance companies in Kenya that offer such serves. The company has a category named Jubilee Personal Accident claim which is responsible for handling such risks.

Covers the home`s structure

Owning a valuable asset called home costs enormous sums of money. The mortgage itself takes a greater share of your housing budget. Therefore to ensure that you are on the safer side it is important register for homeowner insurance policy. This kind of policy is very imperative since it covers the cost to renovate or rebuild your home structure in case of any damage that relates with the policies under which it was registered. The capital that you use to cover your house can also act as a security to borrow loan when you are financially down.

Pays to replace belongings

An ordinary financial policy should cover your property in the event of a serious risk occurring. The importance of having a home system is that even if your belongings are seriously damaged you still standard a chance to enjoy luxuries and necessities that you used to have in your house. GA insurance is one of the most recognized and oldest insurance companies operating in Kenya since 1979 insuring all types of general risks.

Fulfills Mortgage Contract

Most homeowners have a universal character of carrying a mortgage on their homes. If you are one of them, you can quickly secure your contract using homeowner`s insurance policy. The reason for signing this insurance is because it acts as a security against lenders that have the financial stake in your property. Some of the insurance companies such as Madison insurance offer the option of placing insurance on your property if in any case you lack your own insurance cover. However, despite several insurance companies in Kenya providing lucrative insurance deals, getting your own policy is cost effective than what the mortgage company will offer you.