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A brief guide to Property Insurance

Consumers on a daily basis work hard and return home expecting to rest peacefully. However, they ought to consider the possibility of imminent danger that leads to loss and damage to property.


SWICO provides Property Insurance which includes fire and allied perils, houseowners and householders, burglary and all risk.


Fire and Allied Perils cover damage and losses caused by fire, which includes the cost of repair and reconstruction of damaged property.  


Perils are events that damage your home or belongings. They are either human, economic or natural. These include explosions, earthquakes, aircraft, impact, storm and tempest, flood, bursting or overflow of water pipes and apparatus, riot and strikes and malicious damage.


It is important for clients to consult with insurance professionals when considering and applying for coverage to ensure that all material facts are included. The important factors to consider are description of the property which leads to calculating the total sum insured and inventory if the proposed insured property is used for business.


The second coverage includes homeowners and householders which focus on private residence and its contents. It is important to note that homeowners cover fixtures like walls, roofs, plus such as gates and fences. Householders covers the contents like household goods and personal effects. This includes losses occurring to one’s home, its contents or loss of use, loss of personal possessions of the owner plus liability insurance for accidents that may happen at the home, or by the homeowner within the policy. The contents range from furniture to electronics.


The premium is based on the location, state and size of the premises, private or business use of the premises and amount based on the estimated cost of rebuilding the home.


Burglary insurance is protection against loss or damage resulting from or following the unlawful breaking and entering of designated premises or places of safekeeping.  This does not cover damages or loss due to war, shoplifting or riots.


The customer should complete the schedule of property with personal effects, and describe occupation of the entire building. The customer should indicate safety measures in place to secure premises.


All risks cover risk that the contract does not explicitly omit. All risks name the risks not covered, and any peril that is not named in the policy is covered.


Most common types of perils excluded from all risks include earthquakes, war, government seizure, destruction, wear & tear, infestation, pollution, nuclear hazard and market loss.


Because all risks are the most comprehensive type of coverage available and protect the insured from a greater number of possible loss events, it is priced higher than any other type of coverage. The cost of this type of insurance should be measured against the probability of a claim.


SWICO is pleased to sensitize the community on how Property Insurance works for the betterment of society.


Get in Touch with us for more details about any of our policies.