When taking out a home loan, it is important to make sure that your loved ones, your property and the contents of the property is covered.

These are important insurance products you should provide for:

Life insurance:

Life insurance covers your family should something happen in your life where you are unable to meet your obligations to pay your monthly instalments. This product covers you in the event of death, permanent and temporary disability and illnesses.

Home Owners comprehensive insurance:

This protects the structure of your property should any damages or loss caused by storms, floods, explosions, earthquakes, etc. occur.

Home contents insurance:

This covers your personal belongings, damages or loss caused by fire, explosions, storms, theft, etc.

In some instances, it would be specified in the terms and conditions of the approval of your home loan that it’s compulsory for you to take up these policies.

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