Government must ensure citizens embrace building insurance – Don
“We have urban and regional planners who approve these buildings as work progresses. They need to go to the site and check the progress of work, but sometimes the government does not provide them with the vehicles to move about. Due to corruption, people find people to help them sign some of the documents and they carry on. The bottom line is that the government itself is not doing what it is supposed to do.
“We have fire insurance in case of any fire incident. Buildings should be insured in the course of construction, and individuals have to insure the apartment they live in because fire can start from their building and affect other people’s property and they are liable.” He said the cost of insurance could not be a major problem because the premium is based on the value of the property and that insurers sometimes charge 0.005 per cent.
He added, “They will give you terms and conditions like, do not keep fuel inside the building, switch off all appliances while going out because there may be a surge and so on. Those do’s and don’ts are some of the conditions but very few people go for it unless they want to borrow money in the bank. That is when they start looking for how to insure their properties because it won’t be accepted as collateral by banks if not insured.
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