Request a Callback via The DCANS Contact Centre Platform.
Max. Rate: 12% p.a.
incl Cedi Mortgages
Repayment Period
Up to 30 years
No Upfront Fees
T&Cs Apply

Homeowners insurance

Buying a home requires a major investment. In fact, it might be the most valuable investment you ever make. That’s why protecting your home (and yourself) with homeowners insurance is important. If something were to happen to your home, the loss or damage may be far too expensive to cover out of pocket. However, not all homeowners insurance is created equal.

Several factors determine what type of homeowners insurance policy you should get and how much you’ll end up paying. Identifying these factors and how they affect you will help you figure out the coverage you need for your home.

 

What Is Homeowners Insurance?

Homeowners insurance works as a safety net to protect your home and finances. If you experience any damage or theft to your property, your homeowners insurance would typically cover the cost necessary to bring your property back to its original value.

 

How Does Homeowners Insurance Work?

Typically, homeowners insurance is paid through an escrow account. This is a type of savings account used for paying off parts of your mortgage. Unless you’re handling your homeowners insurance payments on your own, the annual premium is added to your mortgage payment.

This means you pay off your insurance premium in monthly installments rather than all at once. A smaller, monthly rate gives you extra stability when creating a budget and managing your mortgage payments.

While most lenders typically require escrow on your mortgage, some may give you the option to waive it. This would allow you to manage and pay your homeowners insurance directly through the insurance provider. Keep in mind: choosing this option, if available, would mean paying your annual premium in one lump sum, which can be quite expensive.

 

Is Homeowners Insurance Required?

While homeowners insurance isn’t required by law, your lender or mortgage investor will require that you have an insurance policy on your home before they give you a loan.

 

What Does Homeowners Insurance Cover?

While the most basic protection covers damage to the home itself, homeowners insurance can cover damages to other structures around your home, stolen or damaged personal property, and liability in the event someone injures themselves on your property. Let’s take a closer look.

 

Damage To Your Home

The most basic protection offered by homeowners insurance covers damage to the physical structure of your home. Damage from normal wear and tear to your home would not be covered.

 

Damage To Other Structures On Your Property

Many policies include protection for structures outside of your home that still dwell on your property such as a detached garage, shed or fence.

 

Damage Or Theft Of Personal Property

Your policy may cover your personal property, not just within your home, but the property you have in your possession when you’re not home. With personal property coverage, the insurer usually sets limits on things like jewelry and other high-value items. However, additional coverage may be offered in the form of riders. A rider is a provision in your insurance policy that adds to or amends the coverage terms.

 

Liability

If someone injures themselves on your property, liability insurance helps cover the claim made for medical costs as well as your legal costs if a lawsuit occurs. Liability can also protect you against damage to your neighbor’s property such as a tree in your yard falling on their roof.

Homeowners insurance doesn’t just protect you and your home. It protects the lender’s investment in your home. This is why they require it to approve your mortgage. If you have a mortgage, you’re required to get homeowners insurance coverage for at least the full replacement value of your property. If damage occurs and a repair needs to be done, an inspection is required to make sure the home’s value is restored.

 

 

How Much Home Insurance Do I Need?

Home insurance can offer a large amount of financial protection. If something goes awry, policyholders can receive payout for property damage, destroyed personal belongings and liability protection.

The more coverage you have, the more you'll have to pay in insurance premiums. If you have the money and want the peace of mind, there's insurance products to cover everything. If you're savvier, you'll want to assess what you really need coverage for and what you can risk.


 

Related Pages

Founder's Message

How We Operate

Why Choose Us

Careers

MORTGAGES ARE SECURED AGAINST YOUR PROPERTY. YOUR HOME (OR COMMERCIAL PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT - REPAYMENT ASSISTANCE PROGRAMME AVAILABLE FOR QUALIFIED CUSTOMERS. ALL APPLICATIONS ARE SUBJECT TO STATUS AND OUR LENDING CRITERIA - THIS MEANS THAT THE AMOUNT WE WILL LEND YOU WILL DEPEND ON YOUR INDIVIDUAL CIRCUMSTANCES, THE TYPE OF PROPERTY AND THE AMOUNT YOU BORROW.

We are Non-Deposit Taking No Upfront Fee Direct Lenders (not brokers). Using this digital-first platform constitutes acceptance of the terms, conditions and rules that govern our operations, so if you disagree with any of them in part or in whole, please don't use our services. All loanable funds are private patient capital from dedicated sustainable and reliable sources and not sourced funds from the general public. We're Fully-Compliant: Our home mortgages are structured as Seller-Financed Mortgages (SFM), or International Mortgages or Rent-to-Buy Mortgages, which do not require Bank of Ghana (BoG) regulation. Commercial Mortgages are also not regulated by the BoG. Prospective mortgage applicants are not restricted to buy a home from our internal partners DCANS Properties or Rent to Buy Ghana or any of our in-house home providers.

© 2022 DCANS Mortgage, Ghana, affiliated to DCANS Mortgage UK (FCA-Compliant), Patient Capital Providers DCANS Capital Limited (England & Wales, CRN: 07970200) and DCANS Investments Limited (Ghana, CRN:) and Osei Family Office (SFO), Proprietary Trading Firms DCANS FX and XAU79 and Crypto81, BNPL Providers DCANS Pay (Ghana) and Quid Pay (UK), No Upfront Fee Non-Deposit Taking Direct Platform Lenders Sikamaster Loans (Ghana) and Quidmaster Loans (UK), UK-based Remittance Platform to Africa & Beyond Moneyafrique, TDG Startup Ecosystem Platforms GhanaStartups.org and UKStartups.net and EUStartups.net and Groupwide IHB DBL UK (England & Wales, CRN: 09012597) , are all part of the AML-Compliant TDG GLOBAL CREDIT SYSTEM of The DCANS Group (TDG) Limited (England & Wales, CRN: 12645872, VAT #: GB 157 9161 82), but dual-headquartered in Ghana & the UK.

Legal & Compliance Provided by TLA Firm & Ghanaian Partners. For more details, see Regulation & Compliance. This platform is securely powered by DCANS and Doctopus (in-house information & data security platform) & Promoted by TDG Media Ventures.