Information on home insurance in Senegal
Investing in real estate in Senegal is a heavy load. We are under pressure from banks, tax pressure in addition to risks beyond our control. In our countries where land development is not complete, where natural disasters are difficult to contain, multi-risk home insurance is more than necessary. Unfortunately, the Senegalese do not have the culture of insurance. This is partly due to the low literacy rate. All professionals in the housing sector encourage the subscription to an insurance contract. This is motivated by an elementary principle in law that anyone who has caused harm to another is obliged to repair it. Indeed, insurance is used to cover two types of damage. It is first of all the damage that one suffers and then the damage that one has caused to others. Repair conditions will depend on the terms of the contract. This is a subrogation mechanism which consists in proceeding to the payment of the reparation of a third party by means of a premium paid periodically.
Despite the reluctance, or rather the ignorance of the majority of Senegalese, insurance companies have crossed the bar of one hundred billion FCFA. Part is paid as damages on behalf of policyholders and another part for the operating needs of insurance companies.
What does multi-risk home insurance mean?
Multi-risk insurance covers your property and your liability. To cover a liability means to endorse the liability of others in order to repair the damage caused. This is how this insurance will repair the damage that you have caused to a third party according to the terms defined in the contract. In addition, it covers your property consisting of the building in which you live and the movable property located there or attached to it. It is, for the most part, so-called immovable property by the object to which they are attached. Thus are taken into account by the multi-risk insurance contract individual houses, apartments, studios, etc.. The guarantee is valid for all the members of your family when there is imprudence, fault or quite simply negligence. This global cover is justified by the fact that the insurance concerns the house, therefore all those who are there. It is also justified by the fact that the head of the family assumes responsibility for the acts of the persons under his authority according to the regime of liability for the act of others.
What does home insurance cover?
Different distinctions can be made at this level. L'insurance is a contract first of all. Therefore it is an act of will that takes into account the agreement between the two parties. This means that there may be differences from one contract to another. First, the insurance may cover some or all of the insured's liability depending on the terms of the contract. Once at the agency, several types of contracts are offered to you and it will be up to you to choose the one you need according to your budget and your expectations. What should not be forgotten is that damage, a disaster, is for the most part unpredictable and insurmountable, hence the interest of taking out insurance. Then, from a legal point of view, certain mentions are made obligatory in the contract and others optional. Certain conditions are obligatorily taken into account in addition to a possibility for the insured and the insurer to integrate other additional clauses as long as they are not contrary to the mandatory rules. This is a public order of protection followed by the State because of the opacity of the sector for the layman and the asymmetry of information that exists between the professional and the individual. Finally, home insurance takes into account the civil liability of the individual in addition to legal protection for this same liability. However, criminal liability is not taken into account because it transcends the contractual domain. This is the sovereign and regulatory domain exclusive to the public authority.
Categorization of guarantees:
- There are different categories of warranties that are covered. First, we have the so-called insurable property. These are the building in question, the furniture in it and the insured's movable property for professional use. For the building, any installation or equipment attached to the building will be taken into account. They are often immovable property by being attached to the building. The furniture present in the house concerns any furniture belonging to the insured, his family or his employees present in the house.
- Then there are insurable damages such as fires, explosions, implosions, floods, etc. The fire can be caused by lightning, lightning, an improperly extinguished gas cylinder, among other things. others risks may be taken into account by additional clauses signed between the parties. For water damage, the repair concerns the damage caused by it and not the damage at the origin of this damage (leaks for example). In addition, there is coverage for theft or attempted theft causing damage, the repair of which will depend on the terms of the contract.
- Finally, we have insurable liabilities which are occupant civil liability and private life civil liability. For the first, it is a civil liability in contract and in tort, for the tenant or for the owner. For the second, it is the pecuniary coverage of the civil liability incurred by the insured following material or immaterial damage caused to a third party by his personal act, due to a thing in his custody or by others.
Is taking out home insurance compulsory in Senegal?
Rien ne laisse supposer une telle obligation au niveau des textes en vigueur. Il s’agit plutôt d’une obligation contractuelle si par exemple un lessor inserts a clause in the rental contract qui stipule que la souscription à une assurance est obligatoire ou que le non respect de cette formalité est cause de résiliation. Bien qu’il ne soit pas une obligation, le contrat d’assurance est une garantie incontournable pour un investissement de ce genre. Un incendie, une inondation, un affaissement de la toiture ou un autre quelconque préjudice est une raison suffisante pour assurer son bien real estate.
Home insurance companies in Senegal:
