The Benefits Property Insurance for people of Tanzania

 

The home owners should take seriously reflect to ensure their property to shield and covered themselves against disasters which often inflict irreparable loss on them.

 

The Managing Director of Marsh Tanzania, Mr Godlove  Nyagawa, said after getting disasters the place to stay  for victims is a big problem because most of them lose all  they have and  invested in.

 

“Most of the time victims are compensated by receiving plots, houses, or funding, yet other victims find out themselves living in tent for extended periods of time,” Mr Godlove Nyagawa said.

 

He said to avoid such problems individual house owners should insure their property against disasters so that they get compensated in case of disaster.

 

“The best way to avoid this of course is to have solid foundations and infrastructure as preventative measures. We also must encourage home owners  insurance for all income levels so when unexpected disasters occur, the home owners are not left to rely on family or government,” the Marsh Real Estate Managing Director argued.

 

There are a few property insurers in Tanzania and as the middle class rises and the real estate market formalizes, it is expected that there will be an increase in property insurance companies as well as establishment of better solutions to disasters in lower income areas.

 

In recent years, the country has struggled to cope with the aftermath of disasters such as floods, arms dump explosions, infernos and whirlwinds which destroys infrastructure, homes and loss of people’s lives.

 

In order to address such disasters, the government enacted the Coordination of Disasters and Assistance Act of 1990.

 

A Disaster Control Guide was established also under Prime Minister’s Office and coordinates various sectors, institutions and groups in disasters control and management.

 

Therefore, government systems are in place to house citizens after disaster strikes, such as the Tanzania Disaster Relief Committee (TANDREC) compensated the victims of the Mboto and Mbagala bombings in 2009 and 2011.

 

Launched in 2016, Real Estate Classified is a global property portal focusing exclusively on emerging markets.

 

The leading real estate marketplace offers sellers, buyers, landlords and renters a secure and easy-to-use platform to find or list properties online.

By. Godlove Nyagawa – Marsh Real Estate Classfied – Tanzania

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