Photo: Matti Blume, Wikimedia Commons, CC BY-SA 4.0Home and building insurance in Ghana
Household cover and the compulsory commercial building insurance
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| Part of the cover | What it protects (NIC) |
|---|---|
| Building | The structure |
| Contents | Personal belongings |
| Liability | Injury or damage claims from accidents on the property |
| Loss of use | Temporary housing costs |
From the NIC's insurance products page, which classes household insurance with fire insurance. Part of every fire insurance premium goes to the Fire Control Fund, which the NIC uses to support the Ghana National Fire Service (Act 1061, section 223).
Commercial buildings: insurance required by law
| Rule | Insurance Act, 2021 |
|---|---|
| Buildings concerned (Second Schedule) | Office spaces, shopping malls, factories, hospitals, and any other commercial building specified by Regulations |
| Who must insure | The person who constructs it; and the owner or occupier (s. 218(1)–(2)) |
| Building under construction | Liability for loss or damage to a person caused by negligence of the owner, contractor or their staff, with legal and settlement costs (s. 219(1)(a)) |
| Any commercial building | Cover against collapse, fire, earthquake, storm and flood, and the owner's or occupier's liability to people using the premises (s. 219(1)(b)) |
| Length | Twelve months, except in exceptional cases (s. 220(1)) |
| Not insuring | An offence: fine, imprisonment or both, as set in the First Schedule (s. 218(3)) |
Text: Insurance Act, 2021 (Act 1061). The same Act makes public liability insurance compulsory for office spaces, banks, shopping malls, factories and hospitals (section 214 and Second Schedule): see business insurance.
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Frequently asked questions
Is home insurance compulsory in Ghana?
Not for a private home. It is compulsory for commercial buildings such as office spaces, shopping malls, factories and hospitals (Insurance Act, 2021, section 218 and Second Schedule).
What must commercial building insurance cover?
Collapse, fire, earthquake, storm and flood, and the owner's or occupier's liability for loss or damage to people using the premises; during construction, liability caused by the negligence of the owner or contractor (section 219).
What does household insurance cover?
Usually the building, the contents, liability for accidents on the property and temporary housing costs (NIC). Check the policy's list of perils and exclusions.