Home insurance - are you adequately covered for every eventuality?

Your home is your most important investment, and it is important that you insure it properly. Recent events in KZN and Gauteng have shown that property can be vulnerable, and it is best to ensure that you are properly insured.

Homeowners' insurance

Homeowner's insurance provides financial cover for your private residence against possible loss or damage caused by accidents, fire or theft.

It covers the bricks and mortar structure including the roof and all fixtures including flooring, geyser, toilets and baths, built-in cupboards, windows and glass and so on. Damage could be as simple as a stone or ball which comes flying out of nowhere and breaks your window or expensive glass door, or a sudden geyser "burst" which causes flooding and water damage.

It is always vital to have homeowners' insurance and is a requirement if your property is financed by a mortgage loan. You do not need to accept the insurance offered by your bank and can shop around, but the cover must be approved by the bank.

Household insurance

Household insurance covers the content of your home and your personal belongings against possible loss or damage caused by accidents, fire or theft.

This should cover all furniture, appliances, electronic and other goods. Without reliable insurance, replacing household items could be costly. It is important to make a list of the contents and items that you need to insure with their replacement values to ensure you are correctly insured.

Household insurance should cover theft or attempted theft causing loss or damage as a result of forcible or violent entry into the property. Your insurance should also provide cover for damage from things like fire, lightning or explosions, natural disasters like floods or earthquakes, electrical or water system failures like a burst geyser or pipe and then also outside influences like a car driving through your property or a tree falling.

Personal valuables usually need to be covered separately so check your policy carefully to ensure you are adequately covered.

SASRIA cover

Certain events are not covered by the above such as damage or loss as a result of protest action. You will need to have SASRIA cover for this. It provides  cover against special risks such as damage or loss resulting from civil commotion, strike, riot, public disorder and terrorism. 

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