You might wonder why you need building insurance.
Most of the time, we think that having a fitting replaced or structural damage repaired, will not cost that much.
After all, there is always an out of work handyman available, and the cost of materials can’t be that expensive.
The reality of the costs involved around building repairs might leave you quite astonished, and the single reason why insurance is crucial for any homeowner to have.
What exactly does a building Insurance Policy cover?
Most of the well established short-term insurance companies like Santam, Mutual & Federal, Discovery Insure and Momentum offers building insurance at competitive premiums.
Covered in a building policy is insurance against damages like broken geysers, theft, burst water pipes, fire, power surges, explosions and accidental breakage.
In some cases, accommodation is covered after an incident has left your house uninhabitable.
Check out This neat online Building calculator designed to Help you
Most insurance companies, like Outsurance, provide a building insurance calculator. This handy tool, which can be found on their website, allows you to calculate a total replacement value amount according to your home’s specification which can give you more or less an idea of how expensive repairs can be.
This calculated amount will put things in perspective. Each time you as a homeowner, wonder why a building policy is a necessity, you can think back on the amount the calculator worked out and be grateful for insurance.
It is compulsory to have building insurance in South Africa if you own a bonded home. You do however have the opportunity to have insurance with a Financial Institution from a bank or any other insurer of your choice.
Get a building insurance Quote online
Each online insurance company’s website allows a potential member to fill in and submit a form. That form goes to a consultant who will call you with regards to the insurance you require. Do not forget to get quotes and compare insurance quotes offered by banks like Absa or Nedbank.
Short term insurance companies
The good news is that most insurance companies can provide house insurance, car insurance, building insurance and life insurance which makes it easier for the consumer to manage.
In many cases, a member of an insurance company might give discounted premiums or bigger cash back incentives on insurance when a product is under the umbrella of one firm. It is therefore highly advisable to compare insurance quotes and see if there is a difference in price.
Always ask Questions if You are Unsure
When you get insurance quotes, including building insurance quotes, from different short term insurance companies like Momentum and Old Mutual, ask questions if you do not understand the conditions, or if you are uncertain about the information provided.
If you are curious as to which insurance company will provide the best building insurance premium, you can compare different firms’ quotations online with Hippo, one of the best online comparison platforms.
Complete and send the form to get a FREE insurance quote