Home insurance protects your house against robbery, fire, floods or damage in some way.
Without it, you put all your precious belongings at risk even the structure of the house as well. Is it worth taking a chance like this?
We work so hard to gather the things we love, and can lose it overnight due to lack of planning.
Can you afford not to have some form of cover?
Different types of home insurance
All insurance companies offer home insurance for the structure which includes walls, pool, roof, etc. that is called long term insurance. Short term insurance covers the contents of the house such as furniture, carpets, paintings etc.
First, you need to know what you want to insure and have a budget in mind to meet monthly payments. Get quotes from two or three established firms that have a good reputation.
Compare quotes and go with the company that meets your budget and gives you the best deal.
Mortgage bonds and home insurance
Home insurance that covers contents is optional. However, if you have a mortgage bond, you have to take out insurance that covers the structure of your house. What happens if your house burns down? You have nowhere to live and still have a million rand bond to cover every month.
There are a lot of choices when it comes to home insurance. For instance, a home loan debt policy pays your debt in full when you die. Your family won’t be forced to sell the house if this happens or find the monthly payments.
How to make your home insurance a priority
Decide what is the most important item to insure. Most insurance firms supply lists that help to decide what needs insurance.
The policy usually includes insurance for home contents and personal items. List extra items like jewellery and other expensive pieces separately with valuations to prove their worth.
Home insurance and building cover
Home insurance that covers damage to buildings will always have extra issues you need to consider. These include options that cover the building’s physical damage and medical expenses of people who were in the building at the time. Also included is cover for damage to gardens, fences, pool, driveway etc. and somewhere to stay
Ultimately, once you have listed your needs, contact two or three companies and ask for quotations. If you aren’t sure, ask questions. If they aren’t sure, look elsewhere. There really is a lot of choice in this section of the insurance industry.
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