Household Insurance in South Africa
Do sayings like "getting on like a house on fire" and "bringing the house down" put you in a cold sweat? You need peace of mind; you need household insurance.
The everyday reality is that your home and your belongings need financial protection against any damage that may occur. Whether you are motivated to buy household insurance as a protection against natural disasters, break-ins or accidents, make sure that you are not caught off-guard.
When you home in on household insurance, one can broadly divide it into two categories, namely building insurance and contents insurance. Building insurance protects you against the loss and damage to the physical structure of your home. Private residential structures can e.g. be insured against damage caused by a storm, fire, wind and water. Usually your whole home, swimming pool, tennis courts, outbuildings, garages, drives, walls, fences and any other permanent fixtures inside the home can all be covered under this type of insurance. Insurance cover primarily includes the cost to repair or rebuild your home if it is damaged.
Contents Insurance
But no house is a home without contents - therefore household insurance also entails contents insurance, which usually covers all moveable items inside the home. When becoming a household insurance policy holder, you will receive an inventory form to complete on which you will have to calculate the total value of the goods you should insure for. Items that are covered include furniture, carpets, curtains, television, radio, kitchen equipment, ornaments, personal possessions, clothing, computers, etc. Contents insurance would therefore amount to the total value of everything that is in your home that you would take with you if you were to move.
Household insurance cover can be either on a standard or accidental damage basis. Standard cover will replace your items on a new for old basis, i.e. the damaged item would, in case of a claim, be replaced at today's price with no deduction for wear and tear. When insuring your household items, it is therefore important to use this same method, namely calculating the full replacement value. Accidental damage entails standard cover as well as additional cover for items that are accidentally damaged e.g. scratching your R3000 watch against a wall, or spilling oil on an heirloom carpet.
Your home is where your heart is - as well as all your valuable belongings. Therefore household insurance is a very specialised area, catering for almost every possible category and item, e.g. specified and unspecified items (the distinction between which depends on the items' value), personal possessions insurance for renters, personal possessions insurance for students, high value home insurance, etc.
Also remember that some insurers offer premium discounts for improved security, such as being a member of an approved neighbourhood watch system, installing an approved burglar alarm and good quality locks.
So, next time someone brings the house down, you can just laugh at his jokes, and sit back and rest (in)sured.
Free Household Insurance Quotation
Click here for a free quotation from Dial Direct or phone 0860 10 43 11