Don’t find yourself without cover…
As much as we want to do it ourselves, certain things, like home-owners insurance just isn’t a DIY job.
Unless you are exceptionally well-off and have millions of rands lying around, and don’t mind losing your home to some unforeseeable event, homeowner’s insurance is a fact of life.
Another fact of life is that you NEED TO READ THE FINE PRINT.
Let’s not lie to each other, we have all simply clicked on the “Accept terms and conditions” button of the software update…without really reading it at all. Unfortunately its exactly this that can come back to bite your bum in the insurance game.
We are not saying that insurance providers are actively trying to device you, but they are ambiguous at best. If you have a look at your entire policy document, with every exception and condition, you might realise that you are more exposed than you thought. (or paying for things you don’t need…)
It’s worth contacting your insurance provider and getting clarity on any terms that you find even marginally confusing.
At the very least your insurance should cover the following:
Cover your bum!
Plumbing. Any part of it, all parts of it. Geysers, septic tanks, main drainage lines, water leaks and burst pipes are not things you want to waste your time or money on. Be sure that your entire plumbing and wastewater system is covered and be aware of what your excess payments will be.
Be ready for a splashdown:
If you have a swimming pool, expressly say this to your insurer and get them to INCLUDE your swimming pool pump in your policy.
Open Sesame:
Electric gate motors should be covered in case of breaking or malfunction, but also make sure that it is covered for theft. There is a rise in “small” thefts including gate motors, outside light fittings, and security cameras – check your policy for all of the above and ensure that you are happy with your cover.
Freaky times (Unforeseeable event)
You never know when a negligent driver cuts a corner and smashes through your palisades, right into your dining room, crashing into your television, bringing down the ceiling and with it the geyser just as a tree falls onto your patio roof, broken rooftiles smashing into your swimming pool, clogging up the filter and causing a water leak that floods your garage, damaging your newly installed solar battery bank…You get the idea – long story short, be sure to check your cover for “accidental” and “unforeseen” mishaps. You don’t want to find yourself lacking insurance as you deal with a scenario like the one above.
For a comprehensive guide to making your unforeseen event claim easier, click here
Don’t crack under pressure!
Structural failings are another contentious issue when it comes to homeowners’ insurance. For structural damage to be covered by your insurance, you need to have building insurance and the damage should have arisen from a “Claimable Event”…
What qualifies as a claimable event can differ from policy to policy but unless it is expressly specified, it does not include sub-par building standards and negligence on the part of construction companies. You cannot claim for cracks in your walls, unless they were caused by storms, fire, floods, or some other type of damage.
A note on flood insurance:
It’s important that you understand your home’s risk profile when it comes to flood insurance. As a general rule, any insured structure that is less than 200m from a body of water (obviously not a swimming pool) needs to have specifically underwritten flood insurance…If you are not sure about this, we advise you to reach out to your insurance provider ASAP – We can’t rely on predictable weather patterns anymore…
Remember to update your insurer – they can’t insure what they don’t know about.
Did you recently install additional plumbing, change over from electric to gas cooking? Upgrade your geyser, pool pump or boundary fence? Did you add a room, install a new security feature, or have electrical work done? It’s your responsibility to tell your insurer about any changes and check how this influences your policy and premiums.
