Home Insurance Pros and Cons
Home insurance Pros:
Having home insurance means that you are covered for large damage that you may not otherwise be able to cover.
If your home is broken into you may not always afford to pay the costs associated with replacing your home contents or fixing the structure of your home if it’s damaged. If you have home insurance however, you have the peace of mind knowing that you will be covered.
This type of insurance covers accidents that may happen in your home.
If a friend of yours slips and falls in your home for instance you can avoid lawsuits by having home insurance. It’s important to make sure that you understand the scope of your cover however.
It replaces items that are lost or damaged.
Depending on what is included in your policy, you may avoid having to fork out thousands of rands in the event of lost items or damage to your home.
Your building and contents may be covered
Coverage for replacement costs will ensure that you’re able to replace the items that were lost, with similar items.
There is a wide range of natural disasters that are typically covered by your homeowner’s insurance policy, though not all of them are covered.
You can decrease your insurance costs by increasing the amount of your excess.
You can save more by paying annually instead of monthly premiums.
By combining your insurance policies you may have the benefit of lower insurance premiums.
What are the cons of home insurance?
If your car is broken into, you may not get cover from your home insurance.
Earthquakes and other natural movements of the earth may not be covered by insurance policies.
Flooding may not always be covered. Again, you need to make sure that you understand the type of cover you have.