Homeowner’s insurance covers everything that is permanent and immovable within the boundary of your property, including the parameter wall, garage, gate, motors, outbuildings, swimming pool, all fixtures and fittings in the house itself.

The universal rule of insuring the building is that the insured value should reflect the cost of replacing your home in its entirety- the new value.

What are the trends when it comes to Home Insurance Quotes?

Under-insurance is the biggest risk factor home owners face.

Christelle Fourie, the managing director of MUA Insurance Acceptances says: ‘’Property is perhaps one of the most difficult assets to determine a replacement value for, because a rebuild is dependent on so many varying factors.”

The most common mistake that consumers make is to confuse the replacement value with market value.

The risk of over-insurance is favoured over the risk of under-insurance by insurance companies. This means that they are able to make more money through the collection of monthly premiums. If consumers are found to be under-insured however, insurance providers will not pay any more.

When you are looking for home insurance quotes, you need to have an idea of the value of your home. This means that you need to get your home evaluated. Help with you valuation is available, but you will seek it out yourself.

There is no obligation to insure through the bank. In terms of the National Credit Act, the bank or financial services provider may not compel borrowers to use any particular insurer. You have the freedom to choose an insurance provider of your choice.

Standard Bank says the majority of customers opt for its own homeowners’ insurance.

The Short Term industry in South Africa is crowded and competitive. You can get discounts from insurance providers for entrusting all your short term business with them.