Home ownership is a good investment, so it should be at the top of your list as a home owner to find ways to protect your home.
Why do you need this type of insurance cover?
You need to be able to repair or replace the property if it gets damaged or destroyed by a covered event. In order to protect your own interests you should have a comprehensive homeowners’ policy that goes above what a lender requires.
What is the difference?
In South Africa, home insurance is also generally known as buildings insurance. This type of insurance covers the actual structure of the house. This includes fixtures and fittings in the house and may also include items such as:
- Doors and windows
- Fitted kitchens
- Built-in cupboards
- Bathroom suites
House insurance is generally known as Home contents cover. As the name suggests, it insures the contents of your home from damage.
As a general rule, your contents are the things that could be taken with you if you decided to move house.
This may include cover for your belongings, such as: beds, sofas, furniture, DVDs, CDs, books, pots, pans, cutlery, crockery, TVs, laptops, clothes and jewellery.
By getting home contents insurance you are able to get cover against theft, intentional damage to your valuables, as well as damage caused by a power surge or a burst geyser.
How can you get cheaper house and home insurance?
- Be a faithful customer and have good credit.
- Carry multiple policies with the same provider.
- Install an advanced alarm system.
- You may need to stay claims-free.
- Have a system of preparation for disasters.
You need to do your research and make sure that the type of cover you get is suited to your individual needs.