INSURANCE - HOME OWNERS COMPREHENSIVE



Your home owners comprehensive insurance is your core insurance that protects your property and together with Hosueholders insurenace (contents) and Life insurance to cover your bond are the three main insurances you have to hold when owning a property.
 
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WHY IS IT NECCESSARY?
  • Your home is an investment and quite simply, you want to make sure that your investment is protected against major losses. Disasters happen and you do not want to lose not only a home, but a major asset and investment into your future.
  • Secondly, the bank financing your bond will insist that you have homeowners insurance so as to protect their risk in lending you the money.

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WHAT DOES IT COVER?

Your home owners insurance would include all out-buidlings, walls, lapas, pools and fixtures and fittings of a permanent nature and will cover almost all eventualities that could severely or completely damage your home andnature such as :
  • Fire
  • Flood
  • Geysers bursting and Plumbing catastrophes such as burst pipes
  • Earthquakes, Landslides
  • Explosions
  • Impact cush as a car driving into your wall
  • Other natural disasters
  • Loss of damage during constrcution or alteration
  • Hail, Snow and Storm damage
  • Power surges
It DOES NOT cover the contents of your home such as appliances etc. This is a seperate insurance called Householders insurance and is not compulsory by the bank.

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SPECIAL NOTES
  • Although this insurance normally also covers all outbuildings, lapas, pools etc, Please check before signing.
  • You DO NOT have to take your insurance through the bank and may use alternative providers which in most cases are cheaper.
  • Your home must be insured at REPLACEMENT VALUE, not what you paid for it. Failure to do so might place you at risk of underinsuring.
  • Your home increases in value over time - make sure you amend your policy values accordingly. Some policies will have a built in inflation increase.
  • If you do not insure through the bank, you are obligated to advise them if your policy or insurer changes
  • Check you policy details on when the property is vacant such as when you are on leave. Most insurers allow a maximum of 30 days continous vacancy
  • If you are selling and allow early occupancy, check what your insurers requirements are.
  • If you have bought in a Sectional Title complex, there will already be insurance in place by the body corporate. Get a up date date certificate from them each year as well as making sure of exactly what s covered. Many do not for instance include geyser insurance in the complex insurance anymore.


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