FINANCE
• Buildings Insurance : Ensure your home is insured for replacement value , covering rebuilding costs , demolition , and professional fees .
• Home Contents & Portable Possessions Insurance : Protect personal belongings and valuables , including power surge coverage and items taken outside your home .
• Regular Maintenance & Quality Construction : Use accredited builders , conduct regular property inspections , and maintain your home to prevent costly repairs and denied claims .
Here ’ s a clear , step-by-step guide to ensure your property is fully covered as recommended by King Price Insurance :
1 . Buildings Insurance
Buildings insurance covers the physical structure of your home , including walls , roof , permanent fixtures ( like plumbing and electrical systems ), and even damage from incidents like a leaky geyser . If you have a home loan , you ’ re required to have buildings insurance , but you don ’ t have to settle for the bank ’ s policy . Shop around for a plan that suits your needs .
Tip : Always insure your home for replacement value , not market value . This ensures you ’ re covered for the full cost to rebuild your home , including demolition , waste removal , and professional fees . To determine this , check the current construction cost per square metre in your area . For example , in 2023 , the average cost was R10,000 – R20,000 per square metre .
2 . Home Contents Insurance
Your home contents insurance protects your personal belongings — everything inside your house . If something happens ( e . g ., fire , theft ), this insurance ensures your items are replaced .
Tip : Consider adding extra cover for power surges , especially for expensive appliances . Don ’ t forget to insure portable possessions ( cell phones , laptops , jewellery ) that you take with you outside the home . With high crime rates , this is essential for peace of mind .
3 . Liability for Domestic Workers
As a homeowner , you ’ re liable for injuries that happen to domestic workers on your property . Ensure your insurance covers liability for accidents , providing protection if something goes wrong while they ’ re working in or around your home .
66 REI MAGAZINE NOVEMBER 2024