Real Estate Investor Magazine South Africa March 2013 | Page 39

RESIDENTIAL
FOR BUILDING INSURANCE:
Look at the specified amount or limit
for buildings cover protection.
How much will it cost to rebuild your
home? Not just the resale value as this
may differ wildly.
Does the policy cover accommodation
for you, should your home become
uninhabitable?
Does it cover outside buildings?
If you are in a high-risk flood area, are
you covered?
In addition to the overall structure of
your property, what permanent fixtures
and fittings are covered, if any?
Do you live in a high crime area?
What about the style of your house? Do
you have any unusual features? Or is
your property a listed building?
happen to you and your family if, for some
reason, you were unable to pay your bond
for any period of time,” says Young. “Bond
protection insurance provides comprehensive
cover in the event of death, disability, dread
disease or retrenchment.”
Your bank may not insist that you have this
type of cover, but Young advises you consider
it, nonetheless. “No one likes to think of bad
luck befalling them, but if something bad does
happen to you, the best outcome is that you or
your family won’t lose your home,” he says.

What it costs

When you’re buying a house, the last thing
you want on your plate is an extra expense. Just
remember that a small monthly payment now
can save you from enormous financial strain
later. But of course, you’ll want to know exactly
how much it will cost you and whether you’re
getting the best deal.
“Because insurance cover can be tailor made
for your specific circumstances, taking into
account your situation as well as the value of
your house, it’s not possible to put a single,
straightforward cost to bond protection and
buildings insurance,” says Young.
For buildings insurance, the structure of your
house – what the building and the roof are made
of – as well as the type of residency – holiday
home or permanent residence – all play a role
in the risk assessment and therefore, the cost of
your premiums. This type of cover will always
be subject to exclusions and excesses, but will

“Just remember that a
small monthly
payment now can save
you from enormous
financial strain later.”

cover the bulk of your expenses if the loss forms
part of an insured event.
For bond protec t ion insu ra nce, you r
premiums are determined in line with various
socio-economic factors which include monthly
income, age, gender, smoker status and level
of education. However, with a product like
ooba’s Bond Protector no medical clearance
is required and you can qualify for cover up to
R1.25 million (pre-existing conditions may be
excluded).
ooba’s competitive insurance offering is made
up of buildings insurance and bond protection
insurance tailor made for your specific needs,
from the home loan experts. And ooba offers
the convenience of taking out insurance at the
time of applying for your bond, saving you time
and hassle.

FOR CONTENTS INSURANCE:
Look at the specified amount or limit
of contents cover protection
Have you got everything valued
accurately?
Are your antiques or valuables covered,
or do you need to take out separate
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