ACQUIRING
Insurance
More than peace of mind
A
new house brings with it a wealth of new
responsibilities. One of these is that you
need to consider what will happen to you,
your family or your house if your circumstances
change. No matter how unlikely this may seem, life
is full of surprises, and you need to plan for every
eventuality.
The best way to make sure that you are covered in
a crisis is to have sufficient insurance in place to help
you through any difficult times.
“There are t wo main types of
insurance that a homeowner should
have,” says Craig Young, Managing
Executive of Insurance at ooba,
S out h A f r ic a’s big g e st b ond
originator and provider of insurance
cover for all property matters. “In
some cases your bank will insist
on some form of cover; in
others it is optional – but
in all cases it’s a good
idea.”
and lightning. Your bank will insist that you have
such cover, but they can’t compel you to take their
insurance offering. If you wish, you can obtain
buildings insurance cover from any accredited
insurer, freeing you up to compare costs, coverage,
benefits, reputation and service.
“Buildings insurance protects your home from
costly damage caused by unforeseen circumstances,”
says Young. “For instance, if your geyser bursts,
the insurance will cover its replacement and any
consequential loss up to a certain limit such as the
costs of home repairs and
painting.
Buildings insurance
Buildings insurance is one of
the most important policies
you will purchase. It covers
the structure of your home
as well as all the permanent
f ixtures and f ittings in it,
against damage caused as
a result of unexpected
events like fire, f lood
28
Residential Handbook 2013
www.reimag.co.za