ACQUIRING
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 cover the bulk
of your expenses if the loss forms part of an insured event.
For bond protection insurance, your premiums are
determined in line with various socio-economic factors
which include monthly income, age, gender, smoker
status and level of education.
FOR BOND
PROTECTION INSURANCE
1
2
3
4
5
6
7
8
30
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 cover
for these? It may work out cheaper to get
them insured separately with a specialist
contents insurance provider.
Do you have children or animals?
It could be worth adding accidental
damage to your policy.
Do you have any single items that need
to be insured?
Do you live in a high crime area?
How far outside of your home are your
items covered for?
Does the policy cover your items when
you are abroad?
Residential Handbook 2013
Remember, when it comes to finding a buildings
or contents policy for your needs, always give
accurate and appropriate information. That’s
because when it comes to making a claim, honesty
is always the best policy.
Your claim may be deemed null and void if you
give if you give false information, fail to attend
to the general maintenance in the policy or fail to
carry out repair work on previous claims.
Look at the specified amount or limit for buildings
cover protection.
LIMIT FOR BUILDINGS
COVER PROTECTION
1
2
3
4
5
6
7
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?
RESOURCES
OOBA
www.reimag.co.za