INSURANCE
The claims process
To claim, he advises contacting your insurance
company immediately so that they can guide you
through the processes. All insurance companies have
their own panel of service providers that they will
send out to do the work. You can use your own service
provider for the repairs in some cases, if this is agreed
upon by the insurer and a quote has been accepted.
In an emergency, contact the insurance company’s
emergency line for priority service.
Your excess will usually be required to be paid to
the service provider – such as a plumber or electrician
– before any work commences on your property.
When the work is done, you will have to sign a
document to let the insurer know that you are happy
with the work.
It is always advisable not to take matters into your
own hands with any emergency repairs,” says Young.
“Always phone the claims call centre as your insurer
cannot be held liable for inflated prices charged by an
independent service provider.
to request a reassessment of your property if you have
carried out any renovations.
The main sum insured should be adjusted on
renewal each year to allow for changes in the value
of the property and the cost of rebuilding the
property. Obviously, if you have done any work on
the property, call an expert evaluator from your
insurance right away. If you don’t do this and you need
to claim, you could be under-insured. This means that
you would be liable for the costs of a rateable share of
the damage.
For instance, if the replacement value of the
property is R100 000 and the insured value on the
policy schedule is R75 000, then the insurer would
be within its rights to only pay a maximum of 75%
of every claim you make. For this reason, you must
ensure that your property is correctly insured.
Valuate your property annually
It is also a good idea to always keep your property
evaluation up to date. The insurer will increase your
premiums annually, taking inflation and building
materials costs into consideration, but it is up to you
www.reimag.co.za
You are required to have home owner’s insurance
in place to protect your lender’s interests just as much
as to protect yours. Home owner’s insurance is there
to help you to protect the value of your greatest asset.
So use it when you need to.
RESOURCES
Craig Young, ooba
Residential Handbook 2014
23