Why you need Home Owner’s Insurance

Thinking of buying a house? Already have a house? Well is it protected? If you own a home or are thinking of buying one, home owner’s insurance can save your investment one day. It is a necessary evil unfortunately. One of those things that you might not ever need but cannot afford NOT to have.

When you’re buying a house or if you have just bought a house, the last thing you might want is an extra expense. But paying a small monthly amount can not only save you from financial strain later on but protect your investment and give you peace of mind knowing that you are covered. It just makes sense to properly insure your valuables so that you don’t have to face handling the replacement or repair costs by yourself. You will probably want to know exactly how much it will cost you and whether you’re getting the best deal. We recommend speaking to a financial advisor about home insurance or at least going to several sources to see what types of covers there are and what cover would suit you. Home Owner’s Insurance can be tailored to each individuals needs and wants depending on what sort of cover you might want and how comprehensive that cover will be.

Lets discuss three of the most common types of home insurance you can get:

Home Contents Insurance. The name says it all really, this is cover for your house contents. Some of the scenarios Home Contents Insurance covers against:

• theft
• loss or damage caused by deliberate or willful acts
• burst geysers and resultant damage and other perils such as fire or flood

Buildings Insurance covers the loss or damage to the actual building structure. There are several scenarios that could happen and that’s why insurance companies spend hours thinking up all the possibilities and trying to plan for them all. We cannot imagine every scenario and many of us will have the opinion that some scenarios will have happen to them. Rather be safe than sorry! You will never need insurance right up until that point where the unthinkable happens and now you cannot afford to repair your home. Some of the scenarios Building Insurance covers:

• Natural Disasters including storm, wind, flood, hail, snow or earthquake damage.
• Loss or damage caused by faulty water systems, including burst, leaking or overflowing geysers, water supply tanks, cisterns and water pipes.
• Theft or attempted theft where forcible and violent entry to (or exit from) your property causes damage to the premises.
• Impact by animals, vehicles, falling trees or parts of trees; aircraft or articles dropped from above.
• Breakage or collapse of fixed radio or television aerials, satellite dishes or masts.
• Erosion and / or Subsidence.

Portable Possessions Cover or All Risk Cover. This cover allows you to claim for items you might usually carry around and which can been stolen, lost or damaged. This is probably the most common type of scenario to occur especially in South Africa. Examples of this may include cellphones, cameras, laptops, clothing, iPads, jewellery, sunglasses, etc.

Speak to one of our financial advisors today in order to have peace of mind knowing that your home is protected against all scenarios. There is nothing quite like knowing the roof over your head is safe!