Insuring your new building is one of the best ways of protecting your investment. Insurance is there to protect you whenever calamity strikes. It is unbelievable to see your house disappear in flames or natural calamity, especially when you have invested a lot in it.
Today’s home insurance processes are available to cover all that your house needs, not just house insurance. The policies cover your house and eliminate your challenges for financial distress. Some insurance policies do cover:
What you own up to 50%
10% of the cover concerns the fences and outside structures
Loss of use arises when you have severe damage, and the house is no longer habitable. The insurance company always pays your rent, hotel booking, and outside meals during repair.
In case of extra law liability whenever you are facing charges for damages, the insurance company will always pay the damage fees and medical bills arising from damages caused by your property or your house pet.
However, some insuring companies may require you to pay extra cost to insure home items such as electrical appliances, jewelry and costly possessions. Beware of the damages from earthquakes and floods that may not be indemnified by the insuring company. Such natural disasters need to have a new policy with the insurance company.
Some of the lenders of the mortgage will support their client to consider home insurance. The coverage protects the house and not necessarily, what you own. Therefore whenever you have purchased an insurance cover, it is a great idea to find out what is covered and what is not.
Below are some types of home insurance policies
We do have standardized home insurance policies in South Africa. This is because there are two organizations that are mandated to control the insurance company. The insurance authority of South Africa and ISO. Any insurance company you choose has to be approved by the relevant departments in South Africa. The varying factor in these insurance companies is the amount of premium you must pay. Hence, it is a good idea to do your research before picking an insurance policy.
Rating system in home insurance
When you get to insurance companies, they will talk to you about several insurance needs. One of the ideal things you will hear is the premiums. Homeowners’ insurance covers normally attracts different amounts of premiums. The materials used to build the house, the age of the house and its location, determine the level of premiums considered. The named factors are just a few since we do have other determining factors. When you insure your house, check the price you will incur during repairs rather than the market value of the house. The insurer will use surveyors and property valuers to ascertain the amount you may incur in case of total loss.