There are two types of household insurance.
1. Building / fixed asset insurance:
It is the owner of the building’s responsibility and duty to insure the building against natural disasters, (lightening, earthquakes, hail and storms) as well as fire and other forms of damage to the property. Other damages may inter alia include a freak accident such as when a speedster, unable to negotiate a turn, crashes through your fence and living room wall.
The monotonous drip – drip on your ceiling can mean only one thing: your geyser has packed up. An early discovery may limit the damages to repairs to the geyser only. Otherwise, the ceiling and carpets may need to be replaced and the whole room to be repainted.
That persistent seasonal rain that we love so much was not as kind to you as some of your roof tiles shifted, causing some flood damage in your house.
It may not happen every day, but your house and/or outbuildings could catch fire and burn down to the ground necessitating complete re-erection.
The above are just a few examples of what could happen to cause enormous damages for which you never budget. Just for such events you need homeowners insurance.
2. Household Contents:
Your household contents (furniture, clothing, crockery etc.) must be insured at present replacement value.
It is important to ensure that you are not under-insured. Your TV may be valued at R300 at present, but to replace it sometime in future may cost R2000.
Your household insurance offers cover against burglary as well as accidental breakages. Accidental breakages occur as a result of some unforeseen event as, for example, when a TV is knocked off a display stand, or when the door of the microwave oven breaks off.
Security plays a prominent role in determining the insurance premium when you have the following measures in place: burglar proofing, security gates and alarm systems.
Let Care Line Group help you to get a household insurance quote quick and easy.
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Factors to be taken into account to determine insurance premiums
- Replacement value: how much would it cost to replace an item?
- The situation of your property: the address of the property;
- Security: do you have burglar proofing, security gates and alarm systems?
- No claim bonus.
What is a “no claim bonus” in household insurance?
It is a “bonus” you accumulate over the number of years you do not claim under this section of your insurance policy. The more non claim years you have, the lower your premium will be. The same principle as in vehicle insurance applies.
Are there any ways in which I can save on my insurance premium?
- Get Care Line Group to compile the most cost effective quote that will satisfy all your requirements, and then allow them to manage your portfolio;
- Ensure that all your insured items are insured for the correct amounts;
- All items must be listed in the correct sub sections. Your policy must be structured correctly;
- Your no claim bonus must be considered at all times;
- Obtain different quotes from different insurers for comparison. Don’t just accept the first quote offered to you, and ensure that you fully understand what is being covered by the policy.
- Review your insurance policies at least once a year, and make the necessary adjustments to the devaluation on vehicles and other items;
- Security as far as vehicles and buildings are concerned plays a prominent role in determining the insurance premiums;
- Obtain your household and motor vehicle insurance from the same insurer;
- Lower premiums are ensured by a good insurance record of insurance; and
- Don’t claim unnecessary. Remember your no claim bonus.
Are there any extras I can add to my policy, which will benefit me?
Most definitely, yes!
At a nominal monthly premium you can benefit from the mentioned value added products.
Household accessory assistance:
Should you require any assistance relating to the under mentioned list, the necessary assistance will be supplied to you in terms of the added value product in your policy.
|Light faults||Blocked drainage pipes||Microwave ovens||Gates||TV’s|
|Faulty wall plugs||Leakages||Stoves||Swimming pool||DVD’s|
|Geyser thermostats||Tap washers||Fridges||Jacuzzi||HI-Fi’s|
|Geyser elements||Toilet rubbers||Freezers||Garage doors||VCR’s|
|Power failures||Geyser valves||Washing machines|
|Distribution boards||Burst pipes||Tumble dryers|
|Earth leakages||Blocked baths||Dish washers|
|Stove plates / elements||Blocked washbasins|
|General home electrical wiring||Blocked taps|
|Main cables||Shower outlet|
|Light switches||Water connections|
|Burned plugs||Municipal connections|
|Faulty power circuits|
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