COVER ALL BASES FOR HOME INSURANCE

ONE MAJOR necessity when becoming a home owner is insurance, not only for the physical property, but also the home’s contents.

Owners need to know the difference between the two, and also ensure they are adequately insured, explains Ynnis Willson, branch manager at Jawitz Properties Randburg.

“Building insurance covers home owners from structural damage caused by fire, extreme weather or burst geysers and pipes. Interestingly, it also covers the replacement of keys, locks and remote-control units, and accidental breakage to fixed glass and sanitary ware.”

She says a building’s market value isn’t the same as its insured value and the amount insured should cover the cost of rebuilding your home.

“Building insurance should cover what it would cost to rebuild your property from the foundations up, including your boundary walls, solar panels, swimming pool, taps and tiles.

“And if you’ve made major improvements to your home, such as adding a new room, tell your insurer, or risk being under-insured.”

With up to 60% of South Africans being under-insured, Wilson says home owners must make it a priority to check that their home contents policy covers the current replacement value of their household goods and not what they paid for them.

“High-value items that are only kept in the house should be covered, but the moment you take any high-value items outside the house, they must be included under your portable possessions cover (specified all risks) or they’re effectively uninsured.

“This includes phones, laptops, jewellery, watches, sunglasses, clothing, your gym bag and its contents and luggage, for example.”

HOME owners need both home contentsand building insurance. PICTURE: ERIKA WITTLIEB/PIXABAY