A beginners guide to home insurance

You've achieved one of the most exciting milestones of adulthood and purchased your first home! This is a huge step in laying the foundation for the path your professional and family life will follow. One of the most important concepts you need to understand as someone who has just stepped into their new home is the value of insurance.  

 

What is home insurance? 

 

Think of it as a necessary precaution against your home and belongings being damaged or stolen. This is especially important if you've taken a home loan to finance your property, as companies and banks will want to see proof that you've taken steps to ensure everything is responsibly covered. From choosing a safe neighbourhood to being mindful of your property's upkeep, there are many things to consider when expecting a cheaper policy quote. RealGlen Properties will help you navigate getting the best quote while understanding exactly what you should be insured for.

 

 

The unexpected is always an option in life and it's best to stay prepared. In the South African context, there are two main types of insurance to protect your home. These fall under the buildings and contents category. If your property is situated in a high-risk area, prone to experiencing severe weather or isn't secure enough it's advisable to get some sort of cover to protect yourself. 

 

Many online quote generators can assist you with accurate and reasonable quotes. These operate on a personalised basis and are often your best bet when it comes to a no-frills approach to securing a policy quickly. You can get the best and cheapest possible quote by getting an independent assessor to determine the worth of your property and use this information to negotiate with companies.

 

 

Buildings (or homeowners insurance) covers the structural entirety of the property. This includes the permanent framework, bathroom and kitchen fittings and flooring inside and outside the home. You can expect to have everything within your perimeter walls insured against damage. Your garage, pool, outbuildings and gates are inclusionary. This is a given with many policies, but you will still need to read the fine print to ensure this is the case. The last thing you want is to take for granted that your fixtures are insured only to experience unfortunate conditions where your claims are denied.

 

Under contents insurance, the furniture in your home, devices, jewellery and anything else you keep under your roof (other than motor vehicles) can be covered. The insurance of heirlooms or special possessions may need to be claimed differently as these items are irreplaceable. Special possessions may fall under the categories of expensive artwork, brand new devices that haven't been declared or antiques. 

 

 

While all policies differ in their rules when it comes to claims exclusions, there are some common things that most insurance companies won't cover. This may include: 

First-time homeowners generally seek to fully protect themselves and their possessions. Thus, the worst-case scenario is objectively seen as manageable through home insurance. The value of your policy should be enough to cover the rebuilding of your home and the replacement of possessions. This is often different than the amount you initially paid for the property as factors like building materials, labour, municipal costs and more can all add up. 

 

Doing your research and seeking the advice of professionals in the real estate world is the most beneficial step in looking at home insurance. RealGlen Properties prides itself on offering comprehensive and up-to-date information on all things property related. One of our knowledgeable property practitioners can guide you through the varying stages of being a homeowner. Contact us today. 

Author REALGLEN Properties