Homeowners Insurance Quote – What to Consider

Your home is a valuable asset. You need to do all you can to protect it. One way of doing this is by getting homeowners insurance. When you get this type of insurance you are protecting yourself from having to pay thousands of Rands in the event of theft or damage to your house. Insufficient coverage can leave you with a large bill.

What to consider when getting a Homeowners Insurance Quote:

You need to know if you are insured for 100% of the amount needed to rebuild your home if it were destroyed.

  • Market value: This is the price your home would sell for. This value varies based on location and what a willing buyer and seller would negotiate for a price.
  • Replacement value: This is the cost of rebuilding your home. This cost is based on the cost of rebuilding the same kind of home with the same level of quality.

It’s important to make sure that your homeowner’s insurance policy covers the replacement cost of your home.

Your policy should also protect you in case someone is injured on your property.

You should review exclusions too, not only what is covered.

It’s important to research your insurance company.  The company you choose should have the financial means to pay for any damages. The company you use should be a registered financial services provider.

Don’t try to use the insurance to cover routine maintenance costs on your house.

Your location will affect your premiums. The area in which your house is located will have an effect on your premium.

A well-maintained property and a good credit record will lead to lower premiums.

Having protection devices in your house, such as an alarm system will lower your premiums, so make sure that you disclose this when requesting a quote.

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