Home Insurance guide for first time buyers

Getting a new home, apartment or furniture is always a memorable event.  However, before you’ve got all the boxes unpacked, you will need home & contents insurance. This insurance covers you against a number of risks including:

1. Fire damage to the house and the contents
2. Storm/Wind/Flood/Lightning damage. For example when the country faced floods induced by a cyclone a few years back, losses to homes and contents would have been covered under home insurance.
3. Theft of insured contents or home accessories and damages caused by attempted theft.
4. Liability for damages to third parties e.g. your tree falling over and damaging a neighbours durawall.
5. Accidental damage or malicious damage. For example, your kids accidentally damage the TV screen with a ball.

Here are a few things you should consider as you take up this insurance:

• Remember to insure the building at gross rebuilding value. This is the value of actually rebuilding your house to its current state and condition in the worst-case scenario that it is completely destroyed. This is usually lower than your market value hence lowering your premiums.
• Special items like jewellery, artwork should be listed separately from your general contents and insured on an all-risks basis.
• Indicate if you have sections of your property that are thatched or have similar special roofing material.
• Don’t forget to include the value of your solar and borehole systems in the insured sum.

We will also provide a free risk management site visit to see your property and attend to any questions you may have concerning this insurance. Talk to our team today about securing cover for your home and its contents.