Finding the right home insurance policy can be a pretty confusing process. If you want to find out the right way to find the right policy for your precious home contents and your budget, then keep reading.
Let’s first help clear up the difference between building insurance and household contents insurance.
What is building insurance?
Building insurance will cover you for accidental and environmental damage that may happen to the physical buildings on your property, including your house and outbuildings.
If you are a homeowner, then you need building insurance, which is also referred to as comprehensive home insurance.
What is household items insurance?
Home content insurance covers the items in your home that you would take with you if you move in.
Household contents
Personal belongings and household goods inside your home that you are responsible for. Fixtures and fittings inside your home that you own but NOT fixtures and fittings that are part of the structure.
How to choose the right household insurance
1. Do some digging
The first step to take is to research as much as you can. Chat to friends and family about who their insurance is with. Chat to an insurance broker.
Research community forums, ask on Facebook. Have a look at customer reviews on sites like Hello Peter or social media. Put on your detective hat and do your research as to which insurer offers what cover and how much excess are you liable to pay should you claim.
2. Get quotes
After shopping around for different insurers out there, email and phone a few to get some quotes on your specified items that you wish to insure. Figure out how much you can afford and what kind of cover they will give you. Once you get the quotes, compare them, and see what fits into your budget. The next thing is to make sure you are covered for the things that matter most.
3. Read the fine print
Don’t always choose a quote based on price alone. Take a close look at the quote you have been sent and see exactly what you are and what you are NOT covered for.
You do not want to end up in a situation where you file a damage claim only to find out what you are trying to claim for is not covered in your policy. Your policy is the contract between you and the insurer. It’s serious business.
4. Find out about the terms and conditions
Find out what your excess is and ask any questions you might have from your research. Your excess is the amount you have to pay in the event of a claim. Often, when your quote is low it’s because your excess is high.
When you fill out a quote with Oneplan, we let you choose how much cover you want at the price you can afford.
How we do this is by using a sliding scale. You simply select the percentage of cover you want, and your premium is calculated according to this.
5. Know how to reduce your premium
There are quite a few factors your insurer will take into consideration to calculate your premium. The security of your home and your neighbourhood is a big factor, especially in South Africa.
Do you live in a guarded complex or estate with electric fencing? Do you have an alarm system or burglar bars on all opening windows? Do you live in a safe area? Make sure your insurer knows all your details in order to give you a policy that is fair and correct.
6. Tell the truth
When an insurer asks you if you have made any claims recently or about the security of your home or the value of your contents, do not bend the truth. If you lie to your insurer, then when it comes time to claim, they have the right to refuse your claim and drop you as a client of theirs. The relationship between your insurer and you should be based on truth and honesty.
The bottom line
Home insurance is a great way to get the cover you need to help pay the costs of damage or theft of your home contents. It gives you peace of mind in knowing that when things go wrong, you have the support you need to replace valuable items in your home.
Here’s a quick recap of this article:
- Do your research (pretend you are a detective and do some digging).
- Get a few quotes and don’t choose one based on price alone.
- Make sure you read the fine print.
- Know all the terms and conditions.
- Find out how to reduce your premium.
- Always tell the truth.
If you are looking for household insurance that is simple, hassle-free and just straight up awesome, then get in touch with us and let’s have a chat. And, while you’re here, why not get a live quote online, right now?
Your Insurance Family,
Oneplan
