Why you need to insure your household items, even if you are only renting
If you own a home or are paying off a bond, then your household insurance will be compulsory. But for those of you who are renters, then home contents insurance might be something you have thought about but are yet to see the need for.
Here’s the thing: having insurance will not only give you peace of mind, but will also help you get through unexpected situations – which is why we have written this article on the importance of household insurance, even if you are only renting.
What is home contents insurance?
Home contents insurance protects you from having to cover the costs of damage or theft to the items in your home.
Household contents means:
- 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.
Why do I need to insure my household goods?
Did you know that more than 8 million South Africans rent properties in cities? Although as a tenant you will have fewer financial obligations and responsibilities, you should still take precautions and insure your valuable items in your home. According to an article written by Property 24, research shows that only 4% of tenants have a home contents insurance policy in place.
If your belongings, such as your electronics and appliances, are damaged in a fire or stolen, then your landlord’s insurance will NOT cover this. Anything you have brought into your own home is your own responsibility to insure – or endure the consequences of having to replace these items.
Let’s look at an example
Your home suffers a break in, and the robbers steal your TV, computer, and some other small appliances. To replace these items, you need R3000 for the TV, R4000 for your computer, and R2500 for additional items stolen. This amounts to nearly R10 000.
Do you have this kind of cash lying around to cover the replacement value of your items? If not, then this is where home insurance comes into play.
Things to keep in mind when it comes to household contents insurance
Make sure you understand the difference between your home contents and portable possessions; in most cases, you will need both!
Home contents insurance will typically cover your furniture and appliances. Portable possessions insurance will cover you for the things you carry out of your home with you such as your laptop and cell phone. If you have household insurance with Oneplan (that’s us), this automatically unlocks an awesome product called On-The-Go insurance.
If you want more details and explanation on Oneplan’s On-The-Go Insurance, you can read about it here. Basically, On-The-Go insurance is instant, simple insurance for items on the move with you.
For example, if you are going away for the weekend and want to insure your camera, then all you have to do is let us know about it through our smart Oneplan app and we will insure this item for its full price according to its NEW replacement value.
Extra tips
Insured to the right amount
You also need to ensure that your possessions are insured for their replacement value. This is the amount it would cost you, at the time of your claim, to replace all your belongings with similar new ones.
The replacement value of your goods will change over time, which is why you need to annually review your policy and update this accordingly.
Improve your security for a lower premium
The better your security is at home, the less your premium will be every month. If you have burglar bars, an alarm system, electric fencing, and a guard, then these are all factors that will work in your favour.
Always read the fine print
Make sure you always read and understand exactly what you are and what you are NOT covered for. This will save you from any disappointment that may occur at the time of a claim.
Cover you can change when life changes with Oneplan
The awesome thing about us is that we let you have total control over how much cover you want according to the price you can afford! How we do this is using a simple sliding scale.
If you’re covered with Oneplan Car Insurance already, all you have to do to get household contents cover is and select the percentage of insurance you can afford, selecting cover from 30% to 95% and we work out what your monthly premium will be based on this percentage. If you choose 50% cover, you pay the other 50% of the bill. It’s that simple.
You can adjust your cover from the palm of your hand using the Oneplan App. All you have to do is login and use our cover slider to change the amount of cover you are paying for, and we will bill you according to this exact cost.
So, that means when your budget is a little tight for the month, you can adjust your insurance premium to suit you and your wallet.
If you’d like to learn more about our flexible household contents cover that can change when life changes, you can speak to one of our friendly team members who will be happy to assist you.
Your Insurance Family,
Oneplan
