While some may find insurance a grudging purchase, it’s important to protect your assets and belongings. Whether you need to cover your car, home, or household items, it’s critical that you understand the terms of your specific insurance policy to avoid disputes over potential claims.
Here are some tips to keep your valuables covered:
Buying a car is no small feat, so to ensure your car is fully covered, do the following:
- Make sure that the usual driver, that is, the person who drives the insured vehicle most frequently in a given period, is listed on the policy as the usual driver. This is important as the premium is calculated on the risk details of the regular driver.
- Specify any non-standard or factory-installed vehicle accessories or extras, such as roof racks, hoods, and bump and grip liners. You may have to pay a separate premium for your policy to cover these items.
- Insure your vehicle for the correct amount. It is your responsibility to update your policy regularly as the value of your vehicle depreciates over time.
- Insure your vehicle for the correct class of use; that is, if your vehicle is used for commercial purposes or to generate business, it must be insured under a commercial insurance policy and not a personal lines policy. Gig work, such as the use of Uber or Bolt, is considered a commercial use.
For homeowners, keep your most valuable asset protected by doing the following:
- Insure your property for current replacement value, that is, the cost to rebuild the entire property and its outbuildings, including debris removal, architecture, and municipal costs.
- Don’t forget about regular maintenance, like cleaning your gutters, to prevent debris buildup that can lead to water damage on roofs and other damage.
- Regularly inspect the wiring to identify faulty or poor wiring. During a storm, unplug all electronic equipment. The use of surge protectors can be beneficial in these circumstances.
- Make sure your pets are kept safely on the property to prevent injury to others outside of your home or when you have visitors. Personal liability expenses can get expensive.
To protect the valuable contents of your home in the event of loss or damage, please do the following:
- List everything in your home, such as clothing, furniture, tools, and electronics to ensure it is adequately covered.
- Make sure your home contents and all movable items are insured for current replacement value, that is, the current cost to replace such items, since insurance replaces old items with new items when a loss occurs.
- Have the correct type of cover for specific items. For example, if you need accidental damage coverage, make sure it’s included in your policy.
- List all items that are removed from the property or taken with you, such as cell phones, jewelry, and sports equipment, in the all-risks section of the policy so they are fully covered.
Finally, if you have comprehensive insurance coverage, be sure to do the following:
- Please keep your proofs of purchase in a safe place, as you will need them if you claim specific items.
- Evaluate the contents of your home regularly to ensure they are adequately covered.
Follow these tips and save yourself the time and cost of having to repair or replace your car, home, or household valuables.
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Standard Bank Insurance Brokers (Pty) Ltd (Reg. No. 1978/002640/07) is an Authorized Financial Services Provider (FSP 224) and part of the Standard Bank Group.
