A home is important to everyone, it’s where we feel safe and secure under one roof, it’s a place we love and like everything we love, it needs to be protected. This is why you are encouraged to take out insurance cover known as “Home Owner’s Cover”. When it comes to insurance, it is important to know what’s covered and what’s not. Some cover benefits are included as standard, and some are optional which you can select at an additional cost.
Home Owner’s Cover protects your house and everything that forms part of the permanent fittings and fixtures on your property – but there are some things it doesn’t cover. These policies do not cover or fix items damaged by general wear and tear or insufficient maintenance. Attending to maintenance issues quickly ensures that your house contents remain in good condition and can potentially save you money in the long run.
Home Owner’s Cover differs among insurers, however the purpose is to give you some financial protection should something terrible happen to your home, such as a fire, a fallen tree or storm damage, your insurer may choose to either repair or replace the damage caused to your home. This type of insurance is essential, as unexpected events can happen when you are least prepared.
When looking for insurance you need to ensure that you find an insurer that meets your needs, as there are many insurers out there and each of them have packaged their cover options differently. Research and ask questions before buying. You need consider questions such as (1) what do I need to protect? (2) what events will it cover? (3) what do I need in order to qualify for the cover? (4) what will it cost me? and (5) what is the excess fee and when would it be required when making a claim?
Remember, what’s not covered can vary from one policy to another. An insurance policy product disclosure statement provides a complete picture of what you will and will not be covered for. Make sure you read it carefully before making this important decision. Whatever your circumstances, it is worth shopping around for the best deal.
This article is intended to provide general information of an educational nature only. It does not take into account the financial situation or needs of any reader and must not be relied upon as financial product advice.
Should you ever wish to lodge a complaint regarding short-term insurance, feel free to contact the Ombudsman on the details below. They’ll be able to provide you with free, efficient and fair dispute resolution:
FAIS OMBUDSMAN DETAILS
POSTAL ADDRESS: PO Box 74571, Lynnwood Ridge, 0040
TELEPHONE: 012 470 9080 or 0860 324 766
FAX: 012 348 3447
OMBUDSMAN FOR SHORT TERM ASSURANCE DETAILS
POSTAL ADDRESS: PO Box 32334, Braamfontein, 2017
TELEPHONE: 0860 726 890
FAX: 011 726 5501
This post and content is sponsored, written and provided by SA Home Loans.