A lot of South African’s feel they don’t need household insurance, because they think they have proper security measures installed at home, live in a secured neighbourhood and have an armed response alarm.
Fact is, with household insurance you not only insure your possessions against burglary and theft, but also against the elements. Can you afford to be without household insurance if your house burnt down, or gets flooded during a storm?
Different options are available to reduce the premium when obtaining household contents insurance.
You can decide to exclude burglary/theft cover (not wise, but possible!), increase the excess amount you pay during a claim etc.
Factors that influence your household contents insurance:
- The area you live in
- The security measures in place at your home
- The construction of the roof and walls (non-standard walls and thatched roof increase the risk and premium)
- Your claim-free years insured
- The excess you agree to pay when you have a claim