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IMPORTANT INFORMATIONListed below are a few of the major problem areas insurance companies encounter when policy holders submit claims. We encourage you to read this carefully and to take these points into consideration when applying for insurance.Under insurance: Your household contents must be insured for the money value it would take to replace everything at brand new prices. Example; Your TV might only be worth R500, but to replace it with a similar model might cost R2000. You should therefore insure your TV for R2000. Should you have a claim and the assessor determines that you are 40% under insured the insurer will only pay 60% of your claim. Buying new belongings and inflation eats away at the total value of your contents so it's a wise habit to recalculate the value on a regular basis. Proof of ownership: In terms of the policy conditions the insurer can ask you for proof of ownership of the items you are claiming for so it is advisable that you keep invoices, receipts, instruction manuals etc. If you are an avid CD and DVD collector it will stand you in good stead to supply your insurer/broker with an updated list every few months. This might seem like unnecessary extra work, but it saves a lot of tears when you do have a claim. Valuation Certificates: The insurer requires items of Jewellery, furs etc to have updated valuation certificates every 2 years, failing which the policy conditions limit the liability of the insurer to a predetermined limit example R2000 per item. Some companies insist that items exceeding a stipulated limit ( normally about R10 000) must be kept in a locked safe while not being worn. All Risks: Please note that Householders insurance only covers your belongings while it is in the house. Items of jewellery exceeding R1000 in value per item, laptops, cell phones etc must be separately listed and a premium paid for, failing which you are not covered should you be mugged or the items stolen or lost when outside your house. Insurable interest: You can only insure items in which you have a direct insurable interest i.e. the loss you suffer must cause you or your spouse financial harm. This applies especially to vehicles which must be registered in your or your spouses name. A vehicle for instance registered in your child's name can only be insured on your policy if the child is still at school/university and still dependant on you. Security for your Dwelling: All opening windows and doors must be fitted with burglar bars/security gates. Where the household contents exceeds a certain sum assured you need to fit an armed response system. This amount varies from company to company. Security for your vehicle: Vehicles must be fitted with a Vesa level 4 or a Saia approved immobilizer. If you are not sure contact your broker who will assist you in the matter. For vehicles exceeding a certain predetermined value (normally from R200 000) you are required to fit a Vehicle Tracking System. Private/Business use: Please note that private use is where your vehicle is used only to drive to your place of employment and back home. If you use your vehicle for anything more than that, for instance to see clients, then it must be insured for business use for which your motor premium is normally loaded by about 25%. You might pay slightly more but it is better than having your claim rejected. Car Hire: This benefit is not automatically added and must be applied for. This cover costs from R65.00 pm and if you consider the inconvenience of being without transport while your vehicle is being panelbeated, it is worth considering. Change of Address: You MUST immediately forward any change of address to your broker together with the security fitted to the house (burglar bars etc) and where the vehicles are parked (locked garage, behind locked gates etc) |
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