5 Things to keep in mind before buying buildings insurance
Investing in a buildings insurance policy is a big commitment. Every month you pay a premium in order to enjoy the peace of mind that your buildings will be covered in the unfortunate event that something goes wrong. But what should you keep in mind about buildings insurance before you sign the dotted line? As your trusted insurance advisors, we’ve compiled a list of what you need to know about buying buildings insurance.
First doesn’t mean better
Don’t settle for the first quote you receive. Speak to your Indwe Advisor about the different buildings insurance options available. We’ll search through all our partner offerings in order to provide you with the best possible options to suit your needs.
Neither does cheap
Policies are cheap for a reason. In order to make things more financially attractive, the insurer will cut several things from your policy. Although it might sound like an unnecessary inclusion at the time, you might find yourself in a difficult situation later on.
What’s in a policy?
Ensure you know exactly what’s covered by the policy. If something’s unclear, ask. Draw up a list of everything you need to insure before you speak to your Indwe Advisor; this should include outbuildings, pools, geysers, green houses, etc. Don’t agree to a policy, if you’re not comfortable with your level of cover.
Think of the future
Even if it’s not in the cards right now, ask about what your options are, should you what to renovate or expand your house in the future. Find out what information your insurer will need from you as well as what will be covered (and what the risks will be) while you’re in the process of renovating your house.
The truth will set you free
Never undersell the value of your property. Yes, your premiums will be lower, but you won’t be covered fully, which means if you claim, it will either be rejected or not paid in full. When asked about the value of your home, give the total replacement value of your property.
Turn to Indwe Risk Services for all the insurance advice you need to make informed decisions about your buildings cover. We’re available 24/7 on 0860 13 13 14 or online at www.indwe.co.za.
Indwe is an Authorised Financial Services Provider. FSP 3425
