Buildings and household insurance – know the difference

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29Jun2017

Buildings and household insurance – know the difference

  • By Indwe Risk Services
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Homeowner, buildings, home, home content and household insurance – these terms, as simple as they sound, can cause a lot of confusion when you need to invest in insurance. Hence, as your insurance partner, we, here at Indwe Risk Services, decided to simplify it.
 
Household Insurance
 
Also called home content and home insurance, this is the cover you need for all the possessions inside your home. Imagine you’re moving, all the things you pack and take to your new home, that will be covered under household insurance. These items include personal documents, money, collections, clothes and the content of your fridge. You can also add storage cover, should you need to store your belongings if your home is damaged. In addition, the belongings of your guests and employees will also be covered.
 
However, when taking out your insurance policy, be sure to ask your insurance advisor about specialised cover as well as All Risk cover for the belongings you carry with you on a daily basis, such as your cellphone.
 
Buildings Insurance
 
Also known as homeowners insurance. This is the policy you need for your fixed structures on your property, such as your garage, outbuildings, swimming pools, etc. What this means is that the bricks, tiles, cement, walls, roof and windows will be covered against damage. It will include cover for damage to your garden, loss of rent, fire brigade charges and public water supply costs.
 
You will be covered in the event of a fire, storm, flood, lightning, burst pipes, subsidence of land and landslips, break-in damage, malicious damage and impact, such as a falling tree. If you own the property, you should take out buildings insurance, not if you’re renting the property.
 
Speak to your Indwe advisor for more information about your home insurance needs. We are always ready to assist, visit us online at www.indwe.co.za or phone 0860 13 13 14.
 
Indwe is an Authorised Financial Services Provider. FSP 3425
 

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