{"id":526,"date":"2017-10-27T07:34:18","date_gmt":"2017-10-27T07:34:18","guid":{"rendered":"https:\/\/www.indwe.co.za\/indwe-blog\/?p=526"},"modified":"2017-10-27T07:34:53","modified_gmt":"2017-10-27T07:34:53","slug":"are-you-underinsured","status":"publish","type":"post","link":"https:\/\/www.indwe.co.za\/indwe-blog\/are-you-underinsured\/","title":{"rendered":"Are you underinsured?"},"content":{"rendered":"<p>South Africa has been hit by a number of <strong>natural disasters<\/strong> during 2017: the Knysna fires, floods in Johannesburg and Durban, and drought in the Western Cape. <strong>Insurance claims<\/strong> spike after these natural disasters and the last thing you need to hear, as a policyholder, is that you are not adequately covered. You never know when disaster may hit, which is why it\u2019s essential that you are correctly insured.<!--more--><br \/>\n<br \/>\n<strong>What is underinsurance?<\/strong><br \/>\n<br \/>\nWhen a person is <strong>underinsured<\/strong> it essentially means that they have inadequate insurance cover, where the insured value of an item is less than the replacement value of that item. This means that in the event of a claim, the policyholder will receive less than it costs to replace or repair the item.<br \/>\n<br \/>\nMany people are underinsured when it comes to <strong>household contents<\/strong> and their personal belongings and, interestingly, it\u2019s many higher income groups that are underinsured. Underinsurance happens when an insurance policy hasn\u2019t been reviewed in a long time. Bought a new watch? Made renovations to your home? People forget to adjust their policies to reflect changes in their lifestyle and this results in them being incorrectly insured.<br \/>\n<br \/>\n<strong>What are the risks of being underinsured?<\/strong><br \/>\n<br \/>\nThe <strong>condition of average<\/strong> is an important insurance term as it could have an impact on the outcome of your claim. If your possession is underinsured, your insurance company will only pay out a percentage of your claim.<br \/>\n<br \/>\nThe amount paid out is calculated as: (sum insured\/replacement value) x total loss = pay-out<br \/>\n<br \/>\nSo if you have insured the contents of your home for R200 000 but the replacement value is actually R400 000 and your home is burgled and R50 000 worth of contents is stolen, the amount you will be paid out is R25 000. The reason for this is that you were underinsured by 50%.<br \/>\n<br \/>\n<strong>How to ensure you are properly covered<\/strong><br \/>\n<br \/>\nThere is very little way for a broker or insurance advisor to know if their client has acquired new furniture or a new piece of jewellery, unless they are told. This is why it\u2019s essential for policyholders to take responsibility and ensure that they inform their broker or advisor so that their policies can be updated to reflect any changes.<br \/>\n<br \/>\nThe value of goods change over time, which is why you should have your possessions assessed by an expert on a regular basis. Review your policies annually and particularly after you\u2019ve made a significant purchase.<br \/>\n<br \/>\nThe biggest reason for underinsurance is lack of awareness, so don\u2019t wait until it is too late, ensure that you are properly covered today. Call your Indwe advisor on 0860 13 13 14 if you have any questions or concerns about your insurance cover.<br \/>\n<br \/>\nIndwe is an Authorised Financial Services Provider. FSP: 3425<br \/>\n<br \/>\n<strong>Information sources:<\/strong> <a href=\"http:\/\/www.financialexpress.com\/money\/how-much-insurance-do-i-need-being-under-insured-can-even-put-life-at-risk-4-critical-things-to-know\/880276\/\" target=\"_blank\" rel=\"noopener\">Financial Express<\/a> and <a href=\"http:\/\/www.insurancechat.co.za\/2011-03\/what-is-under-insurance-and-how-do-we-avoid-being-under-insured\/\" target=\"_blank\" rel=\"noopener\">Insurance Chat<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Africa has been hit by a number of natural disasters during 2017: the Knysna fires, floods in Johannesburg and Durban, and drought in the Western Cape. Insurance claims spike after these natural disasters and the last thing you need to hear, as a policyholder, is that you are not adequately covered. You never know [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":530,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is underinsurance? Indwe answers your questions.<\/title>\n<meta name=\"description\" content=\"Many South Africans are underinsured and only get paid a percentage of their claim. 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