Insuring your Home

Read your household insurance policy or phone them and ask what you must have in place to be insured. At a minimum you will probably need :

• Perimeter fencing 
• Burglar bars on all opening windows and doors
• and / or an alarm coupled to a MONITORED armed response.

If you have the misfortune to live in Gauteng then an electric fence, a remote gate, remote garage opener, and a remote device to beam you to the coast are all mandatory!

Make sure that your new home has the required security in place. If your new home is missing some of the security layers make a plan to get the security upgraded to whatever it is that your insurer wants. If you are shocked, then it is time to shop around for a new insurer.

Insurance Claims

Remember that your insurer is in business for profit and in the unfortunate event of a claim your insurer will count the plastic clothes hangers and the junk in the storeroom that you have forgotten.

Your insurer will value everything at a NEW expensive replacement value and prove that you are under insured. This means that they can reduce the value of your claim in a similar ratio to which they claim that you are under insured.

To top it off insurer's will try settle your claim with a voucher for the largest cheap junk retail chain store they can get away with!
 
Insurance is a grudge purchase, and the grudge is evident when they settle a claim. SO what must you do?

Controlling the Insurance Risk

The way to manage your risk and your costs, is to decide what you don't want to insure - the stuff you can live without if it is stolen, THEN EXCLUDE them by name from your insurance policy.

Check for limits on insured items and DECLARE and Insure high value items especially if you own high value branded goods.

Raise your excess. Raising your excess will reduce your monthly premium and save your budget. To raise your excess decide how much you are prepared to have stolen or to lose before you want to put in a claim. Remember that every time you claim is an opportunity for your insurer to raise  your monthly premium.

Create Records

Before you move grab a digital camera and photograph every room and cupboard, and high value item. Keep the photos separately from everything else so that you can prove a claim if something does go wrong. Keeping all your photos on your stolen PC's hard drive is not going to help you!

Keep your receipts and instruction manuals

Risk Address

The risk address is where you live. When you move the risk address changes. if you move without telling your insurance company, then you are not covered.

YOU MUST notify your insurer of the date when you plan to change the risk address. The date on which your stuff will be in the new house.