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Five Home Insurance Terms You Probably Don't Understand

 
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Have you come across terms in your home insurance policy that you don’t understand?  There are terms used in insurance policies that many of us don’t quite understand. This often leads to confusion as to what’s included in your insurance cover.

We’ve put together a list of terms to help you understand what you’re agreeing to when you sign your insurance contract. Here’s five terms that appear in your insurance policy that you probably didn’t understand:

  1. Outbuildings

 Outbuildings refers to any buildings or structures, other than your home. These buildings can be detached from the main house, however they have to be on the property of the insured address.

  1. Schedule

A policy which allows to select items and belongings you specifically want coverage for. For example expensive art and jewellery isn’t covered by standard property insurance, in order to receive full value for a loss, you would have to schedule these items.

  1. Risk address

This refers to the address of whatever building you’re wanting to insure. A home’s risk address would be the physical address of the house.

  1. Contingency

Referring to possible unforeseen events. A Contingency policy can be taken out alongside your home insurance policy to ensure you’re completely covered.

  1. First amounts payable

The amount of money you must pay towards your claim. After paying your First Amount Payable your insurance pays the rest of the claim to cover any loss or damage.

There could be a variety of circumstances and structures that you aren’t covered for. This is why, when buying insurance, you should read your policy carefully and understand it - the easiest way to do this is to ask one of our brokers.

Our comprehensive insurance covers everything from fixtures and fitting on your home to the paving on your driveway. We even cover damage to your property, regardless of whether it’s an Act of God or malicious damage.

If you’d like to find out more about Compendium or our extensive home insurance coverage, contact one of our brokers on: 031 242 6800 or visit us online at: www.cig.co.za




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