Property is a Personal Thing. You Need Tailored Insurance
Why you need tailored home insurance
Buying a property is a very personal choice. From the number of rooms to pools, gardens and even garages, there are several things to take into account. This means that you’ll consider what your needs are, alongside what your budget will allow. This seems pretty straightforward, right? The same goes for your home insurance, something we believe should be just as personal as well.
Tailored insurance is a must for all homeowners, regardless of property size and assets. At Compendium, we take great care to ensure that we educate the consumer, even if their policies aren’t housed by us. Here are a few more insights on this kind of cover and why it should be customised around your requirements.
What is it?
Whether you know it as homeowners or building insurance, this cover will give you the peace of mind that you will be compensated in the event of damage to your property. This includes structures, features, fittings, walls (excluding dam walls), pools and some of their components (but not the water or portable swimming pools). It also extends to certain types of tennis courts, ponds and fountains, borehole motors, irrigation systems, underground pipes and cables, public supply connections, satellite dishes, antennae, aerials, air conditioning units, solar heating systems, driveways, pathways and even patios.
Why should it be customised?
Think of it this way, if your home is a three-bedroomed house, you’d never want it to be covered for the same amount as a one-bedroom apartment. Your property and its characteristics are as unique as you are. This means that you need a policy that details all of the particulars, leaving nothing undocumented. That way, there are no weak areas in your cover that could leave you at risk. Should you need to claim, you’ll have total peace of mind that there won’t be any further losses to you.
How is it calculated?
The great thing about this particular personal insurance policy is that the sum insured is calculated to represent the rebuilding costs of all structures and improvements on your property. This means that current market value isn’t used as a concrete figure, based on the fact that it often differs greatly from rebuild value. The insurance sum should also always include the costs associated with demolition, professional consultations and any public authority requirements. With an experienced broker at your service, the entire process should be a seamless and effortless one.
What kind of damage does it include?
Mother Nature can wreak havoc on your home, so it pays to be prepared. With a home cover policy, your premises are insured against damages caused by storms, intense winds, hail, rain, flooding, snow, earthquakes, fire, lightning and explosions. If cover against the elements wasn’t enough, you will also be compensated for burst or leaking pipes, overflowing of water, geyser damage and even accidental impact. On the trespassing side of things, theft and attempted theft of fixtures or fittings on your property are also included, as well as malicious damage. This offers a comprehensive approach to insuring your home.
What are the exclusions?
Part of informing the consumer on insurance products includes alerting them of possible exclusions. As part of our commitment to transparency, we take responsibility for sharing such information with our clientele. A home cover policy of this nature excludes the destruction or damage of retaining walls, unless they were erected in line with architectural or engineering specifications.
Is your insurance tailored?
It should be. If it isn’t, you might be at risk. For an evaluation of your current needs and the right cover to suit them, why not chat to one of our brokers? Call us today on 079 5244 579. Our team of passionate experts are ready to help you.