A Beginner’s Guide To Home Insurance

As any homeowner knows, your property is your pride and joy! You worked hard to get it, and a home is more than just a structure, it’s the place where family memories are made. Home insurance is an important part of preserving this part of your legacy for your family.

If you are a first-time homeowner, this kind of insurance might seem a little vague and confusing, but not to worry. We’re here to take the guesswork out of keeping your home covered, for your peace of mind. Here’s a beginner’s guide to insuring your home:

What is home insurance?

Home cover is a policy taken that prevents structural losses stemming from weather damage, fires, floods, natural disasters, leaking pipes, accidental impact, attempted theft, or malicious damage. Please note that this differs from a household contents policy, that protects the assets inside your home. Although this is an equally necessary type of cover as well!

Why is it important?

Think about it this way, your house is the most valuable asset that you might own. This makes it imperative to have sufficient cover that protects you against huge losses and potential financial ruin, possibly due to completely unforeseen circumstances that could not have been planned for.

Cheap vs. affordable…

Sure, you have a few options when it comes to home cover but always remember one thing: cheap insurance and affordable insurance aren’t the same thing! Heaven forbid you need to claim; you’d rather have a trusted, comprehensive, and affordable policy to fall back on. Cheaper policies could mean that you, the homeowner, gets the raw end of the deal. This is both devastating and expensive, so it is best avoided.

Do your research

You need to look around and get comparative quotes to ensure that you’re getting a good policy at a rate that won’t break the bank. Check out websites and ask for referrals from friends who have been down the home insurance road before. Once you have a few quotes, tabulate them in a spreadsheet so that you can compare them easily. It is worth compiling a set of relevant questions you can ask potential providers, such as exactly what is covered, whether there are excesses and what they are, what the claims process is and how long it takes for claims to be paid out. Make sure your decision is based on more than just price, although obviously that is important. However, any money spent will be wasted if you are not sufficiently covered in the event of an emergency.

Reputation is everything

By choosing a well-known name in the insurance game, you’ll be more likely to get the customer service and product variety that you’re looking for. You’ll also be looking at more competitive pricing; as larger companies are in a position to offer better discounts based on volume. They also generally have more efficient contact procedures in place, so any queries, complaints, or claims can be handled efficiently and settled quickly.

At Compendium, we’re proud to offer affordable, effective home cover that can be tailored to suit your needs. We strive to give every client the service they deserve when insuring their most treasured assets. Have you got some questions you would like answered around home insurance? To have your queries answered in a friendly and straightforward manner, click here or speak to one of our brokers over the phone: 031 242 6800

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