They say that home is where the heart is, at Compendium, we couldn’t agree more. In addition to the “heart” however, lies a hub of structures and features on your property that are at risk of damages. From hazards posed by the weather to life’s little accidents, having home insurance will give you peace of mind. Not sure how this policy could benefit you? Here are the facts that you need to know about Compendium’s home insurance policy:
- It covers the buildings and any outbuildings found on your property. This extends to fixtures, fittings, walls (excluding dam walls), gates, gate motors, intercom and security systems and fences (although, it excludes hedges).
- It includes the recreational features of your home and property like swimming pools (but not the water of the pool or portable swimming pools), swimming pool filters, safety nets, covers, pumps, sauna baths, spa baths, hot tubs and tennis courts (but not clay, gravel or grass surface tennis courts).
- Additional features like ornamental fountains, ponds, borehole motors, underground pipes and cables, public supply connections, satellite dishes, aerials, antennae, air conditioning units, irrigation systems, solar heating systems, brick, tar and concrete driveways, paths and patios on your premises are covered.
- How do we calculate the sum insured? The sum insured should represent the rebuilding costs of all buildings and improvements on your property. This extends to the walls, driveways, alterations, swimming pools and the like. Additional items like air conditioners, fitted carpets and eye-level ovens should also be included. Market value differs greatly from the cost of rebuilding. This means that you should not use this figure as a base for your insurance. It’s important to consider demolition costs, professional fees and public authority requirements when calculating the sum insured.
- Retaining walls that have been damaged, need to have met architectural or engineering specifications, in order to have them insured.
At Compendium Insurance Brokers, we like to give our clients peace of mind no matter where they are or where they plan on going to. For more on this policy or other insurance products that we offer, please visit our website today! www.cig.co.za