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Why do you need
Buildings Insurance?
Buildings Insurance is designed to cover the restoration cost should your home suffer any damage to its structure caused by unexpected calamities like burst pipes, fire, floods and many other acts of nature and accidents.
Your home is one of the biggest investments you will make, so it is advisable to protect your most valuable asset against sudden and unforeseen events. Plus, disaster seems to strike when you least expect it and when you can least afford it, but with Buildings Insurance you will not be left with a huge financial burden.
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A quick guide to Buildings Insurance
A guide to insuring your home
Whether you own property or rent from someone else, home insurance and building insurance can safeguard your financial interests. Here’s what you need to know.
Special Buildings Insurance Cover
These include Flood Insurance, Thatched Home Insurance and Unoccupied Home Insurance.
Building Insurance for Landlords
As a landlord, it is advisable to be protected financially, in the event that your property is damaged.
Buildings Insurance During Renovations
Thinking of renovating? Shop around to find one that will cover you sufficiently during this time.
Buildings Insurance for Your Holiday Home
Your holiday home is just as vulnerable, you will need a form of Buildings Insurance to protect you financially.
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Have any additional questions about Buildings Insurance?
Check out our glossary of comprehensive list of FAQs.
A survey found that the average homeowner’s property is underinsured by as much as 35%. Ensure that you have sufficient cover. Compare Buildings Insurance quotes to cover the damage or loss to the physical structure of your building. (Source : http://www.iol.co.za/business/personal-finance/essential-guide-to-home-insurance-1956671 )
Understanding building insurance replacement value
It's important to insure your building for its correct replacement value. This is the amount it would cost to rebuild it from scratch. If you insure your building for too little or too much, it will affect how much you get paid if you ever need to make a claim.
Here's how the settlement value (the money that’s paid out to you) is calculated at the time of a claim:
(Claim amount x insured amount) / replacement value of the building = settlement value
Let's say your building would cost R500,000 to rebuild, but you only insure it for R300,000. This means you're under-insured. If you then make a claim for R100,000, this is how your payment would be calculated:
(100,000 x 300,000) / 500,000 = 60,000
So, you would receive R60,000, not the full R100,000.
