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With the mid-year school holidays around the corner, many homeowners are planning a vacation. We’ve put together a guide to help people make sure their home contents are properly covered before zipping up their bags and heading out the front door.It is widely reported that many South Africans with household contents are not adequately insured. This means that if disaster strikes and your household contents are lost or broken during difficult economic times, it can be tough to recover from the financial setback. That is why it pays to find out whether your home and your valuables are correctly covered by your insurer.
Attie Blaauw, head of personal lines underwriting at Santam, urges people to fully understand the terms and conditions of their household contents insurance policy. “People often don’t know how to calculate the correct replacement value, and often are not aware that they do not adhere to the terms and conditions of their insurance policy. At Santam, we look for reasons to pay claims, rather than not. This is why we endeavour to educate our clients to assist them to insure correctly.”
In the year to date, Santam received more than 25 000 household contents claims, which includes claims associated with theft, fire and storms.
Below are common misunderstandings around household contents insurance that could result in claims being rejected or not paid in full.
Blaauw says that clients have the option of paying a lower premium if they wish. “ If clients want full cover, they need to know the new replacement value of their household contents by having them calculated by a qualified evaluator or they can do the calculation themselves by utilising the online tools such as Santam’s inventory calculator,” says Blaauw.
Says Blaauw: “Santam continuously explores alternatives to assist clients to better assess the replacement value of their home contents. The true value of insurance is to put clients in the same position they were in, prior to their loss. To this end, our business invests in tools to help clients ensure they are more accurately insured, such as inventory frameworks and contacting professional evaluators. Santam has also introduced a new model that takes away the element of uncertainty during insurance claim settlements for household contents. Provided clients have fulfilled a few easy steps and agree to a minimum household contents value, we offer a home contents guarantee which provides them with the peace of mind that a valid home contents claim will be settled in full.”
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