This cover is for belongings that the client or their direct family own and are kept within the home and outbuildings associated to the “dwelling”. These items are generally stored in their home, in multiple homes owned by the insured, residences at university or in storage units. This cover is also applicable to people who are renting a home, paying off their home or living in a complex as the Owner/Bank/Body Corporate generally only insures the buildings .
The items insured in this section would be household goods and personal effects of any and every description, owned by the insured, from the bedroom to the living room to the kitchen to the shed. The easiest way to quantify these items is to imagine that you are moving house, everything you pack into the truck to move, is considered household contents and should be insured under this section.
This section is covered for any damage or loss including damage as a result of fire, lightning, earthquake, explosion, storm damage and theft/burglary. This cover can also be extended to include accidental damage. The policy is further extended to include cover for items such as locks and keys, domestic workers property, documents, los of rent and certain veterinary expenses.
With a good Household Contents policy you can rest assured that you have transferred your risk to an insurer who will endeavour to put you back into the same position you were in before your loss occurred. This will insure that your valued possessions are covered and protected, no matter what happens to them within the home.
Am I adequately insured?
This is the age old question with regards to Insurance, it is of utmost importance that you are adequately insured at your belongings at their current REPLACEMENT value. Remember, at Graham Silva Insurance all our policies are on a “new for old” basis, which means that we will replace your item with its new equivalent item. Remember if you have expensive jewellery items or electronic devices, or items of that nature that regularly leave the house, we would strongly suggest that you insure these items in the Specified All Risks.
What happens is I am inadequately Insured?
As your insurance broker it is our job at Graham Silva Insurance to advise you to insure your items at their correct and most appropriate replacement value. However we are not property evaluators nor can we force you to increase your insured value. The onus is on you, the insured to ensure that your home is valued at the correct replacement value. Should your home NOT be insured correctly “Average” will be applied at Claims Stage.
“Average” states that If at the time of loss or damage, the cost of replacing your property or goods insured is greater than the sum insured, you will be responsible for the difference and will bear a rateable proportion of the loss or damage.
Example of “Average”:-
“Average” means that should you be insured for R50 000.00, but all your goods are valued at R100 000.00, you are only insured for half or 50% of the correct Sum Insured. Should you suffer a R20 000.00 claim, your Insurer will only pay half of your claim, i.e.: R10 000.00 as you are considered your own insurer for the other 50% as the correct value was not disclosed and the premium for that was not received.