House Insurance South Africa is a policy that covers all your costs in the event something happens to your house. However, you must always remain updated on any limits and exclusions enclosed in your policy documents.
What is Home Insurance?
Home insurance protects your home and all your belongings. The cost of repairing or rebuilding your home is all covered by home insurance. In the case your house is damaged by fire, storm or flood, and if valuable things are stolen.
This insurance also provides coverage if any unexpected circumstance occurs or happens to your property. Even other structures of your property are covered when you obtain a home insurance.
In the event of a sudden or accidental loss takes place, you can file a claim with your insurance company. And there is the possibility of receiving payment for covered losses minus any home insurance which can be reduced up to your coverage limit.
The Three Types of House Insurance South Africa
There are three types of covers you can choose form when you obtain a home insurance:
- Buildings Insurance
This type of insurance covers your home, roof, walls, windows, cables, kitchen, bathroom and pies. It also covers outbuildings and permanent fixtures and fittings. This type of insurance also protects your home from:
- Damage
- Destruction
- Fires
- Storms
- Floods
- Earthquakes
- Theft
- Vandalism
- Frozen Pipes
- Contents Insurance
This type of insurance covers things that are inside your home which consist of:
- Furniture
- TV
- Laptop
- Soft furnishing
- Kitchen Ware
- Clothes
- Jewellery
- Ornaments
- Games Consoles
This insurance also shields your home against any type of loss or damage which is caused by natural disasters and also theft.
- Combined Insurance
This kind of insurance offers policies for individuals, families and businesses. And it covers
- Life
- Health
- House
- Belongings
- Accidents
- Disability
- Accidental Death
What doesn’t House Insurance South Africa Cover
House insurance South Africa typically provides a wide coverage for a variety of things. However, there is an exclusion criterion for things house insurance does not cover which include:
- Gradual deterioration due to lack of maintenance
- Damage caused by pests and vermin
- Damage that is intentionally done
- Damage resulting from acts of war
- Demolition by the government
- Damage or theft that has occurred for an unoccupied property
- Subsidence and Landslip
- Theft by guest invited to your home
Top 10 home insurance companies in South Africa
There are many home insurance companies in South Africa. However choosing a top insurance company will ensure the safety of your home with guaranteed service. Some of the top 10 home insurance companies in South Africa are as follows:
- OUTsurance – this insurance offers a range of products and is known for its OUTbonus rewarding system.
- Santam – one of the largest insurers in South Africa. It’s known for its customer service and broker network.
- Old Mutual Insure – they offer a wide range of insurance products and they have broad insurance policies for your home.
- Hollard – this insurance company offers a broad range of personal and commercial products. They have a broad coverage with flexible polices.
- MiWay – they offers insurance for your home, care and business. They customise their insurance plans to fit your purpose.
- Momentum – Providing a wide variety of insurance products they offer flexible insurance policies.
- Dialdirect – they are direct insurers which offer a quick and easy online quoting system.
- Discovery Insure – offers an innovative approach to insurance and their insurance policies are integrated with their vitality programs.
- King Price – this insurance offers premium models for home insurance and provides affordable insurance options.
- Budget Insurance – a wide variety of insurance products are offered and known for their competitive pricing and broad coverage.
Cost of home insurance in South Africa
The cost of home insurance in South Africa varies depending on multiple factors such as:
- The value of your home
- The location
- The type of coverage you are looking for from broad to basic
- You may be subject to discount if you have home security systems
- The condition of your home
- Age of the Home
- History of filing claims
- Policy Add-Ons
If you want to help calculate an estimated value for your home and get cheap house insurance in South Africa click here.
- Basic house insurance will cost approximately R1000 to R3000 annually if the value of the house is R1 Million
- A broad and complex home insurance will cost between R3000 to R7000 of a similar housing value annually
- High value homes insurance will cost R6000 to R14000 annually or even higher depending on the coverage
Conclusion
Home insurance provides you with financial security at a time of need or crisis. It will also ensure your home remains protected and secure. Getting insurance for your home also ensures stability and flexibility with affordable and flexible prices.
Insurers are always able to tailor or customise solutions to meet your needs. Take a leap of faith and secure your home today with a reputable home insurance provider. This will be one of the best investment decision’s ever to make ensuring your safety.
Key Points
- Home insurance in South Africa protects your home and belongings. It covers damages from fire, storms, floods, theft, and other unexpected events. It also covers repair or rebuilding costs and extends to other structures on the property.
- Home insurance does not cover gradual deterioration, pest damage, intentional damage, war-related damage, government demolition, issues with unoccupied properties, subsidence and landslip, and theft by invited guests.
- Top companies include OUTsurance, Santam, Old Mutual Insure, Hollard, MiWay, Momentum, Dialdirect, Discovery Insure, King Price, and Budget Insurance.
- The cost depends on the home’s value, location, and type of coverage, security systems, home condition, age, claims history, and policy add-ons. Discounts may apply for homes with security measures.
FAQs
Is home insurance mandatory in South Africa?
It is not compulsory to have insurance that covers your home, its contents or buildings. However, getting such coverage becomes a necessity when you take out a mortgage, a loan for your home, or when you bond with a South African financial institution.
What is the compulsory insurance in South Africa?
South Africa Insurance Industry – Governance, Risk and Compliance
There are a few more of the mandatory insurances required among the insurance industry of South Africa. Some of them include third party motor, aviation, and marine liability insurance.
Does home insurance cover a washing machine?
A insurance policy for a standard home contents cover all your appliances. In the event they are damaged or destroyed in a natural disaster or if they are stolen.
How much is insurance in South Africa?
The cost of Insurance depends on many factors. Car insurance for example will approximately be around R800 to R2000 per month. It all depends on the value and type of your vehicle or home among many other factors.