4 Of The Most Common Insurance Products
Homeowners or Building Insurance
Homeowner’s property insurance, one of the most common types of short-term insurance, is often a condition for taking a home loan through a financial institution.
This policy covers the structure and fixtures of a building.
These policies include cover for geysers, walls, roofs, built-in appliances, boundary walls and windows. Cover also extends to outbuildings, lapas and the like.
This form of insurance, however, does not cover maintenance-related losses.
To avoid a financial loss in the event of a claim against the policy, the sum insured should represent the replacement or rebuilding cost.
Contents cover is not automatically included with buildings cover.
Household or Contents Insurance
Household insurance covers the contents of our homes and outbuildings, and the sum insured should represent the replacement value (new for old) of all movable items.
For items such as iPads, Cellular phones, tablets and jewellery, it is strongly advised that these be separately insured on an all-risks basis as they are more likely to be exposed to accidental damage and loss.
There are three main classes of Motor vehicle insurance.
Comprehensive insurance covers the vehicle against loss or damage caused by accident, theft, fire, explosion, lightning, riots, strikes or natural causes.
You will also be covered for damages to a third party’s vehicle if an accident is your fault.
Third-Party, Fire & Theft insurance covers the insured for damages to a third-party vehicle in the event of an accident. Also, it covers your vehicle in the event that it is lost or damaged as a result of fire or theft.
Third-Party Only insurance covers the insured for damages to third-party vehicles.
To comply with the law and your insurance policy conditions, the insured vehicle must be maintained in a roadworthy condition.
Personal liability insurance provides cover for loss or damages for which you may become legally liable to pay compensation that results in the death of, bodily injury to, or illness of any person, or loss of or damage to their property.
It is strongly recommended that this inexpensive insurance be included when you have homeowners or householders cover in place.
The main risks not covered by this insurance is the liability for death or bodily injury to any member of your household or any person employed by you as well as the liability assumed under contract or agreement that results from the use of aircraft or watercraft or from any profession or business.