We are so used to our lives being spread out over a large area. Think about it: we commute from home to the office, or to school, and so on. We enjoy eating out, perhaps going to a favourite park or recreation area for a jog... but, with the COVID-19 pandemic meaning social distancing (and in some unfortunate cases, even quarantine), our homes have become our everything. They're still where we live, but they're our offices, classrooms, gyms, and even restaurants.
Life happens... and that's where home insurance comes in. It gives you peace of mind, and depending on your personalised needs, you can insure the structure itself or the contents inside, or both.
Building insurance covers damage (accidental or environmental) that might happen to the physical structure of your house. This includes destruction caused by fire, earthquakes, storms, floods... any damage that happens to the brick-and-mortar structure.
It's important to remember that building insurance doesn't cover the market value of your property; rather, it should cover the amount it would cost you to rebuild your entire house in the (hopefully very unlikely) event of destruction.
This is insurance that covers all the movable items in your home – so, basically, anything that you would take with you if you were to move house. Home-contents insurance typically covers loss or damage to household goods and personal possessions through anything from fire to storms, floods, burst geysers, power surges, and theft.
There are a few things you'll need to bear in mind when you choose a home-insurance policy. Some insurers may try to sell you home insurance that's tied to the value of your bond, but in most cases that would be far more than you need. Remember, when it comes to building insurance, the replacement value (which should cover the cost of rebuilding the structure from scratch) wouldn't include the value of the land on which the house stands.
Another thing to watch out for is annual premium increases on your insurance. Your current policy – even if you've had it for years and years – might not be the best deal any more. That's why it pays to compare your options.
Finally, while you're using Hippo.co.za's home-insurance comparison tool to weigh up your options, remember to make sure you choose a quote that gives you enough coverage. Depending on what you need, you might want to cover your personal belongings, or your home's physical structure, or both! Hippo.co.za's comparison tool also lets you include car insurance in your quotes.
After all, whether your home is your castle, your crèche or your new place of business, it's a place you'll want to protect – as completely and affordably as possible.
Click "compare home insurance deals" to find the best insurance for the contents of your home.
This article is for informational purposes only and should not be construed as financial, legal, or medical advice.