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Freak factor: Check your cover

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Part of staying covered is maintaining the property and addressing faults timeously.

Freak accidents, although uncommon, do occur, and homeowners should ensure their short-term insurance cover is up to date, says Bertus Visser, chief executive of distribution at PSG Insure.

Building sum insured estimates that are too low, or contents that are underinsured, can prove costly should something unexpected happen. Ordinarily, insurance would cover such freak accidents, within terms and conditions, but only if you’ve got enough cover in place.

“If your property is worth R2 million as a replacement cost – factoring in rebuilding and other costs in a loss – but you’ve only insured it for R1m, you are 50% underinsured and consequently risk having claims only paid out by 50% or repudiated altogether.”

Visser says part of staying covered is maintaining the property and addressing faults timeously. 

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