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Insurance for natural disasters

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Take it upon yourself to check that your home is insured at full replacement cost

Floods, fires, hail and high winds have shown how rapidly properties can be destroyed by natural disasters, and leave uninsured or under-insured owners exposed to huge financial loss.

This is on top of the devastating loss of their homes and possessions.

“These tragic situations underline the necessity of taking it upon yourself to regularly check your home is insured at full replacement cost, and for all eventualities,” says Gerhard Kotzé, managing director of the RealNet estate agency group.

“Most homeowners who have a bond also have homeowners’ insurance (HOC) through their bank, but they should not just assume that when the bank adjusts the premium from time to time, this change will necessarily mean they are fully covered.”

Full replacement value should include the cost of any demolition that may be necessary as well as architect fees and town planning fees.


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