Insuring Property in South Africa

What do I need to know when insuring my property?

What do I do when property has been lost or stolen?

• Make a police report, providing a statement and list of all the stolen articles. Remember to keep the case number.
• If you have had a pre-loss assessment or valuation done then your task will much easier, as you’ll be able to do a “stock-take”.
• Report the claim to your insurer.
• You will need a quote for the lost or stolen items. An assessor is usually appointed to deal with larger claims.
• Insurers may decide either to replace the goods or to pay you out for them.
• If you are underinsured then average may apply: you will be paid out only for the amount insured and if the insurer does apply the average then this payment has to be in cash.

What do I do if I have a car accident?

• Stop immediately and turn off the engine.
• Phone an emergency number and report your location and any injuries.
• Render any assistance to the injured persons while waiting for an ambulance to arrive.
• Do not move the vehicles if there are no injuries. If they are obstructing traffic then mark the positions of the vehicles and move them off the road, if this possible and not dangerous.
• Even if you are at fault, do not make any statement.
• If police are at the scene, try to obtain a reference number and the name of the officer, otherwise report the accident at your nearest police station within 24 hours and make a statement.
• You are obliged to give your name and address, as well as your insurance details to the other party.
• You will need to provide your insurers with information about the other party, witnesses and the accident, so make sure you gather as much information as possible before leaving the scene of the accident.

How much should I insure my home for?

• Always insure your home and its contents for their replacement value.

There are various insurance options available at different brokers, so it’s important that you shop around for the deal that is best suited to your personal situation.

The information in this article is courtesy of www.nedbank.co.za (Property Insurance Frequently Asked Questions, 8 May 2008).

If you would like to buy or sell property in South Africa, please visit www.sahometraders.co.za.