Insurance Costs

Dolby said:
I dropped it - and just got this :

It is imperative to ensure your household contents and buildings for their full replacement value. If at the time of a loss the insurer finds that your insured amount is insufficient to replace all your possessions, they will apply average, and you will be responsible for a portion of the loss.

Example of how average is calculated: The insured value on your household contents is R200 000. You suffer a loss, and the insurer finds that your insured amount must be R400 000. This means you are under insured by half (50%). If the cost of the claim is R50 000 the insurer will only pay 50% of the loss, so only R25 000 will be paid out

If at the time of loss or damage, the amount needed to replace all your property with similar new property is more than the insured amount, Santam will not pay you the full amount of the loss and you will be responsible for The difference between the amount insured and the replacement value. You will be responsible for a proportional portion of the loss or damage.
Click to expand...
Pretty standard stuff which they try and explain in plain language.
 
Dolby said:
I dropped it - and just got this :

It is imperative to ensure your household contents and buildings for their full replacement value. If at the time of a loss the insurer finds that your insured amount is insufficient to replace all your possessions, they will apply average, and you will be responsible for a portion of the loss.

Example of how average is calculated: The insured value on your household contents is R200 000. You suffer a loss, and the insurer finds that your insured amount must be R400 000. This means you are under insured by half (50%). If the cost of the claim is R50 000 the insurer will only pay 50% of the loss, so only R25 000 will be paid out

If at the time of loss or damage, the amount needed to replace all your property with similar new property is more than the insured amount, Santam will not pay you the full amount of the loss and you will be responsible for The difference between the amount insured and the replacement value. You will be responsible for a proportional portion of the loss or damage.
Click to expand...
We went through an exercise of having all our household goods valued by a professional. The number they came up with was quite surprising. The premium offered by the insurer was more so - it was a LOT lower than you would have thought. For me it would have not been worth the premium saving to take the risk.
 
Sinbad said:
We went through an exercise of having all our household goods valued by a professional. The number they came up with was quite surprising. The premium offered by the insurer was more so - it was a LOT lower than you would have thought. For me it would have not been worth the premium saving to take the risk.
Click to expand...
100%, saving a few bucks on your premium is simply not worth the risk. Did the inventory exercise a few times over the years and always ended up adding 20% to the total just to be safe.
 
R2750 over three policies

* 2014 ballade
* 2007 atos
* R2,4m property
* R700K property
* Business insurance, home based, R700K assets and stock
* R300K household insurance (main property).
* R1 million liability home & R1 million liability for business - separate policies

We get a physical audit every few years to ensure we are not underinsured. Our business insurance covers some items that would normally be covered in home contents like CCTV, computers, etc, as they are primarily used for the business.

Our second property is self insured for contents as we only have old appliances there and still being renovated.
 
Other Pineapple Smurf said:
R2750 over three policies

* 2014 ballade
* 2007 atos
* R2,4m property
* R700K property
* Business insurance, home based, R700K assets and stock
* R300K household insurance (main property).
* R1 million liability home & R1 million liability for business - separate policies

We get a physical audit every few years to ensure we are not underinsured. Our business insurance covers some items that would normally be covered in home contents like CCTV, computers, etc, as they are primarily used for the business.

Our second property is self insured for contents as we only have old appliances there and still being renovated.
Click to expand...

Who are you using for Business insurance and liability policy?
 
Kwaai said:
Who are you using for Business insurance and liability policy?
Click to expand...

Broker: Stepp Bloemfontein - Insured by Renasa Insurance Company Ltd North


The original broker was in Technopark, then something, then something, then they became Stepp. We can still speak to a broker is all that matters.

Also using Ooba for property and private liability policy - we will look at consolidating this year.
 
R1233 - Car1
R1186 - Car2
R1333 - Car3
Total R3752 for the vehicles.

R1239 - Building cover (6.8mil)
R646 - 700k contents.

I could be paying less must just make time to get some quotes.
 
My question to all you guys - is the figure you're quoting what you'd get with selling, or are you adding costs etc ?
 
W@P said:
R1233 - Car1
R1186 - Car2
R1333 - Car3
Total R3752 for the vehicles.

R1239 - Building cover (6.8mil)
R646 - 700k contents.

I could be paying less must just make time to get some quotes.
Click to expand...
Why are you paying for 3 cars if you're now divorced? :p
 
Mike Hoxbig said:
Why are you paying for 3 cars if you're now divorced? :p
Click to expand...
Good fscking question. All 3 are mine that I drive every now and again.
They are all paid for so that makes a huge difference. But yes I don't need 3 cars. Nice to haves.
 
Other Pineapple Smurf said:
Broker: Stepp Bloemfontein - Insured by Renasa Insurance Company Ltd North


The original broker was in Technopark, then something, then something, then they became Stepp. We can still speak to a broker is all that matters.

Also using Ooba for property and private liability policy - we will look at consolidating this year.
Click to expand...
Thank you for the information. Currently looking into signing up as well.
 
Some great info on this thread, can i just ask what happens to your premium and cover when you claim, assuming one is not under insured and claim is paid out. E.g 100k cover, claim for 20k for 1 thing say a tv, am i now covered for 80k with the same premium or do they increase the premium but for the same 100k cover?
 
2 cars @ R705
Building cover R3 143 000.00 @ R528
Home contents R736 000.00 @R166
All risks - nothing specified R9 200.00 @ R47
Momentum Insure
 
Big-Mac said:
Some great info on this thread, can i just ask what happens to your premium and cover when you claim, assuming one is not under insured and claim is paid out. E.g 100k cover, claim for 20k for 1 thing say a tv, am i now covered for 80k with the same premium or do they increase the premium but for the same 100k cover?
Click to expand...
You will still be covered for R100k, your new tv is also now insured
Prem increases differ from insurer to insurer. I have never had an immediate prem increase due to a claim. They work it in on the usual annual increase
 
So a friend of mine just broke his expensive ass OLED TV, he always believed that insurance is a scam and has never had any sort of insurance but when he bought his OLED 4 months ago he took out home contents insurance, he was quoted 70k to fix it by the authorised repairer, he wants to know what are the ramifications of claiming so early? His total cover is for 200k.
 
Big-Mac said:
So a friend of mine just broke his expensive ass OLED TV, he always believed that insurance is a scam and has never had any sort of insurance but when he bought his OLED 4 months ago he took out home contents insurance, he was quoted 70k to fix it by the authorised repairer, he wants to know what are the ramifications of claiming so early? His total cover is for 200k.
Click to expand...
They could cancel on him, which will be a black mark for the next 5 years, this black mark makes other insurance companies increase their amounts.
 
Big-Mac said:
So a friend of mine just broke his expensive ass OLED TV, he always believed that insurance is a scam and has never had any sort of insurance but when he bought his OLED 4 months ago he took out home contents insurance, he was quoted 70k to fix it by the authorised repairer, he wants to know what are the ramifications of claiming so early? His total cover is for 200k.
Click to expand...

There shouldn’t be any penalties for claiming soon after initiating the cover, that’s what it’s for. But it sounds like he is underinsured, anyone with a R70k TV will have household belongings worth way more than R200k, so they’ll heavily cost average the claim to compensate for that.

Also how did he damage the TV?

I don’t think most household policies cover accidental damage and surge damage cover normally is an optional extra.
 
He is underinsured af. Common sense dictates that someone with a a R100k TV cannot have have a mere R200k worth of contents in his home.

Everything he takes with him if he moves = contents.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X