The Importance of Home Insurance Amid Rising Crime Rates

The importance of home insurance is more important now, than ever before. This is in light of South Africa’s latest crime statistics which reveals some grim facts that homeowners are facing. According to the report, the average home robbery rate increased from 37.9 incidents per 100 000 people in 2015/16 to 40 in 2016/17. And house burglaries are currently the most feared crime in the country, with an average of 675.8 houses broken into each day.

With such widespread home related crimes, it becomes imperative to protect your property and all its contents from the potential danger it faces. Comprehensive home insurance is not only designed for burglaries and robberies, it will also protect your property from damages and accidents that may occur as a result of vandalism, natural disasters and fires. 

Since home insurance offers incredible protection for various life changing scenarios, banks in South Africa rarely grant home loans if a property is not first insured.

There are 3 types of home insurance that you can choose from, including:

    • Homeowners Building Insurance
    • Home Contents Insurance 
    • Personal Valuables Insurance

Homeowners Building Insurance

This is also known as Building Insurance, and it protects the permanent and immovable items within the boundary of your property. These items can include: the perimeter wall; the garage and gate and its motors; swimming pool; bore hole/s and associated pumps; and all the fixtures and fittings in a property (baths, toilets and fitted kitchens etc). Along with the Building Insurance, you can take out the Personal Liability Cover, which protects homeowners from any third party claims against them, such as accidental death, injury, or illness that may occur on their property. It also offers homeowners financial protection for accidental loss or damage to a third party’s property.

Home Contents Insurance

Although Homeowners Building Insurance protects against loss or damage associated with the physical structure of a building, it does not protect your household goods. This is where Home Content Insurance becomes essential as it protects your goods inside your home, such as furniture, curtains, clothing and home appliances.

Personal Valuables Insurance

This policy protects personal valuables that a homeowner would typically carry with them or wear outside of their home, including jewelry, handbags, clothing, laptops, or bicycles. Personal Valuable Insurance has two types of cover, namely specified items and non-specified items. The former will cover a standard list of items and will pay up to a certain amount should a loss or damage occur. While, the latter allows you to individually insure your most expensive items, such as laptops and smartphones and it will compensate up to the specified amount in your policy.

Additional Cover

When you are taking out a home insurance policy it is important that the cover you choose makes provision for increased building costs over the forthcoming year, and professional and municipal fees. In this way, you can prepare for projected and associated costs. Additionally, it is recommended that your policy protects you in extreme cases, such as demolition, plot clearance or displacement. 

Recognising the importance of home insurance, De Lucia Brokers & Financial Advisors cc and its Insurance Product Suppliers have developed policies that protect homeowners and places their individual needs at the forefront. Each policy is designed along unique requirements and budget friendly guidelines, ensuring tailored solutions and affordability. 

With the rising rate of house robberies and burglaries, coupled with the unpredictably of life, it is vital that you protect your property and its possessions with comprehensive home insurance. To find out more about homeowners, home contents and personal valuables insurances, contact us today and we will refer you to our team of insurance brokers and financial advisors.