Every South African who owns a car or a home needs to have short term insurance. The quality of life in South Africa is wonderful, but car insurance, household insurance, and home insurance, are a necessity of life here. That much is obvious and straightforward. The tricky part is where to buy your insurance policy. How do you know which of the many short-term insurance providers is right for you?
What are the different short term insurance policy types?
There is a plethora of things you can insure today. In fact, you can insure just about anything if you are prepared to put money on the table: from your pet parrot to the possibility of retrenchment.
But these kinds of policies are not all that common. Instead, the majority of consumers spend their hard earned money on short term insurance policies that safeguard their homes, their belongings, and their cars.
Homeowners Insurance:
Homeowners policies cover the physical structure of your home as well as the fittings and fixtures contained therein against specified natural and non-natural disasters. This type of cover is invariably a condition of financing if you get approved for a home loan.
Household Insurance:
Household policies cover everything your house contains. High value items such as jewellery, certain antiques, Persian carpets etc. normally need to be specified on your policy and are likely to attract a somewhat higher rate than general contents.
Motor Vehicle Insurance:
Motor vehicle insurance comes in three flavours: 3rd Party; 3rd Party, Fire and Theft; and Comprehensive. If you finance your vehicle through a lender, this type of insurance is usually a condition of your financing being approved. |
