Short-term insurance in a nutshell
Insurance is not the most favourable expense on people’s budget, but it can impact their lives, family or business severely if they are not covered for a number of possibilities, says Corlia Kotze, national department head: personal lines at FNB Insurance.
When it comes to short-term insurance, Kotze advises that customers should make sure that they have reviewed the specific conditions of their insurance, particularly security measures.
“Ensure that you have security gates and burglar bars on all doors and windows if this was declared on your application and that your alarm system is activated when you leave your premises. Be aware that non-compliance to these conditions entitles your insurer to reject the entire claim.”
Regarding short-term insurance on vehicles, Kotze says customers need to be aware that the normal comprehensive motor cover does not automatically include a courtesy car.
“If you would like to be provided with a courtesy car when your car is being repaired, you can select the car rental option at an additional cost. Always inform your insurer or broker of any changes that may affect your policy e.g. changes to the insured vehicle or change in regular driver.”
Valuable jewellery should have a valuation certificate or purchase invoice to prove the value of the items in the event of a claim, and to ensure that the claim is settled in full.
Kotze says building insurance policies do not cover damage arising from wear and tear or a lack of maintenance.
“Make certain that you regularly inspect the waterproofing and sealant on your roof to avoid disappointment in the event of a claim. Additionally, the sum insured for buildings should represent the current replacement value of the property i.e. cost to rebuild the entire home with outbuildings, including architect plans, the quantity surveyors and rubble removal. Note that the value of the plot itself should not be included,” she says.
“It is always better to have insurance and be covered as a contingency, than to try and save on this and spend a whole lot more later in the event of damage to your property,” Kotze advises.
When it comes to short-term insurance, Kotze advises that customers should make sure that they have reviewed the specific conditions of their insurance, particularly security measures.
“Ensure that you have security gates and burglar bars on all doors and windows if this was declared on your application and that your alarm system is activated when you leave your premises. Be aware that non-compliance to these conditions entitles your insurer to reject the entire claim.”
Regarding short-term insurance on vehicles, Kotze says customers need to be aware that the normal comprehensive motor cover does not automatically include a courtesy car.
“If you would like to be provided with a courtesy car when your car is being repaired, you can select the car rental option at an additional cost. Always inform your insurer or broker of any changes that may affect your policy e.g. changes to the insured vehicle or change in regular driver.”
Valuable jewellery should have a valuation certificate or purchase invoice to prove the value of the items in the event of a claim, and to ensure that the claim is settled in full.
Kotze says building insurance policies do not cover damage arising from wear and tear or a lack of maintenance.
“Make certain that you regularly inspect the waterproofing and sealant on your roof to avoid disappointment in the event of a claim. Additionally, the sum insured for buildings should represent the current replacement value of the property i.e. cost to rebuild the entire home with outbuildings, including architect plans, the quantity surveyors and rubble removal. Note that the value of the plot itself should not be included,” she says.
“It is always better to have insurance and be covered as a contingency, than to try and save on this and spend a whole lot more later in the event of damage to your property,” Kotze advises.
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