How do I know everything is covered?
How do I work out the value of my household insurance? Ensuring your valuable and most loved possessions are covered in your policy document is essential.
What happens if everything I own, my most loved possessions get destroyed, lost, or stolen?
Did you know according to a recent article published by Sanlam Reality, statistically one in three homes is underinsured by as much as 30%.
Making sure you have the right household cover in place is vitally important. Let your Rodel4U Approved Broker advise you regarding your policy cover and make sure that everything including your linen is accounted for.
Make sure you are not underinsured
Being underinsured, occurs when your insured value is less than the replacement value of the total contents of your home explains Sanlam Reality. This means you will receive less than the amount you paid for the items.
Most people forget to add new items to their policy, even when they purchased new items such as TV, Microwave, laptop, Persian carpet, etc, their policy needs to be updated.
Your broker will often recommend making the value of contents slightly higher than their actual replacement value so that you are always covered.
How do I calculate the total value of my contents?
How do you go about calculating the total value of all your most loved possessions and items? Some insurance companies assist with online inventory which calculates the total replacement value.
Take the time to make a list of all your items which could include:
- Designer Jewellery
- Home appliances
- Sporting goods
- Antique Furniture
- General Clothing
Include the estimate value of each items and make an appointment with your Rodel4U approved broker who will assist in calculating your total value.
Your broker will be able to provide advice on what is the best cover for your household content, from your general items which would fall under one category to specific items which have a specific value.
Follow our top tips on how to estimate the value of household Insurance
Let us guide you on some useful tips on how to estimate of your contents to make sure you have the correct cover in place, should you need to submit a claim. Remember it is important to provide the value of everything within your home from personal possessions.
- Make a list
Rule of thumb, if you turn your house upside down, everything that will fall out is considered household content. We advise to work through your house from room to room and make an inventory of every item.
Once you have your inventory, categorise the items into permanent fixtures and contents. You can further categorise these into subcategories from
- Sports equipment
Make sure you cover everything. Your Rodel4U Approved broker will be able to assist with items you are unsure of.
- Add your estimate value
With all your items try and put the exact value or closest to it. Remember to rather overestimate than underestimate. For certain items with a high value such as expensive jewellery or antiques it is recommended to get them properly evaluated by a professional and get a certificate to add to your policy.
- Check items outside the home
Remember to look at items outside of you home such as furniture in your garden or garage. Add these to you list and check with your Rodel4U Approved broker on whether they can be included.
Save on your Insurance Costs
Your Rodel4U approved broker will give the best possible advice and ensure your premium is in line with what you can afford.
By combing your home contents, house or building and car insurance under a single policy you, could qualify you for a reduced premium.
Preventative measures should be put in place
Remember to be responsible with your household contents insurance and lock those valuable items away, have the correct security measures in place, like alarm systems, safe, etc as such details will matter when submitting a claim to your insurer.