How to Find Cheap Renter’s Insurance in South Africa
How to Find Cheap Renter’s Insurance
The landlord of a property is responsible for damage to his property and takes out building insurance to cover this. Tenants may be under the impression that their belongings are covered by their landlord’s insurance but this is not the case.
When you are leasing, and the property does not belong to you, you need to insure your personal possessions against damage or loss. You may not have thought about how much it may cost you to replace your personal possessions, but it can cost you a great deal.
What does renter’s insurance do?
Renter’s insurance is easier on your pocket than builder’s insurance. It covers the cost to repair or replace personal belongings lost or damaged by theft, fire vandalism or electrical faults. This includes items such as furniture, appliances, clothing and personal effects. As the policyholder, you are given the funds to make repairs or replace the whole item if repair is not possible.
Your renter’s insurance may not cover damage caused by a natural disaster, like a flood. However, it should cover an issue such as water damage to your personal possessions from a broken pipe on the rental property.
In addition to covering your belongings, some renter’s insurance covers you if people are injured in the home you are renting. Without renter’s insurance, you have no protection in such a situation where someone may take legal action against you.
You need to make sure you find out exactly what is covered in your renter’s insurance policy and pay attention to the terms and conditions on your contract.
Why you need renter’s insurance?
In South Africa, robberies are prevalent and losing your hard-earned possessions is always a possibility. Safety and security of the rental property is important to insurers. If your rental property does not have burglar bars or an alarm system, consider bringing this up with the owner. You will pay less on premiums if you have good security.
Some people may think they do not need renter’s insurance because they live in very secure apartment buildings. They see their risk of being burgled as low. What they forget is the risk of other events, such as another resident accidentally starting a fire or causing flooding by leaving a tap running.
Some insurance companies offer certain benefits, such as cheap pet insurance or insurance against theft of a guest’s belongings. It’s important to find out what’s available when it comes to contents insurance for renters. Like any other type of insurance policy, insurers differ on what they offer.
Compare costs with online renter’s insurance quotes
One of the best ways to find an insurance provider is to go online and request renter’s insurance quotes from various companies. This offers you a way to compare costs and review benefits.
Review inclusions and exclusions carefully before you make a final decision. One company’s premium costs may be higher, but it may cover more than what’s offered by another company with a lower premium.
It’s worth keeping an inventory form that lists all your possessions and their value. Update it on a regular basis and make sure that items are insured at replacement value. You can even take photographs of expensive items, like computers or TVs to use as evidence if necessary. This helps a great deal when getting renter’s insurance quotes.
Affordable renter’s insurance policies
Renter’s insurance may cost less than you expect. It could cost you as little as R15 to R30 a month on average. Think about the safety net this offers you at the price of a beverage or two.
When you first consider taking out a renter’s insurance policy, you may feel as though it’s wasted money, but when someone breaks into your house and steals your jewelry, camera equipment, and laptop, you will be very glad you have it.
Many insurance companies offer 12-month policies, but you might need coverage for only a few months until your lease ends. You may be able to get a 6-month renter’s insurance policy if your lease only runs for another 6 months.
Value and service
The best company is the one that offers you the most value at an affordable price. You want to look for good service as well. It’s no use having renter’s insurance and not being able to get hold of anyone at the company when you want advice or need to report a claim. One way to find out more about what you can expect from a company is to read online reviews and customer testimonials.
Renter’s Insurance is more important than you think. It comes at a reasonable cost and can save you money in the long run. Find the cheapest renter’s insurance quotes but keep in mind that value and service are important too.