Building insurance covers the structure of your home, along with all permanent fixtures and fittings. It also provides coverage for other liabilities you might not be aware of, such as your responsibility for injuries that occur on-site.
Both building insurance and household contents insurance are strongly recommended additions when purchasing a home.
Buying a new house comes with added responsibilities, including maintenance and homeowner’s insurance. That’s why we highly recommend securing home insurance when buying a new home. Here’s why:
Benefits of Home Insurance:
- Protection from Property Damage: Coverage includes damage from fire, lightning, storms, and other natural forces.
- Coverage for Geyser and Electrical Problems: Property insurance covers repairs to your geyser and electrical system.
- Liability Coverage for On-site Injuries: Homeowners can be liable for injuries to domestic workers or others on their property; property insurance covers these liabilities.
- Protection from Power Outages: Insurance protects against damage caused by power outages and surges, which can harm appliances.
Choosing the Right Coverage:
It’s important to note that property insurance covers the building and appliances, while household contents insurance covers theft and other contents. Opting for both ensures comprehensive coverage, and some providers offer packages that include property, household contents, and even vehicle insurance.
Understanding Exclusions and Deductibles:
Premium costs for buildings insurance are influenced by factors such as the structure of the building and its location. While policies may have exclusions and deductibles, they generally cover the majority of expenses in insured events.
Saving with the Right Home Loan:
Securing a favorable home loan helps reserve funds for additional expenses like insurance and property transfer costs. Services like O-Yes Home Loans can assist by submitting your application to multiple banks, enabling you to compare deals. We also provide tools such as our Bond Calculator to simplify the home buying process.
