select
|

Are your outbuildings covered in your insurance policy?

(Article by Bertus Visser, Chief Executive of Distribution, PSG Insure)

The school holidays and Easter weekend are fast approaching and many of us will be heading away from home for a much needed break. Of course, making sure that everything at your unattended property is insured is essential. But you must also double-check that any outbuildings you have on your property are included in your cover, as well as the contents stored within these outbuildings.
 
Outbuildings may not automatically be covered
 
Outbuildings such as wendy houses or sheds and free-standing garages are often packed with expensive tools – perhaps your bicycle or other sporting equipment, or sentimental items that you are holding on to. However, outbuildings do not always automatically fall within your insurance and usually require specific cover. The structure may be part of your building insurance if it is specified. Similarly, the contents within may be covered by your contents insurance, but not necessarily in full. 
 
Specify your risks
 
Wendy houses, for example, are usually not automatically covered as part of your contents insurance. So be sure to specify what you are storing in your wendy house, including all items of value. Freestanding garages are also a specified risk and usually require at least a sensor linking to an alarm on your property to be part of your cover.
 
Be aware of insurance requirements and specifications
 
Once you have the necessary cover in place, it is also important to comply with security specifications as stated in your insurance policy. For example, if you say your wendy house has a lock and it gets broken into, there will need to be evidence of the break-in to avoid having your claim repudiated. You must also only store what you say you are storing. If you put a brand new expensive item such as a lawnmower in there without letting your adviser or insurer know, it won’t automatically be covered under your existing policy.

The best course of action to ensure you are adequately covered is to chat to your financial adviser, who can safeguard your pocket and possessions by making sure your insurance policy is comprehensive.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 26 Apr 2018
      Banks are showing an increased appetite to lend according to first quarter (Q1 2018) property statistics recently released by ooba, South Africa’s leading home loan originator.
    • 26 Apr 2018
      Moving into a new home comes with such a long list of expenses that one often searches for ways to cut back on costs. Hiring a professional moving company is one of the first expenses that many buyers tend to try and work around, especially now that purse strings are even tighter owing to the VAT increase that took effect this month.
    • 26 Apr 2018
      Investors looking to buy a property offshore can potentially recoup their money faster through short-term rentals than traditional letting options, all the while earning income in a foreign currency.
    • 25 Apr 2018
      Whether you are a seasoned seller or new to the game, putting your home on the market is an exciting moment. To ensure you get the best possible outcome these 8 value adding additions to your home is worth the effort.
    • 25 Apr 2018
      After four years of unprecedented growth fuelled by semigration, the Southern suburbs market faced a number of challenges in 2017, including dwindling affordability and a marked slowing in house price growth with many sellers forced to lower their prices in order to secure a sale.
    • 25 Apr 2018
      Mall of Africa, is celebrating its second year of sensational success. This splendid super-regional shopping centre first opened on 28 April 2016, and has grown in popularity, performance and profile since then.
    • 25 Apr 2018
      While the role of trustee in a sectional title scheme is a voluntary and unpaid position, it is one that comes with huge responsibility. Trustees have a fiduciary duty towards their scheme, says Chinelle Hewit, Operations Manager at sectional title finance company Propell.
    • 24 Apr 2018
      The thing about the property ladder is that at some point in our lives we all have reason to want to climb a rung or two higher. Sometimes, it’s because we’ve outgrown our previous dream home, or because we want to be in a better neighbourhood that’s closer to work or to schools. Sometimes it’s because our circumstances have changed, and we’re taking care of elderly parents or relatives. Sometimes, it’s just because we want a property that reflects the financial status our hard work has won.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK