select
|

Insuring for foot traffic through your home

Property owners will likely at some stage sell their house, consider renting it out either privately or through popular accommodation sites like Airbnb, or may even use it as a base for a business. All and any of these events will result in foot traffic at your home, with different people coming onto your premises. This requires adequate insurance.

“If you are considering any of the above ideas at home, you should make sure your insurance is updated to include sufficient cover, or you need to get insurance cover as soon as possible if you have not yet done so,” says Bertus Visser, Chief Executive of Distribution at PSG Insure.

Cover all four corners

You may find contents insurance is the perfect solution as this usually includes third party liability, as well as personal accident cover. “If someone should get injured on your property, such as a guest or your tenant, they may try to claim against you for any medical costs,” Visser says. Imagine someone falls down a staircase with a loose railing, or slips on a rug and injures themselves on your tiled floor. Your contents insurance will usually include a sizeable sum to assist with legal or medical bills in this regard. However, you must make sure this cover is included and that it will provide an acceptable sum for what you might be expected to pay if such an accident should occur.

Cover your valuables

If you rent your house out furnished, or anticipate foot traffic from prospective buyers because you’ve put your house on the market, you also need to make sure that your insurance covers theft – and more specifically, that it is updated in line with today’s market value for replacing expensive items that may get stolen. If you are having show days, you need to be aware that your insurer may only cover you for forced entry and not for theft. “Of course, packing your valuables away is essential to protect them and request that the estate agent in your house be vigilant too,” adds Visser. “Make sure any valuables are stored in accordance with your insurance policy. For example, if you are supposed to keep your diamond earrings in the safe, don’t leave them hidden in a drawer. They are certainly more secure in the safe in any case.”

Check the fine print

Airbnb is revolutionary in the business of accommodating tourists and many people are finding success in renting out rooms or their entire properties. “If this is something you are doing, make sure that your insurance company is aware, as they may also only cover forced entry in this situation. Also look into Airbnb’s Host Protection Coverage options as a back-up,” Visser says.

Make sure you mean business

Your home may be the perfect location for a stay-at-home business. Such a situation may require specific business insurance. It is really worthwhile to make sure that you are allowed to run a business from home. Also check if your insurance covers you against all the same possibilities you could face if any person should enter your home, and if this would extend to any employees who may work from your home.

Not sure? Ask

If you have any doubts as to whether or not your plans on your property could put you at higher risk and you want to re-visit your policy, contact your insurance provider or adviser. “The sooner you get it all sorted, the sooner you are covered for anything unexpected,” Visser concludes.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 20 Feb 2018
      The suburb of Greenstone in Johannesburg east came to be over the last two decades. “In the beginning, it was literally just a hill with not so much as a shopping centre,” says Michael Levy, Property Consultant at Jawitz Properties Bedfordview. Today it has plenty shopping facilities and is fully built, boasting high-density, upmarket housing and residential estates, though still has a few pockets poised for commercial development.
    • 20 Feb 2018
      A major shift in the ageing paradigm has precipitated an equally dramatic transformation in the retirement sector, with modern accommodation options worlds away from the conventional model.
    • 19 Feb 2018
      Possibly one of the biggest sources of contention between landlords and tenants surrounds the rental deposit. “Most tenants rely on getting their rental deposits back when moving, so that they can use it to pay a deposit on their new home. Having it withheld or even having large amounts deducted can lead to a lot of distress,” explains Bruce Swain, CEO of Leapfrog Property Group.
    • 19 Feb 2018
      Situated approximately halfway between Johannesburg and Pretoria, Midrand was established in 1981 and forms part of the City of Johannesburg Metropolitan Municipality. It has become one of the major business hubs in the country with major pharmaceutical, textile, telecommunication and motoring giants situated within its boundaries.
    • 19 Feb 2018
      The PayProp Rental Index Annual Review of 2017 shows that the rental market suffered from much volatility during the year. It kicked off with rental growth spiking in January with weighted year-on-year growth (YoY) growth peaking at 8.3% before dropping to 6.34% in July, dipping down to less than 5% in November and then experiencing a slight uptick at 5.75% in December.
    • 19 Feb 2018
      While most homes in cluster complexes, estates and other gated communities come with at least one garage or carport, residents would often like additional permanent parking or storage areas for things like trailers, bikes, boats and caravans.
    • 16 Feb 2018
      Whether you own a property in a sectional title complex or are looking to invest in one, the financial standing of the body corporate is the single most important thing that can affect your investment or your buying decision.
    • 15 Feb 2018
      One positive consequence of the financial crash in 2008 was the rise in consumerism, especially in the property market, where buyers have steadily become more knowledgeable and more value conscious.
        
    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