New home? Here are some tips to save on insurance

PROPERTY is becoming more accessible to younger people, with under35s dominating first-time home-buyer figures, and homes are evolving into a hybrid of work and leisure spaces as more companies adopt a flexible way of working.

Rawson Property Group sales for 2020 show more than 42% of sectionaltitle buyers were under 35, and just more than 36% of sales of freestanding properties were by the same age group.

With what is arguably the biggest purchase in your life comes the responsibility of keeping the property secure and in good condition – not only to enjoy it yourself, but ideally to pass on an asset of greater value if you choose to sell it or leave it to loved ones one day.

While you need household contents insurance on your possessions within your home, if you’re about to own a home you also need building, or homeowner’s, insurance, which protects the actual structure of your home.

It’s a requirement when you take out a mortgage bond on a property.

DOMINIQUE BOWEN

is a freelance writer who specialises in personal finance issues. to contact other insurance providers for building insurance quotes,” she says, with the caveat that not all products are equal.

“Some insurers’ premiums are a few rand more, but so much more cover is automatically included.”

If you have existing policies with one insurer, ask about bundling your home insurance with these.

“Some insurers give further discounts on an entire policy for adding items and sections,” says Grové.