Pretoria News

HAPPY MEDIUM

Being over- or under-insured are both problems for your pocket; while over-insurance results in you paying more than necessary, under-insurance has an effect only when disaster strikes and the dreadful realisation sinks in that perhaps you shouldn’t have skipped that last property check.

“Check and calculate the replacement value of your house at least once a year to make sure you’re adequately insured,” says Smith.

If the cover you need doesn’t fit in your budget, explore how much excess you can afford to shoulder if you need to claim.

“Ask to have a higher excess on the building section, which, in turn, will reduce your premium,” says Grové.

Whatever figure you land on will be the damages you agree to cover from your own pocket before you claim from your insurer.

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2021-06-12T07:00:00.0000000Z

2021-06-12T07:00:00.0000000Z

https://pretorianews.pressreader.com/article/282054804975924

African News Agency