Frontline Underwriting Manager (PTY)LTD
frontline underwriting manager (pty) ltd

Homeowners Insurance: Are you under-insured?

Blog Index Comment on this post
In the News
13 September 2016

South African homeowners are traditionally underinsured and it only gets worse during tough economic times. As consumers struggle with debt and the rising cost of living, insurance expenditure is often the first expense to be cut in household budgets. However, this decision may cause more financial trouble should the unforeseeable occur.

Underinsurance is seen to occur when the insurance policy you have purchased to cover your property and personal belongings, is not sufficient to replace same if damaged, lost or stolen. And this can typically occur when people try to cut back on monthly insurance expenditure by underinsuring their goods. In other circumstances, underinsurance can arise by not regularly updating and revaluing their policies and inventory lists. And with the devaluing of the Rand, this exercise becomes even more important.

Either way, sadly many folk only realise the consequences of inadequate insurance when they submit a claim and discover that their insurance will not cover the full cost of replacing whatever has been lost, stolen or damaged.

4 Home Insurance Tips:

  1. Speak to one of our brokers on the best possible coverage that will best suit your needs, without blowing your budget.
  2. Keep track of any renovations you have done to your home and remember to get this revaluated by a professional, as the cost of rebuilding your home is invariably not the same as its real estate value. Additions and home improvements naturally increase the market value of the property, thus affecting the insured value.
  3. One also needs to be aware that the value of your property is constantly changing. To avoid being underinsured, Frontline encourages clients to undertake regular policy reviews with their brokers.
  4. We would further like to encourage homeowners to complete a yearly insurance review, this is ideally done around renewal time.

Frontline’s Personal Insurance offers a continuous and consistent evaluation of our product against our clients’ needs, which has led to a new, improved Personal Protector Policy. Our business practices are devoted to continuing to build long-term and meaningful relationships with our clients, by providing them with customised insurance packages to cater for their unique needs. We constantly strive to attain our virtue of "Making a Difference by Being Different”.

PORT ELIZABETH
Tel: +27 (0)41 373 0445
Fax: +27 (0)41 373 0419
BCX Building 2nd Floor Office 5
106 Park Drive
St Georges
Port Elizabeth
6001

CAPE TOWN
Tel: +27 (0)21 919 9080
Fax: +27 (0)21 919 4395
Unit 204 2nd Floor,
Golden Isle Building
281 Durban Road
Belville, 7530

JOHANNESBURG
Tel: +27 (0)11 026 3140
Fax: +27 (0)11 326 0575
E17 Lifestyle
Riverfront Office Park
Bosbok Drive
Randpark Ridge, 2169

DURBAN
Tel:+27 (0)31 562 0155
Fax: +27 (0)31 562 0520
Unit 3
30 Brookend Close
Office Park
Sunningdale, 4051

EAST LONDON
Tel: +27 (0)43 735 1681
Fax: +27 (0)43 735 2080
65 Beach Road
Nahoon
East London
5241

KROONSTAD
Tel: +27 (0)56 213 4991
Fax: +27 (0)56 213 4606
5 Elandstreet
Elandia
Kroonstad
9499

Please call 0861 113 699 and one of our consultants will gladly assist you.


Frontline Assist is not regulated under the
FAIS Act and Financial Services Board.