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02Sep 2015

Home contents and building insurance – what’s the diff?

I hear a lot of people say: “What is building insurance? Do I need it? And if so, surely I don’t need home contents insurance too?”

And then sometimes they say “Who are you, why are you wearing a crown, and and how did you get onto my property?” But let’s ignore that part for now…

It seems as though there is a lot of confusion with regards to the difference between home

contents insurance and building insurance, and who needs which.

Let’s make it simple.

Building insurance:

What does it mean?

You’re covered for damage to the physical structures of your property. (So basically the shell).

‘Buildings’ in our buildings insurance basically refers to:

  • The physical and permanent structures of the property. This could be your home or

outbuildings. It does not matter whether they are separate from the property at the address, or not.

  • It also includes all permanent fixtures, fittings and improvements on the property. This means your driveways, walls, garages, fences, patios, swimming pools, gate motors, tennis courts, underground pipes and cables, as well as swimming pool, borehole, and spa pumps, are all covered by the king.
  • Just remember that dams, dam walls, loose gravel paths and coverings, as well as, pool cleaning equipment are excluded.

Who needs it?

Those members of our royal family who have put down roots and bought their own homes. All banks in South Africa require you to have buildings insurance when you have a bond registered on your house- so they can also sleep at night after dishing out your home loan.

If you own it, insure it. You never know when Hurricane Katrina might wreak havoc! Be it an actual

hurricane, or your latest, and most devastating, tenant, Katrina.

Seriously, someone needs to stop giving that girl wine spritzers…

Home contents insurance

What does it mean?

With this you’re covered for items (that belong to you and those living with you) stolen or damaged at your home. (So basically all your ‘stuff and things’).

‘Home contents’ basically means:

  • All of your ‘stuff’ in your house. So imagine turning your house upside down… Well, everything that would fall out… that’s your ‘stuff’ and should be included under your home contents insurance policy.
  • So all your personal ‘stuff’ inside your home and outbuildings. Outbuildings (whether they’re separate from the home or not), include garages, domestic quarters and storerooms. The ‘stuff’ must belong to you or to any members of your household who live with you. We don’t cover other people’s ‘stuff’. If it’s not yours, it’s not covered.

This does not cover items that only have time-share in your home. If something is by your side, more often than it’s at home, you should maybe rather consider portable possessions insurance. If you’re not sure, you can ask us and we’ll let you know what kind of policy you need.

Who needs it?

Anyone and everyone that has ‘stuff’ in a home somewhere. Whether you’re renting, or whether you own the property, rather be safe than sorry. Who knows when the cat burglar (or that crazy Katrina) might strike?