The claim game: Is your cover sufficient?
Recent Company News
- Home rental 101: Making the right move
- The claim game: Is your cover sufficient?
- Think like a start-up: 3 lessons for big business
- Why transport matters: The economy depends on it
- 5 Success hacks to grow your business
- 4 Reasons why co-working could be the key to kick-starting small business
- A 7-step guide to starting your own trade business
- Women’s Month focus: 5 Safety tips for women on the road
- 5 Successful business women share their secrets
- When you can’t speak: Top tips for ensuring emergency teams can access your information
- MiWay treats 100 families this Mandela Day
By: Nthabiseng Moloi, MiWay Insurance Head of Marketing & Brand
Burglaries are an all too common occurrence in South Africa with 228 094 house burglaries reported in the 2017/2018 crime statistics; an average of 625 houses per day . Yet despite the regularity of this type of crime, many South Africans remain entirely unprepared for such an eventuality, with inadequate insurance often resulting in denied claims and significant expenses.
So how do you know you are appropriately covered in the event of a break-in? Do you understand the difference between homeowner’s insurance and home contents cover and what each type of policy offers?
If you have had the good fortune to enjoy a crime-free stay in your current home, there is no better time than now to review your insurance policy and ensure you are properly prepared in the event of an unforeseen theft. Here are a few key pointers to bear in mind:
Check your policy
While homeowner’s insurance might sound like a catch-all type of cover, it is in fact limited to the structure of your home, rather than its contents. So if a thief breaks a window or causes structural damage during the course of a break-in, your homeowner’s policy should kick in and enable you to repair these using materials of a similar quality.
Home contents insurance is a separate type of cover that offers reimbursement for items stolen from within your home. Contents should be insured for their current replacement value, so make sure to check the terms of your policy and the insured value noted or you might not be sufficiently compensated to replace your stolen items.
Remember too that Home Contents Insurance does not cover you against theft that takes place outside of your home. If you travel with your valuables on a regular basis, you might want to consider taking up an All Risk Insurance policy.
Keep an inventory
When it comes to claiming, it is extremely important that both you and your insurer know what you are claiming for and that you have proof of ownership of the goods in question. As such, it is a good idea to keep an up-to-date asset registry, as this will help you to accurately assess your losses in the event of a burglary.
Equally, it is vital that you keep at hand receipts or proof of purchase, as you will need these when you make your claim. By keeping tabs on your belongings, you will also help to expedite the claim process and facilitate a seamless and speedy reimbursement.
Know your limits
There are limits with regards to values covered. If a client insures items at the correct replacement value, they will be paid out the value if all the terms have been adhered to. However, if a high value item is not specified, it will only be covered for a limited amount. Where a TV is damaged due to accidental breakage, it will only be covered up to a limited amount. Clients might have the option to increase their limit. As such, it is very important that you understand the limits of your policy and speak to your insurer should you need additional cover for your most valued possessions.
When filing a claim, it is vital that you only look to seek reimbursement for items you actually own. Should you choose to claim for items that were not in fact stolen, this could result in the entire claim being denied and your future insurance cover is likely to be affected.
MiWay is an Authorised Financial Services Provider (Licence no: 33970).
Date Posted: 2018-11-30
Posted By: MiWay Insurance Limited
Listed under these Business Listing Categories: Financial services,
More Company News
- MiWay treats 100 families this Mandela Day
- Theft on the move: How to safeguard goods and personnel in transit
- Reducing the risk of remote jamming
- Understand the difference between voidance and cancellation of an insurance policy
- Making money from your baking hobby
- The entrepreneurial case for a co-working space
- Safe driving depends on safe braking: 5 tips to keep you safe
- Health and Safety: The recipe for a better logistics industry
- MiWay sponsors Wally Hayward Marathon for third consecutive year
- Vehicle overloading: Don’t put your business at risk
- Your employees are your greatest asset – manage them well
- Keep your cover in check – important insurance points to ponder
- Passion is the key to entrepreneurial success
- Is your tracking company tracking you correctly?
- Top tips to protect your child's identity
- Stay safe on the roads
- Time is money: Tips to help you use yours well
- Don’t be a statistic: 4 tips to avoid motorcycle hijacking
- Own the open road: Tips for trucking owner-drivers looking to improve their bottom line
- Car hire: read the fine print
- Understanding your blue light rights
- Small business deserves to be a bigger priority
- MiWay’s BusinessAssist service set to promote growth in the SME sector
- The Car Wash Conundrum: How to avoid South Africa’s latest crime trend
- MiWay launches disaster relief fund
- How to avoid buying a water-damaged car
- What happens when you neglect your home maintenance?
- Tips to improve your safety on the roads
- The fine print: Understanding the rules of the road
- The risks of business ownership
- Cover your assets: Things to consider when buying a car
- Shaping tomorrow's leaders
- MiWay backs a winning team
- New MiWay App feature that no road user should be without
- MiWay sponsors 40th Wally Hayward Marathon
- TREAD collaborates with MiWay on MiWayMTB TV show
- MiWayMTB and TREAD team up to offer MTB skills clinics
- Want to improve your MTB performance?
- MiWay keeps its promises
- What should a biker insure? A motorcycle insurance checklist for your peace of mind.
- MiWay Insurance creates jobs in Bloemfontein
- Customers show their support for MiWay
- MiWay and Tracker SA tie the knot
- Insurance innovation: MiWay fixes premiums for three years
- Car Insurance - Parts used to repair insured cars may not compromise safety!
- Useful tips for finding cheaper car insurance!
- MiWay clients benefit from Europ Assistance SA's highly equipped call centre.
- What to consider when deciding on Car Insurance.
- Home Insurance from MiWay
- MiWay.co.za - A South African Insurance Provider
- Miway to Profile Driver Behaviour for More accurate Premiums
- Insure your Boat with MiWay
Fax 2 Email
Study IT Online
Work from Home