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Knowledge Hub

The complete new year home insurance comparison guide

5 min read

The complete new year home insurance comparison guide

Home and Leisure February 01, 2022

Every year, we face a list of responsibilities that urgently need to be taken care of. While it may not seem obvious at first, getting the best home insurance should be at the top of your to-do list. Protecting your home and private possessions from damage and theft isn’t an extravagance, it’s a necessity and shopping around for house insurance doesn’t have to be a painful chore. Dialdirect is here to help you through the process, making home & building insurance clear and simple, and giving you the peace of mind that comes with having your home insured against every eventuality. Discover all you need to know about home insurance from our comparison guide.

The benefits of household insurance

You never know what can happen in life and getting home and buildings insurance protects more than just the physical structure of your house from damage. It can also shelter you from unexpected hard times. Your policy can provide cover if you’re in a position where you can’t pay your home bond, for instance, or it can protect you from liability if there is an accident and someone is injured on your property. Home contents insurance secures your treasured personal belongings. Items like clothes, appliances and furniture will be repaired or replaced if they are damaged or are stolen, providing you with financial certainty.

Types of home insurance

Your house or apartment is likely the most valuable asset you own. It doesn’t only contain all your belongings but also represents your dreams, aspirations and memories. That’s why there are different types of household insurance, to ensure every aspect of your home is protected.

Home contents insurance

Possessions are precious to you, like the sofa you colour-matched with your favourite art print or the coffee machine you splurged on which makes a cappuccino just the way you like it. Imagine how terrible it would be if they were damaged or stolen? Home contents insurance pays for some or all the replacement costs in case there is ever a fire, explosion, power surge, geyser burst, theft or malicious damage. Household insurance can also cover bills from unforeseen accidents or personal liability claims.

Buildings insurance

Buildings insurance protects you from any damage that may be done to the physical structure of your house. If a strong storm causes damages to your roof, for instance, this is the insurance plan that will protect you. It can cover all exterior and physical constructions like the walls, roof, swimming pool and garage and is perfect for homeowners as well as investors who rent out a property.

Portable possessions insurance

Have you ever had your handbag stolen, dropped your phone or been the victim of a smash and grab? It’s always a shock to realise just how valuable the items you carry with you can be. From laptops to cellphones, cameras, watches and jewellery, what we carry with us can add up to quite a bit of money. Portable possession insurance offers protection from the loss, damage or theft of all the items you carry with you to get you through the day.

How to compare home insurance quotes?

The last thing you want to be is unprepared when something unexpected happens, so it is important to know how to compare different home insurance quotes so you can make an informed decision. Here’s how Dialdirect suggests you break it down:

1. Decide on the type of cover you need
First, decide how much of your home do you need to insure? If you are renting a property, you probably just need buildings insurance. But if you have valuable household items, getting home content insurance is a wise choice. It’s important to evaluate what you want insured to determine the best policy for you.

2. Decide on how much cover you need

Focus on what the policy covers and not just the price. The last thing you want is gaps in your cover when disaster hits. Read your policy carefully to understand what might or might not be covered in it. This will help you decide what you want insured and at what value.
3. Weigh deductibles (excess) and limits
A weigh deductible or excess is the amount of money you need to pay when you make a claim. For example, if you select a R5,000 deductible on your home content insurance you will have to pay that amount when you make a claim. Homeowners insurance policies also have a limit, which is the maximum amount it will payout for a covered loss. The limits you choose could affect the cost of your policy.

4. Compare replacement costs vs actual cash value

Replacement cost policies cover the actual cash value of your home and possessions without deducting depreciation. This means you are paid out what you originally paid for the item. The actual cash value will deduct depreciation. So, you are paid what the items are currently worth.

Tips to keep your home insurance premiums low

Dialdirect is here to help you get the best insurance protection from your home insurance policy while keeping those premiums realistically low. Here are just a few proven, cost-cutting tips:

Invest in security

A secure home can keep your premiums low. Putting up electrical fencing and cameras, having an alarm linked to a private security company and making sure there are functioning smoke alarms, will all make a difference to the price of your premiums.

Don’t duplicate cover

Go over all your policies to make sure you haven’t duplicated your cover. For instance, if your cellphone is covered in your portable possession’s insurance, you don’t need the same benefit in your car insurance.

Limit unnecessary claims

If you put in too many claims your insurance premiums are likely to go up because you are considered a higher risk. Rather put in an insurance claim when you suffer a substantial financial loss.

Combine policies

Many insurers will offer discounts for keeping multiple insurance policies* with them. This means it can be cheaper on your wallet to keep your entire insurance portfolio with one company.

Get an online home insurance quote with Dialdirect

Don’t be caught unaware. It’s time to cross home insurance off your to-do list and let Dialdirect help you through the process of insuring your most precious assets. As one of the leading insurers in the country Dialdirect can offer you a personalised home insurance quote, tailor-made to get you the best policy, at the right price for your budget.

Sources:
Reuters: The benefits of having one insurer to meet all your needs