Use this tick list when organising and finalising the insurance of your home:
- The immovable structure including the private residence and domestic outbuildings (including all fixtures, fittings and improvements) should be covered.
- House owners’ claims must be based on new for old.
- In the case of a total loss, you should have increased your sum insured annually to take in consideration the annual increase of building cost and the fact that one replaces new for old.
- If you are not correctly insured, you will be under-insured and only a portion of each and every claim will be paid out. To avoid under-insurance is your responsibility.
- Your DSTV dish should be covered under this policy.
- Flood damage to the building should be covered.
- For an extra premium, you can insure you property against subsidence or landslip.
- Check whether your policy will compensate you for loss of rent, or rent for which you are liable.
- Some policies will pay for reasonable fire brigade charges.
- Your sum insured should include the path and driveways.
- Above the value of the buildings, the sum insured should include the cost of demolition and removing of debris. For example, to hire a bulldozer for demolition and removal will cost you in the region of N$400 an hour and you might need it for three days!
- The sum insured should include professional fees. Professional fees include architects fees, quantity surveyor fees, consulting engineers’ fees and local authorities’ scrutiny fees.