13 Apr Premium relief during lockdown
Many of us are financially impacted by the lockdown and are looking at ways to reduce monthly expenditure before things return to some normality. Your personal insurance premium is one area, where cost savings can be achieved which we identify in this article.
Homeowners (building) insurance , household contents and all risks covers the following:
- Homeowners insurance covers the cost of repairing damage to the structure of your property. Garages fences and outbuildings are also covered including fixtures & fitting such as geysers.
- Household contents insurance relates to movable possessions such as furniture and electrical appliances. This covers contingencies, including but not always limited to, theft, acts of nature (such as lightning, storm, flood or snow), fire and power surge.
- All risk insurance relates to loss or damage to portable possessions which usually leave your home such as cellphones, golf equipment and jewellery.
We suggest that you assess your need for specific types of cover during the lockdown period where the risk of loss is significantly lowered. We are able to proactively amend the basis of your cover accordingly to reduce your overall premium spend, from the inception of the lockdown.
The most obvious reduction in risk will fall under the all risks section of the policy as we are able to exclude cover for items which would normally leave your premises. Consider that jewellery, cellphones and other portable items will not be removed from your home and therefore would fall within your householders sums insured.
Clients residing in high security complexes and retirement villages can also consider excluding theft cover under the householders section, as their properties will be permanently occupied. Significant discounts in premium can be achieved by amending the basis of cover to fire and allied perils (storm, water etc. only).
In addition you have the option to increase your excess over the lockdown period which will further reduce your premium.