As a first-time homeowner, the process of purchasing your first house can be intimidating due to the amount of information and processes you must become acquainted with.
“A new house brings with it a wealth of additional responsibilities, including practical matters such as maintenance and homeowner’s insurance,” says Bernard Cowley, Real Estate Sales Agent at Fitzanne Estates. “It is pointless to make this type of investment without first knowing the cost of home insurance. You need to ensure that you have the correct form of cover in case of emergency.”
We’ve compiled a list of essential home insurance guidelines to assist you in selecting the proper cover. Discuss these options and other questions you might have with your Real Estate Sales Agent during the purchase process.
Understand the home insurance policy you’re taking out
There are various sorts of home insurance policies, and they will vary slightly because they are usually customised to each policyholder. As a result, it is critical that you understand what is covered before taking out homeowner’s insurance.
“If you already have household insurance but are unsure what it covers, the Fitzanne Estates Real Estate Sales Agents strongly recommend that you contact your insurer to clarify the specifics,” says Cowley.
Home contents insurance vs buildings insurance
A Real Estate Sales Agent will explain that homeowner’s insurance is divided into two plans: interior, often known as house contents insurance, and exterior, also known as buildings insurance.
“Home contents insurance protects you for the goods for which you have got a quote and which you have designated as valuables,” explains Cowley. “Any objects with a realistic and verified worth can be recorded in your insurance policy, which could include furniture, electronics, clothing, or kitchen appliances.”
“Buildings insurance protects the actual structure of the building from damage caused by things like bad weather or accidents,” Cowley elaborates. “This comprises the windows, doors, walls, and roof that are all part of the construction of your home, as well as your garage and any outlying buildings on your land.”
Building plans and documentation will come in handy for quotation purposes so we recommend you keep these on hand.
Improve your home security
Before raising household insurance prices, insurance firms frequently conduct risk-based assessments based on crime statistics. “You can mitigate these increases by improving your home security. Consider installing surveillance cameras, electrified fencing, or the most up-to-date burglar alarm system. You could even hire a private security company to protect you,” advises Cowley.
Review your policy regularly
Have you done any modifications to your home? Perhaps you’ve remodelled the kitchen or installed a bathroom? If you’ve made any improvements to your home, you’ll need to increase your coverage to avoid being underinsured. The Fitzanne Estates Real Estate Sales Agents always advise you to contact your insurer and keep them up to date on these events so that they can properly re-evaluate your insurance.
Be smart – keep records
“Keep track of everything,” says Cowley. “It’s the prudent thing to do. This will come in handy if you ever need to file an insurance claim. Keep track of your quotations, receipts, and contracts. We recommend taking an inventory of all the valuables in your home and keeping it up to date on a regular basis. If you don’t like a lot of paperwork, you can even use apps to digitally record these.”
Real Estate Sales Agent in Gauteng
Fitzanne Estates is a qualified real estate agency that specializes in buying and selling property in Gauteng. As a leading managing agent for sectional title schemes, we are contracted to sell homes in existing or new developments, or by individual homeowners.
Whether looking to buy your next home, or seeking an investment opportunity, allow our expertise to become yours and obtain the very best for your investment.
If you are a property investor or looking to buy, the Fitzanne Estates Real Estate Sales Agents will place you at the forefront of new development launches, insider property news and excellent investment opportunities.
More about Fitzanne Estates
Fitzanne Estates (Pty) Ltd is a Property Management Company that can sufficiently administer your property investment to the benefit of the Landlord, the Body Corporate, and the NPC – Non-Profit Company. Services include Letting, Sectional Title Management, Full Title Management (NPC – Non-Profit Company) and Sales.
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