Personal & Business Insurance
Short term insurance may be an expensive part of a monthly budget, but it provides peace of mind in case of catastrophic events such as fire or storm damage. The theft of a motor vehicle or burglary may result in the loss of valuable personal items. Short term insurance is also essential to avoid liability when it comes to legal battles either in a personal capacity or by a third party or a member of the public.
It is very important that your broker ensure that you are not over or under insured by regularly adjusting the values of your property.
People may see short term insurance as something they can do without. Every month you have to pay an amount of money to an insurer without necessarily reaping any benefit from it for months or even years. This begs the question whether this money could not have been invested more lucratively elsewhere.
See it this way: should you not have the necessary insurance cover and some catastrophe, like a burglary or a motor accident, should hit you, you will have to pay for your damages or loss out of your pocket. Considering the exorbitant prices to replace valuable items nowadays, imagine what effect this may have on your overall finances when you have to fork out thousands of rands. You may, for instance, have to save up for decades to replace your household content should your house catch fire and burn down. So, when it
comes to short term insurance, very few people can nowadays afford to be without it.
When you decide to insure your assets, it makes sense to insure those items first that will cost you most to replace. That which you can easily replace or can do without need not be covered, or at least not fully insured.
Start off with your motor vehicle. Very few people boast enough money to replace it if it is stolen or written off in a collision. It is even worse if there is still an amount outstanding on h.p. or lease on a vehicle you no longer have. Repairs can cost you an arm and a leg, and if you were the cause of the collision the other party will most probably have driven the most expensive car on the market.
The next on the priority list should be your house and the content thereof. To replace t.v.’s, cameras and other equipment after a burglary can be quite an expensive excursion.
Lastly, you may want to consider including those ‘extras’, like expensive sunglasses, computers and specific jewellery in your cover.
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