Homeowners insurance relates to the structure of your property. It covers you for water damage, fire and any other unexpected damage to
the structure of your home.
When a bank grants you a home loan, it will insist that you take out homeowners insurance since the bank needs to make sure it can
recover its loan if the property should be damaged or destroyed.
Since the bank will insist on using their agents, it is best to shop around for homeowners insurance before your loan is approved.
Using the bank's agents could cost you more at the end of the day. If you own a home/flat or apartment in a sectional title property, you
are usually covered for homeowner's insurance, and the premiums are included in your monthly levy.
Crime, weather damage and freak accidents all do occur, and the question then becomes, when you think of all the 'what ifs' and 'maybes'
that could possibly come true, is can you really afford to be without home insurance?
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