When Doryce Sher’s car was burned out during the Silvermine fire on 27 April (read the full story here), she was grateful that she would be paid out for the value of the vehicle under her insurance policy.
The Cape Jewish Chronicle spoke to Jeff Singer, an Account Executive at RBS Insurance Brokers, about what people should know in terms of insurance cover relating to damage from a fire.
Jeff points out that Cape Town has had numerous fires and that the frequency of bad fires is a concern. At this stage, however, policyholders are not being charged higher rates for cover against fire than elsewhere in South Africa.
Jeff shares these tips
Your home
Fire is automatically covered in terms of the Houseowners (building) section and Householders (contents) section of the policy. So, if the building is damaged or destroyed, you should be able to recover the value it was insured for.
In the event that you cannot live in your house following a fire, most Insurers will include paying for alternate accommodation. The amount and time period vary from Insurer to Insurer. You should check that this is included in
your policy.
It is important to note that, if there is a bond on the property, the insurer will pay the bondholder (in other words, the bank or finance institution) the outstanding amount owing on the bond, and the balance will be paid to the policyholder. You might have a policy covering the outstanding bond amount but you should remember this is a life policy and will only pay out on the death of the policyholder – not in the case of damage from a fire.
Solar power systems
If you have had an inverter or solar panels installed make sure you get a Certificate of Compliance from the installer and forward this to your Broker or Insurance Company to ensure that these assets are covered under your insurance policy. If there is no Certificate of Compliance in place and there is a fire, the insurer may repudiate a claim under the policy.
Your motor vehicle
Your insurance policy will cover you against fire damage to a motor vehicle if the vehicle is insured. You should check that Car Hire is included. This normally gives you 30 days cover for an alternate vehicle following an accident, theft or the total loss of your vehicle. ●
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