Wynand van Vuuren, client experience partner at King Price Insurance, says that your risks change when you rent out a living space for income. “Your personal buildings and home contents insurance covers loss, damage and liability, but the addition of paying guests brings additional risks and your insurer may reject claims if you don’t have the correct cover in place.”

Karen Rimmer, Head of Distribution at PSG Insure, reminds homeowners and business owners that this time of year brings unique risks. To avoid unforeseen losses, she advises a thorough review of short-term insurance policies to ensure valuable assets are well-protected.

Reinstating mandatory third-party motor insurance is crucial in South Africa, given the high prevalence of road accidents on our roads. The consequences of a car accident can be financially devastating for victims, particularly when the motorist faces exorbitant repairs or replacement costs.

Tarina Vlok, Managing Director at Elite Risk Acceptances, offers insights on how musicians and collectors can protect and safeguard their high-value instruments against unforeseen loss. The story features South African violinist Petrus De Beer, who recently reunited with his 1896 Léon Fischesser violin, valued at €17,000 (approximately R325,000), which unfortunately was not insured at the time of its loss.

South Africans should pay careful attention to weather warnings, consult weather services before travel, and ensure that their assets are always correctly maintained to provide better protection in cases of extreme weather.

As we approach World Savings Day on 31 October, it's an opportune time to reflect on the pillars of financial security. While saving is a fundamental aspect of financial planning, short-term insurance often stands as the unsung hero that underpins true financial stability.