Homeowners must ensure they have a right cover in place to protect their belongings

Amidst the increasing tide of house robberies and burglaries sweeping across the country, reviewing and updating your household content insurance has become an absolute necessity for all households. The latest Statistic SA Governance, Public Safety and Justice Survey 2023/2024 paints a grim picture, revealing housebreaking and burglary as the most frequently reported crimes plaguing South African households.

The survey's findings show an alarming increase in both burglaries and robberies, with a 4.6% and 7.2% rise respectively from 2022/23 to 2023/24. Even more concerning is the steady upward trajectory of households falling victim to these crimes since 2021/22. The pervasive nature of the risk is highlighted by the fact that home robbery was the second most common crime experienced by households in the five years preceding the survey.

In light of these distressing statistics, Sharon Paterson, CEO of Infiniti Insurance stresses the importance of having household content cover to safeguard against the financial fallout of burglary or house robbery. "This cover acts as a safety net, protecting you against damages or losses to the contents of your residence. Essentially, everything you'd take with you when moving to a new home is covered by the household content policy," Paterson explains.

She advises clients to review and update their policy annually or whenever they buy new and valuable items like furniture or appliances. "The clients must also ensure that their contents are insured for their correct value. Your content should be covered for the estimated replacement cost, which is the cost of buying a similar new item. However, it's important to note that most insurance policies will only pay the replacement cost in proportion to the insured amount,” she adds.

Paterson says clients must note that the cost of household content insurance is influenced by a myriad of factors, including location-specific elements like natural disasters, crime rates, and claims volume. “The size of your home and the desired level of coverage also play a significant role in determining the final cost. The value of your belongings is another key factor affecting premiums. For particularly valuable items, insurers may require them to be specified on the policy and may request a valuation certificate to ascertain their worth.”

She says implementing safety measures to mitigate the risk of loss can be an effective way to reduce home insurance premiums. Many insurers offer discounts for installing monitored burglar alarm systems, fire alarms or smoke detectors. Bundling home and auto insurance with the same provider can also lead to substantial savings.

Paterson emphasises the importance of thoroughly reading and understanding your insurance policy. "Your insurance policy is the blueprint that outlines what is and isn't covered in the event of a burglary or theft. Familiarize yourself with its terms to avoid any unpleasant surprises."

What you need to know about Home Content Insurance

• Underinsurance: This occurs when your contents are insured for less than their replacement value. In the event of a claim, you'll only receive a payout proportionate to the insured amount, leaving you to cover the shortfall.
• High-Risk Items: Certain items, such as jewellery, art, and electronics, may require additional coverage or may be subject to specific limits within your policy.
• Compare Quotes: Don't accept for the first quote you receive. Shop around and compare quotes from multiple insurers to find the best cover that you can afford.
• Policy Wording: Read the policy wording to understand the coverage, exclusions, and limitations.
• Consult Broker: Don't hesitate to ask your insurer or broker any questions you may have about the policy.

By taking these factors into account and following these tips, you can ensure that you have the right home content insurance to protect your belongings and give you peace of mind.