Category Archives: Technical Insurance Content

Should You Buy Insurance on Golf Clubs? How to Get Protection for All of Your Valuables

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Keep your valuables safe.

Investing in personal insurance for all of your valuables is quite important today. When you own an item that is of a high value, having the right type and amount of insurance protection can help you to recoup from any loss suffered. For some people, golf clubs are one of those high priced items that should carry high-quality insurance. Do you need a special insurance policy for it? Before making that decision, there are a few key things to keep in mind.

Does Your Homeowner’s Insurance Cover Your Golf Clubs?

A homeowner’s insurance plan is one of the most important investments for you as a property owner. This type of insurance generally provides protection for the actual structure of your home from risks such as fire, theft, and vandalism. In addition to this, it can provide some protection for your contents. Household contents insurance, often a separate policy, adds more protection, though. This type of insurance policy helps to protect the items within the home, such as your high value items. If there is an incident (such as fire, theft, or vandalism) that your insurance policy covers, it will provide you with payment for those items for replacement of them or up to their current value if they are lost.

Is That Enough Protection?

In some situations, individuals have items that are of a very high value. For example, you may have a piece of art or a high value piece of jewelry. These items’ high value means they may be worth more than the amount of your contents insurance. Most of these policies have an upper limit. That means the policy will only provide coverage up to a certain point. If anything you own is a high value item, where the value may push beyond your contents coverage limit, it may be best to secure a secondary insurance policy for that item.

To determine if you should have a separate amount of personal property insurance for any item, consider its value. If that item was lost, how much would you expect the insurance provider to pay you? If that value is over or approaching the claim limit on your property insurance, it may be best to purchase additional coverage to protect that value. This may apply to your golf clubs, if they are very high valued items or hard to replace items.

Keep in mind that if you do have high value items like this, even if they will not push over the coverage limit of your policy, you should inform your insurance carrier of these items before you actually obtain the policy. In some cases, they will need documentation of the value of the items, such as the golf clubs, as well as your ownership of the items. Keep your most prized possessions safe with property insurance.

How Much Excess is the Right Amount?

When you’re shopping for car insurance, an important term you’ll find is “excess”. An excess is a type of contribution that you, (the driver), are required to pay towards a claim before the insurance company pays the remainder. Insurers may have various types of excesses. What applies in your case depends on the individual situation. When you are shopping for a car insurance plan, it’s important to choose an excess wisely.

Many insurers will allow you to select the level of excess you require. Thus by choosing a lower excess, you will have less to pay out of pocket in case of a claim, but your premiums will be higher, and if you choose a higher excess, your premiums will be lower, but you will be liable for more to pay out of pocket in case of a claim. For most people, this is the best way to control your premiums. That being said, however, there are some concerns to keep in mind. You should never select an excess that is too high. In case of an accident, when you need to make a claim on your policy, you will need to pay a higher amount out of pocket. There is a real risk of keeping your excess too high to achieve a greater of savings, but then struggling with the payment at the time of a claim.

Diversity Casual People Insurance Policy Benefits Help Concept

An excess works by shifting some of the loss risk from the insurer to you, the driver. The amount of the excess is how much you will have to pay out of pocket before your insurance company does. As a result, insurance companies can reduce your premiums.

What Types of Excess Are There?

The type of excess you are liable to pay are specifically listed on your policy. Consider these types of excess:

Basic Excess: This applies to all claims. No matter the type of claim, you will pay the standard excess.
Age Excess: This generally applies in situations where the driver is under 25 at the time of making the claim. It may apply in other situations as well.
Age and Unlisted Driver Excess: When the driver involved in the incident is not listed on the policy directly, such as a casual driver, but is under the age of 25, this excess applies if it is included on the policy.
Age and Inexperienced Driver Excess: If the individual is over 25, but he or she does not have at least two years of driving experience, this type of excess applies if it is listed on your policy.
Additional Excess: In some cases, the insurance company may require a special or additional excess. This may be due to the vehicle or other circumstances related to previous claims.
In many situations, you do not have to pay the listed excess. This does not apply in situations where you are not liable in the accident. In that case, the driver at fault pays the losses. Carefully consider how much you can pay when selecting an excess limit. When choosing insurance, this directly impacts your costs.

What Does Household Contents Insurance Include?

To follow up on our previous post on Home and household contents insurance cover, this week we will get more in-depth on what items are covered under household contents insurance.

An image of home insurance icons
Household Contents Insurance

Your home is one of the most valuable assets you have, if not the most valuable. You may have home insurance that provides protection to the structure itself. This is a necessary type of cover because it can protect you from financial loss associated with fire or damage to the building itself. However, if a fire should occur, the structure is not the only thing at risk. Many times, people lose valuable assets within their home as well. Household contents insurance provides that level of protection.

What Will This Insurance Cover?

Household contents insurance provides cover for a variety of personal items in your home at the time of a covered incident. These contents and personal effects may include items such as the following:

  • Items that you own
  • Items you are responsible for at the time the dwelling suffers a covered peril
  • Clothing
  • Household appliances and goods
  • Furnishings for your home

 

If you have items that are very valuable, you will need to report these items to the insurance carrier before such an incident occurs. By providing documentation for items like this, you are more likely to receive reimbursement for those items if an incident occurs. Examples of this may include high-value jewelry, art, collectibles, coins, or other items with a very high value. In some situations, you will benefit from increasing the amount of your coverage to ensure it is high enough to cover the value of these high-end items. Simply inform your insurance carrier about your specific valuable items and their estimated or appraised value.

What Type of Perils Does Household Contents Insurance Protect Against?

Household contents insurance protects against the same types of perils home insurance covers. This will vary from one policy to the next. The most common types of perils include fire and theft. Lightning, storm damage, and flood damage are also often covered. If you are unsure of a type of risks covered, talk to your agent about any limitations.

How to Keep Contents Safe

While your household contents insurance is an important part of protecting your home, it is also important to take steps to keep your home safe and secure.

  • Be sure to install home security systems on your home whenever possible. These will help deter thieves from trying to break into your home.
  • Install bars along your windows to keep people out. Be sure to keep windows and doors locked at all times to ensure you remain safe. Theft is a big concern in Botswana.
  • Consider investing in security boxes and safes to help protect very high-value items. Place jewelry and coins, for example, in this type of storage.

Home contents insurance can protect your belongings from many of the biggest risks. It can help to protect your contents from risks you cannot control such as oil leakage and water damage. It could help cover risks such as malicious damage or theft. You take every step possible to keep your home and family safe. However, when something does happen, you will appreciate having home insurance and contents cover to rely on to help you avoid the financial loss.

What Does Comprehensive Motor Insurance Include?

Learn more about comprehensive motor insurance. Learn how to protect your vehicle from loss and safeguard your investment.  

Comprehensive motor insurance is one of the most important investments you can make in your vehicle. Does it include everything you need? Finding affordable comprehensive car insurance is not hard to do. However, it is important to look through your policy thoroughly to determine which plan is right for you as well as what additional types and levels of coverage may also be valuable.

Sport car
Comprehensive Insurance Cover offers the highest amount of protection

Purchase Top Quality Motor Insurance

Your vehicle is a large investment. Every day, this asset is at risk for something to happen to it. You may think the real risk is on the road, where other drivers are your biggest threat, but that is not always the case. Your vehicle insurance needs to protect against as many as is possible.

Most comprehensive motor insurance policies provide coverage like:

  • Accidental damage
  • Collision or crash (protects against the damage to your vehicle and property, not only to other drivers)
  • Fire (damage to your vehicle)
  • Flooding (damage to your vehicle only)
  • Earthquakes
  • Storms
  • Theft or attempted theft that damages your vehicle
  • Explosion

Automatic coverage for modifications, options and accessories may also be available with your plan.

Third party liability insurance is often a part of comprehensive insurance plans. This type of cover protects you financially if you are found to be at fault for the loss of another person’s physical being or property. It does not protect your property, but rather keeps other drivers safe while you are on the road. The standard limit in Botswana on third party liability is P2,500,000. Additional cover amounts may be available.

What Else Does It Offer?

In addition to providing basic coverage, many comprehensive plans offer additional options that address specific needs. For example, you can add coverage such as a hired car if your vehicle is damaged and needs repair. Other options include excess-fire windscreen, glass cover, and sunroof cover. Some provide towing, tools of the trade, and additional liability coverage above the basic plan limit. Third party liability is ideal. Without this type of cover, if you were in an accident and were found to be at fault for that accident, you would have to pay for the losses of another party including medical bills and property damage.

Most car owners don’t want to think about anything bad happening to their vehicle. But if your car was lost due to damage from a weather event, could you get to and from work? Could you continue to make payments on the car if you owe on it still?

Making sure your car has comprehensive auto insurance coverage delivers peace of mind. You’ll know that if something where to happen, your insurance company will help you to cover the costs and get your vehicle back on the road again.

Do you have the best motor insurance? Request a quote for car insurance today and learn more about just how affordable this type of insurance can be.

What Does the Term Excess Mean in an Insurance Policy?

Learn what excess is on a car insurance policy, the types available, and what it means for lowering your premium.

Whether shopping for car insurance or examining your existing policy, a key term you’ll find in it is excess. An excess is a type of contribution that you, as a driver, are required to pay towards a claim on your policy. Insurance companies may have various types of excesses. What applies in your case depends on the unique situation. When selecting a car insurance plan, it’s important to select an excess properly. It can, in fact, help lower your premium costs when you select wisely.

Insurance Signpost Meaning Claim Excess Contract And Policy
Insurance Signpost Meaning Claim Excess Contract And Policy

What to Look for in Car Insurance Policies

Most car insurance companies allow you to select the level of excess for your needs. This allows you to reduce the premium you pay (the higher you select, the less you’ll pay in excess). For most people, this is the best way to reduce your insurance rate. However, there are a few concerns to keep in mind. First, you should never select an excess that is too high for you to pay immediately. When you need to make a claim on your policy, you will need to pay more first. Many people are at risk of increasing their excess too high to achieve a higher level of savings, and then struggling with the payment at the time of a claim.

An excess helps to shift some of the risk of loss from the insurance company to you. An excess requires you to pay out of pocket before your insurance company does. As a direct result, insurance companies can reduce your rates.

What Types of Excess Are There?

The type of excess you are liable to pay are specifically listed on your policy. Consider these types of excess:

  • Basic Excess: This applies to all claims. No matter the type of claim, you will pay the standard excess.
  • Age Excess: This generally applies in situations where the driver is under 25 at the time of making the claim. It may apply in other situations as well.
  • Age and Unlisted Driver Excess: When the driver involved in the incident is not listed on the policy directly, but is under the age of 25, this excess applies if it is included on the policy.
  • Age and Inexperienced Driver Excess: If the individual is over 25, but he or she does not have at least two years of driving experience, this type of excess applies if it is listed on your policy.
  • Additional Excess: In some cases, the insurance company may require a special or additional excess. This may be due to the vehicle or other circumstances related to previous claims.

In many situations, you do not have to pay the listed excess. This does not apply in situations where you are not liable in the accident. In that case, the driver at fault pays the losses. Carefully consider how much you can pay when selecting an excess limit. When choosing insurance, this directly impacts your costs.