When it comes to Insuring ones building many people make the mistake of insuring the building for the current market value as opposed to the current replacement value. Also, it needs to be noted that the replacement value must make provision for debris removal, demolition costs and professional fees.

Similarly, the replacement value also needs to take into account outbuildings, paving, garages, swimming pools, Boundary wall or fences together with fitted items such as carpets, laminated flooring, aircons and built in cupboards.

The level of finishes applicable to one’s home also must be taken into account. For example, Cesar stone kitchen tops are more costly to replace than wooden kitchen tops. Therefore, the replacement value needs to be adjusted accordingly. As a result, it is advisable that a professional valuation be done to ensure that one’s building is adequately insured. In fact, some insurers that we deal with offer a free valuation service.

Some important extensions of cover that one needs to ensure are included in your building insurance policy are as follows:

• Accidental damage to fixed machinery. Such extension will compensate you for accidental breakage loss of or damage to fixed machinery such as swimming pool pumps, aircons, gate motors, garage door motors etc.
• Alternate accommodation or rent
• Subsidence and landslip
• Power Surge
• Escalation
• Inflation

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