How to Get Cheap Building Insurance in South Africa
“There’s never been an earthquake in these here parts,” you might say. So did the people of Atlantis. Removing cover you think is unlikely to matter can end up costing you more! Cutting insurance for your building is only a good idea if you can afford the loss in the event that such a peril takes place. Getting cheap insurance for your building is not just a matter of comparing products. There are some things you can do to make your home or structural insurance less of a grudge. Here’s how to get cheap building insurance.
Ways to Get Cheap Building Insurance
1. Annual Premiums
Some insurers charge an annual fee if you pay monthly premiums. This means you’re paying more than your debit order for insurance. Ask your insurer if they have an annual premium option. An annual premium often amounts to less than 12 months of debit orders combined. It also guarantees that your premiums won’t go up for at least a year.
2. Proper Maintenance
Preventing claims is a great a way to get cheap buildings insurance for your home or company. This is because insurers sometimes give cash back to clients with no claims. If you do proper routine maintenance to prevent damage from taking place, you can get rewarded. You can also reduce your risks by installing security to prevent burglars and vandals from damaging the building.
3. Combine Policies
If you can, combine your buildings, contents, and car insurance policies under one portfolio through one insurer. Insurance companies will give you a discount if you move your insurance over to them. If they don’t volunteer this discount, ask for it. Otherwise all you’re doing is paying an extra admin fee.
4. Increase the Excess
Not a good idea if you can’t afford it, but increasing your excess lowers your premiums. If you can afford to pay more by way of excess, then do so. You may save in long run, as premiums add up quickly.
5. Compare Products
We would say that. While insurance.co.za is an online insurance quote aggregator, our aim is not to make you move to different insurers. We simply allow you to compare your insurance premiums with other options to see if it’s market-related. If it’s not, you don’t have to move over to one that is, but take your new offer to your current insurer and ask them to beat it. If they can’t, then you move.
The South Africa insurance market is competitive enough for comparisons to yield significant monthly savings that accumulate into even larger annual savings. You can do this while you wait for that earthquake.
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