Siyakha Masiye | Spokesperson | MiWay Insurance | mail me |
Choosing to relocate to a new property or premises is an exciting opportunity. This often involves fresh experiences and exposure to new markets. It also allows you to embrace positive change.
Some property seekers focus on finding cheaper options to counter rising living costs. However, proper insurance coverage should remain a priority.
Insurers assess properties based on their surroundings, condition and safety features, among other factors. Moving to a cheaper area with higher crime rates may not reduce costs. From an insurance perspective, this might not ultimately save money.
Different areas attract varying levels of risk. Investigating likely insurance charges in your chosen area is advisable. This helps you assess your overall budget, including moving costs.
If purchasing a property, insurance is essential, especially for bonded homes. It provides peace of mind in a tough economy marked by rising crime. Disasters like fires or floods can result in significant repair or rebuilding expenses.
If you’re moving to rent, location impacts insurance for contents or All Risk accessories. Additionally, your vehicle’s insurance may be affected by the move.
Insurance coverage – open fields and informal settlements
If the property you plan to move into is near an unsecured open field, premiums may be higher. Open fields increase accessibility for criminals, raising the property’s risk profile.
Properties bordering open fields face even higher risks due to wall jumpers. Proximity to informal settlements also heightens risk.
Choosing to live near bustling nightlife hotspots can impact your insurance premium significantly. Parking your car on busy or empty streets at night increases risk, affecting your premium.
This applies to both residential and commercial properties with similar parking scenarios. Higher security during the day and night reduces premiums.
Location and then some
While location is important, property features also influence insurance costs relative to the property’s area.
A locking garage instead of off-street parking often lowers car insurance costs. Similarly, alarms linked to armed response reduce premiums. Security features like burglar bars and locking gates also help, but they must be used effectively.
Forgetting to lock gates or activate alarms will not support your insurance claims. Proper use of security measures is crucial.
Living in a security estate is generally safer than a freestanding property, but it may not significantly reduce premiums. Anti-crime measures must still be observed in estates.
If insured as living or working in an estate, ensure security is maintained. Avoid negligence, even if the property feels safer.
Consider fire safety features like smoke alarms and backup batteries for garages or alarm systems. Limit unnecessary access to your property.
In estates, park in the garage rather than outside for added security. For freestanding properties, building higher walls enhances safety.
Ultimately, safer areas and well-secured properties improve personal safety and lower insurance premiums over time.
