Home-break in! What now?

The initial shock that comes with having your privacy breached and possessions stolen can send you into a state of panic. You vaguely remember your insurance number, but if this has never happened to you before, you might be completely stumped as to what to do next.

According to Wynand van Vuuren, spokesperson of King Price insurance, here’s what you should do:

•Make sure that everyone is safe (avoid entering the house if you notice anything abnormal).

•Immediately sound the alarm and inform your security company.

•Inform the police as soon as possible.

•Take all necessary measures to avoid any further loss – change all locks and cover all points of entry.

•Do a proper assessment of loss and compile a list of lost items; both for the police report, and to submit to your insurer.

Until this has happened to you, you may be wondering whether that monthly home insurance premium is worth the spend. But what are the benefits of having home insurance in such an instance? Van Vuuren elaborated:

Assurance: It ensures that you do not experience out-of-pocket expenses or excessive loss to keep your budget within green bounds.

Financial back-up: It assists in avoiding running into financial ruin or losing everything when things go bump in the night.

If you are patting yourself on the back because you already have insurance, be careful that you are not under-insured.This often stems from failing to value your household items correctly when taking out home content insurance.

Often insurers may pay out the items at their current replacement value. For example, “the leather lounge suite that cost you R12,000 on sale 4 years ago, would probably cost you a great deal more to replace, now. The ‘great deal more’ value is the 1 that we need to know upfront, because that's what we base your premium on. If we paid a claim for this furniture based on R12,000, it would leave you at least a sofa short,” van Vuuren explained.

It is therefore vital to ensure you include all your possessions in your policy and create an inventory list to ensure that everything is included to the value of its replacement and not its purchasing price, Van Vuuren said.

Not sure how much home contents cover you need? Ask your insurance provider about how you should be valuing your items.

Tip: To apply for home insurance through Justmoney today, click here.