3 Critical Short-Term Insurance Options for You as Homeowner
Short-term insurance provides financial protection against loss as the result of damage, theft, and in some instances, natural disasters. In return for a small monthly premium, the value of the item, property or potential damage related to personal liability, is covered.
The cover forms a critical part of long-term financial wealth protection. If you want to apply for a home loan, then you must take out homeowner cover to protect against damage that can reduce the property’s value or even destroy it.
In addition to homeowner cover, you need personal liability and household cover. It may seem unnecessary at the time, but any losses related to your property, loss of household items, and loss of life because of structural issues with the property can leave you financially ruined. To protect against these and related risks, it’s vital to take out affordable, but reliable short-term insurance.
Types of short-term insurance
Let’s take a closer look at the cover each offers, also giving you an indication of why it’s essential to work through Efficient Wealth in managing the cover portfolio.
Homeowner or property cover
Property cover protects against loss of property and damage to the property related to fire, electrical faults, plumbing problems, theft, a natural disaster, vandalism, hail, flooding, riots and more – depending on the cover specifications of the particular policy. It’s essential for anyone who owns property and/or has a home loan.
With this type of insurance, the property structure is covered. For instance, if a geyser bursts and the carpets are ruined in the process, then the cover, pays out to help cover the cost of repairs and replacement of assets damaged as the result of the geyser burst.
Personal liability cover
More and often than not, personal liability cover is taken out along with the homeowner cover. This provides protection against loss, damage and financial loss experienced by another person as the result of something you have done, failed to do or have been negligent in doing. In addition, it covers you for injury or damage sustained by the party through an act out of your control.
An example is where you rent out a home, and due to an electric fault, the tenant is injured. The cover pays for the medical costs, etc. In this regard, should the tenant take legal action against you to cover their medical costs, then your insurer will handle the payout and your financial wealth will be protected.
This is cover for the items in your household, which include personal to home-office items. It doesn’t cover the property structure, only the household items. It’s essential for protection against loss due to theft, fire or structural damage to the property, etc.
These are only three of the essential short-term cover policies for the property owner. We help you choose from several covers to meet your exact financial protection needs, including car, personal lines, and all risk covers.
Why use our services?
We’ve partnered with Efficient Insure to provide a comprehensive analysis of your risk coverage needs with alignment of your long-term financial planning goals. In addition, we offer a comparative analysis of the available short-term insurance solutions, helping to get you the best covers at the most affordable premiums. This is done through our state-of-the-art online platform, where you can assess your particular cover needs and make an informed decision regarding the kind and level of cover you need.
Reach out for expert help from one of a financial advisor to protect your financial wealth against risks through effective short-term insurance.