Damage to homes, property, vehicles and the loss of revenue from damaged agricultural crops caused by recent floods is expected to run into millions of rand and has already affected many insured South Africans, says short-term insurer Santam.
Santam, which has the largest portfolio of personal, commercial and agricultural insurance clients in South Africa, expects that claims from damage will continue to increase as the country, and in fact the world, experiences among the worst rainfalls recorded in years.
“Climatologists and meteorologists expect wet weather to continue well into March and even April,” says Shehnaz Somers, head of personal lines underwriting at Santam. “This is a cause for concern, especially for those that have not insured their property or vehicles, or those who have under-insured their valuables to save on insurance premiums. The danger of under-insuring your property and vehicle is that the payout, when claiming, can be less than the replacement value.”
“We urge South African’s to speak to their broker or insurer, to ensure that the amounts insured are correct.”
According to Santam, only 35% of South African drivers insure their vehicles, which is an alarmingly low number.
“Suffering flood damage to a home or vehicle, and not having insurance to cover your loss could very well cripple a family financially. Loss relating to flood damage is covered as part of most comprehensive cover policies, and although claims are assessed on the exact circumstances under which they have occurred, the potential outcome of such a loss is always easier to deal with when you know that your insurer will cover your loss,” says Somers. – I-Net Bridge
Also view:
Does car insurance cover flood damage?
What is Household insurance and does it cover water and flood damage?
What are the costs of flooding in Australia to the Insurance industry?
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