The cost of living is climbing in South Africa. And as many consumers scrutinise their budgets to find extra ways and means of saving, very few consider checking whether they can in fact qualify for more affordable insurance cover.

And while cheaper insurance options could save you some cash in the short-term, the key thing to note when evaluating your premiums is that you are adequately covered. Being under-insured is a nightmare no homeowner wants to find themselves in. 

It is possible to get affordable cover, without compromising on quality. 

Check in regularly on your insurance cover

It’s very important to do a regular run-through of your lifestyle, profile and assets as these are the factors that determine how much you are charged every month.

Things change all the time – for example, you may have installed extra security measures around your home and not told your insurer, changed jobs, gotten married or had a child move to university. Simply by updating your profile, you may find that your premium decreases or that your risk profile has changed, advises Santam’s underwriting team.

Try this handy home contents calculator tool to help you make an inventory of all the structures on your property.

Here are some savings tips to ensure you enjoy affordable house insurance and building insurance.

More affordable home insurance

• Beefed up security: Additional measures such as burglar bars and an alarm system or living in a security complex all add up. These things could lower your premium considerably.
• Do a home inventory: The insured amount of your house contents should represent the new replacement value. If overly inflated, it would mean a higher premium - without any benefit at claims stage. Rather do it accurately: item by item, room by room, instead of guessing an amount.
• Higher excess always equals a lower premium: This is another way to save if you can put some money away in the event of a claim
• Ensure that the address and the construction of the roof and walls are correctly noted on the policy as it is used as rating factors.

Get a quote on combining your building and home contents insurance and save. 

Budget building insurance cover

• Total value insured amount: Be sure to establish the current building replacement cost of all the structures on the premises to see if you might be over-insured and paying higher premiums than necessary.
• Note the address and construction of the roof and walls on the policy - these are used as risk rating factors.
• Choosing to pay a higher excess in the event of a claim would result in a lower premium.

Key things to note if you decide to switch insurers: 

According to Santam’s underwriting team, it is advisable that you shop around for an offer that suits your needs and your pocket best.

"Get various quotes and find an insurance option that works for your needs and your budget".

"Also ensure that your policy cover and terms and conditions of your new insurer is similar or better than your previous insurer. For extra peace of mind, ensure that your new cover is in place and active before you cancel your old insurance. 

If you have any questions about building insurance, contact us. Remember: if you’re an existing Santam client, you can add new items and make changes to your cover on the Santam client app."