Buying items of value is what we do. After all, we all want to look good, have the latest gadgets and drive a newer car. What we tend to forget is that all items of value should be evaluated for insurance purposes. If something should get stolen or damaged, chances are that we do not have the cash on hand
to replace those items, that’s where insurance comes in. If a proper insurance valuation is carried out on your vehicle and contents, in the event of a theft or breakage, you would be able to have them either replaced or repaired at current market value. Your property, whether home or business, should also be evaluated regularly as the current market value plays a huge part when you intend to sell or buy a property.
A little bit of history regarding insurance
The concept of insurance was started in the late 1700’s through Lloyd’s of London. It was started as a “pool” system where a monthly stipend was paid to Lloyd’s of London, by mostly shipping companies, that would compensate them should anything happen to the ship and the cargo they were carrying. Over the centuries the basic principles of insurance have stayed the same but there are now many different forms of insurance that will cover almost anything that is deemed as valuable. What you need to keep in mind is that an insurance valuation on your goods needs to be carried out annually as items will either depreciate or appreciate depending on what they are. Should you have to put in a claim and it is found that you were under-insured, you stand a good chance of having your claim repudiated.
Insurance valuation on property
Insurance valuation on property, whether it be your home or business, is just as vital as having the contents and vehicles insured. Insurance on your home is referred to as homeowners insurance and it covers not only the house but the walls, paving and swimming pool as well. If there should be any damage to fixed installations for example your geyser. Homeowners insurance will also cover damage to the property caused by fire and natural disasters. Insurance valuation on business property is similar to that of homeowners, the exception being that you can get additional cover for fixed machinery. With the diversity of business and industry, you can get property insurance on any type of business whether it be commercial, specialist or agricultural. Insurance valuation is also important to make sure that if you intend on selling or buying a property, you are being given fair market price.
In this day and age, no business or home should be without insurance. With rising crime rates and the amount of accidents that we have on our roads daily, it would be totally remiss of any individual not to have at least the basic insurance cover.
To make sure that you receive a fair evaluation of your property, you need to contact the experts in the property field – The Property Partnership. From property rentals to property valuations, The Property Partnership will be able to assist you. To find out more about the services on offer through The Property Partnership, visit their website www.property-partnership.joipcodev.co.za