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Personal Lines Insurance
Tuesday, September 8, 2015 - 02:16
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You pay your house, car, medical and other insurance premiums every month in good faith, trusting that you will be covered in the case of unfortunate events. However, are you aware of the security measures that could render your insurance null and void should you fail to adhere to them? They can often be found in the fine print of your insurance documents.

“It is of utmost importance that consumers read and fully understand what is expected from their side when taking out insurance,” says Derek Wilson, Head of Hippo.co.za, a service that helps consumers save money by comparing a range of SA providers across financial products.”
The following could affect your cover:
• Failure to notify your insurer of any modifications you make to your vehicle. This includes modifications such as performance or aesthetic changes to the bodywork, engine or wheels. It could even be something as simple as fitting a roof rack, a tow bar or placing vinyl stickers on your vehicle.
• Leaving your home vacant for more than 30 days. If you are going away for any reason that requires an extended absence from your home, then you need to ensure that someone is looking after your assets. Routine third party check-ins on your house could help mitigate any potential problems - such as water damage resulting from a burst pipe or a burglary - which could result in serious damage to your property.
• Doing major home renovations and not notifying your insurer. If you plan to do major renovations to your home, especially if you are increasing the value of your home’s replacement cost, it is important to notify your insurance provider to ensure you still have adequate cover. Also make sure that if you go the route of hiring contractors to do your renovations they have their own liability insurance as well.
• Lack of payment. This seems like a very obvious concept, but if you don’t pay your premium, and you don’t communicate with your insurance provider to work out a payment plan to accommodate both parties, your policy will eventually be cancelled.
• Suicide. It is unfortunate, but cases of suicide have become a sad reality of the times and insurance companies have had to address this. Most life assurance policies include a suicide clause, stating that if you die due to suicide within the first two years of the policy, it will return the premiums that you have already paid, but will not pay out the death benefit.
• Illegal and extreme activities. If you die while in the act of committing a crime, your insurance provider can refuse to make payment. Extreme activities are another issue of contention, and if you are a keen adventurer or adrenalin junkie, it is a good idea to alert your insurer of this. In many cases, activities like skydiving, stunt jumping, or intense sports can exclude you from a pay out if you die due to those activities.

“It is imperative that you do research to verify your unique set of insurance needs before you compare and buy insurance,” concludes Wilson. “Visit www.hippo.co.za today and see for yourself how Hippo could save 1 in 2 people hundreds of rands per month on their car insurance alone. This is based on a representative market research survey conducted by Kaufman Levin Associates, on behalf of Hippo.co.za. Hippo also compares other products such as Medical Aid, Life Assurance and even Personal Loans.”
The business was established in 2007. Hippo is free to use and saves consumers the time and hassle of shopping around for the best deal since the website instantly retrieves real-time quotes from the different financial service providers using the latest Internet technology.
Hippo.co.za makes money by simply charging its partners’ a fee when a customer chooses to find out more about their products. The results consumers see, and the order in which they are presented, is in no way influenced by the fee hippo.co.za charges its partners or any other factors other than the price of the product being compared.
For more information, visit us on www.hippo.co.za, connect with Hippo on LinkedIn, http://www.linkedin.com/company/hippo-comparative-services-pty-ltd/, like us on Facebook, www.facebook.com/HippoSA, and follow us on Twitter @Hippo_co_za and YouTube, http://www.youtube.com/user/hippocompare.

Copyright © Insurance Times and Investments® Vol:28.9 1st September, 2015
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