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Three types of insurance you need as a homeowner

Personal Finance 10 months ago

As a new homeowner, you are going to need three types of insurance – at least one of which may be completely new to you.


15 Mar 2020
PREMIUM!
Three types of insurance you need as a homeowner

Image: iStock

HOC This is what is known as homeowner’s cover (HOC) and it is essentially insurance against damage to the actual “bricks and mortar” structure of your home, in the event of natural or man-made disasters, like someone driving through your garden wall or your geyser bursting. The benefit of this type of insurance is that you will not end up having to pay off a bond on a home that may have been destroyed or seriously damaged. The bank still gets paid, even though the property that was the security for your home loan is gone. Bond insurance Credit life...

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