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Inadequate Household cover these school holidays could cost you.

South African car and household insurer Dial Direct, advises that many people will find themselves to be underinsured these July school holidays. With this knowledge, the Company is issuing an urgent reminder to consumers to check the adequacy of their vehicle and household insurance as they may not enjoy the cover they think they do, and be at higher risk for vehicle breakdowns and home burglaries this holiday season.

Says Lenerd Louw, Director of Dial Direct, "Basically, with non-motor insurance cover, underinsurance is the situation where the insured has not arranged adequate insurance cover for the financial value of the property insured. In the event of a claim the principle of 'average' would then be applied."

'Average' is an insurance principle which is fairly simple and an easy one to understand. If an item or property is underinsured, the insured must bear a rateable proportion of each and every loss. Simply put, when average is applied each party, the insurer as well as the client, bear a fair share of the loss.

" At Dial Direct, we ensure that a customer takes sufficient cover even though we charge competitive premiums by cutting out the middleman. We ensure that all of our clients take into account everything that gets taken into consideration when we evaluate the value of the contents in the home. A nice way to explain this principle to clients is: if you take your home, and turn it upside down, everything that falls out would constitute home contents and its current replacement value should be included in the amount that clients insure themselves for," adds Louw.

Another factor that the consumer does not consider is the current replacement value of their items and that most insurance companies will replace new for old. Even if the client purchased the item second hand, the insurer will consider the current replacement cost of a new item because even a second hand item which is stolen will be replaced with a new item.

"It always makes good sense to make sure that, rather than simply taking cover for granted, your insurance is kept up to date and is adequate for your needs. This means that you should always let your insurance company know if you have bought additional valuable goods for your home which can be insured. Should these not be insured, and be lost in a fire, flood, burglary or any other tragedy, the insurer will not compensate you for your loss in full. Dial Direct provides options to our customers, for instance, to be able to insure their vehicles for either trade value, or market or retail value. In addition, we offer our clients free roadside and home emergency assistance with their policies. Our advice to anyone is to check they have the appropriate cover in relation to the value of the goods they insure, rather than run the risk themselves of suffering a personal loss which could be very costly," concludes Louw.

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