Accidental damage is defined as sudden and unexpected damage to your property or contents by an outside force. For instance, drilling through a pipe or bumping a tv off its stand etc. Accidental damage cover is sometimes included in home insurance, but usually it’s sold as an optional extra that you would need to request to be added.

A client’s loss ratio is Insurance claims paid plus adjustment expenses divided by the total earned premiums. E.g. if an insurance company pays a R1000 in claims for every R2000 in collected premiums, the loss ratio would be 50%.

Any items worn or used outside your home such as laptops, iPads/iPods, Bicycle, Cellphones, Jewellery and Sunglasses etc.

The policy will pay out some of the costs, you will have to partially fund the replacement of your possessions. If you are underinsured, you become your own insurer for the balance of the losses which will not be covered according to the percentage of what it has been underinsured by.

This covers the shortfall on the outstanding balance of your vehicle if it is stolen or written off.
Check your Hire Purchase settlement figure annually to determine if your cover is sufficient.