Insurance

• Transit insurance - this may be of particular interest to you if you are importing your furniture to South Africa. It is important to have this kind of insurance with a company in the same country as you are moving to as this limits problems at claims stage.
  
  
• Medical Insurance - Known locally as medical aid it is a must for any prospective immigrant, expatriate worker or returning South African. The reason why it is such a necessity is two fold. In the first place foreigners, although able to access the state hospitals will be still be charged for their own account. Hospital treatment is expensive and without the right South African Insurance in place could result in a substantial bill or even not being able to access the correct treatment.
  
  
• Car Insurance - Car insurance in South Africa has a few differences than that of insurance in many countries. The main one is that insurance is not compulsory. This has resulted in a lot of car drivers having no cover at all. The government runs a fund called the road accident fund which acts as a type of state run insurance scheme but only covers bodily injury and not the car itself. It also has very limited benefits. There are three types of car insurance in South Africa; Comprehensive Cover, Third Party Fire and Theft (TPFT)and Third Party only.
  
  
• House and Home Insurance in South Africa
  
  
  • House Insurance - Also known as Home Owners Insurance. This insurance is designed to cover the building, which is a private dwelling its outbuildings (including fixtures and fittings), walls, gates, swimming pools and tennis courts. Building insurance usually covers fire, wind, and water and storm damage to the building. Most insurers would also cover damage and / or burst geysers.
    
    
  • Contents Insurance - This type of insurance is also known as House Holders Insurance, whereby the content within your house or business has to be insured at the current replacement costs. The sum insured should therefore reflect the current replacement cost of the item if it were to be bought brand new. If the replacement cost is uncertain, an independent valuator could be used to determine the values. Please note that the average clause applies to this section of the insured's policy and if you are under insured, and a claim occurs, the insurer will only pay out a pro rata amount, depending on the ratio of difference. In the event of a claim, forcible or violent entry is a requirement for theft cover.
    
    
• Business Insurance - Various types of commercial insurance are available in South Africa. These insurances range from basic retail or manufacturing products to more sophisticated liability and indemnity products. Again, there are generally very little regulatory requirements in terms of insurance cover, so one can operate a business without any insurance whatsoever. One only needs to look at the recent crime statistics to realize that this will be a foolish option.
  
  
• Life Insurance - Never a favourite subject and often classified as a necessary evil. For immigrants with a capital debt, family responsibilities and a need to protect income it is imperative to review your life assurance and disability cover arrangements when immigrating to a new country. This is particularly relevant when immigrating to South Africa as there is little in the way of a social net in the event of disability or loss of life.
  
  

Summary

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