Es­tates se­cu­rity and in­sur­ance

George Herald - Private Property - - Property News -

Buy­ing within se­cu­rity es­tates can give buy­ers the free­dom to choose not to live be­hind bars.

Guarded by an ex­ter­nal wall and reg­u­lar se­cu­rity pa­trols, home­own­ers of­ten don't see the need to in­stall ex­tra se­cu­rity mea­sures like bur­glar bars and alarm sys­tems on homes within gated com­mu­ni­ties. But are these se­cu­rity es­tates se­cure enough for your in­sur­ance provider?

Ac­cord­ing to Adrian Goslett, re­gional di­rec­tor and CEO of RE/MAX of South­ern Africa, buy­ers should not as­sume that their in­sur­ance pre­mium will au­to­mat­i­cally be lower sim­ply be­cause they have moved to a se­cu­rity es­tate.

"It is al­ways best to en­quire with your in­sur­ance provider to find out how the move to your chosen se­cu­rity es­tate will af­fect your house­hold and car in­sur­ance pre­mi­ums.

“These pre­mi­ums are cal­cu­lated based on your risk pro­file, so your in­sur­ance provider will need to con­sider your chosen se­cu­rity es­tate safe enough to lower your risk pro­file and sub­se­quently de­crease your monthly in­stal­ments," says Goslett.

So, while you might not feel the need to in­stall ad­di­tional se­cu­rity fea­tures to your home, your in­sur­ance provider might feel dif­fer­ently.

"Par­tic­u­larly if your se­cu­rity es­tate hap­pens to be lo­cated in a high crime area, you might need to equip your prop­erty with its own se­cu­rity fea­tures, such as bur­glar bars, alarm sys­tems, safety gates, and se­cu­rity cam­eras, in or­der to lower your pre­mi­ums," Goslett ex­plains.

Home­own­ers should con­sider in­stalling fea­tures to pro­tect their home against dam­ages such as fire, by in­stalling smoke alarms, for ex­am­ple.

This might seem like an in­signif­i­cant ad­di­tion, but in­sur­ers place value on all fea­tures that min­imise risk.

"Es­pe­cially con­sid­er­ing our cur­rent econ­omy that has ev­ery­body look­ing for cre­ative ways to lower their ex­penses, home­own­ers should do what­ever they can to lower their in­sur­ance pre­mi­ums.

Not only will this spare them some cash each month, but these up­dates will also add value to their prop­erty, which trans­lates into higher prof­its for the day when they even­tu­ally de­cide to sell."

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