Prevention is better than a cure

Over the last couple of months, mother nature has surely blessed us with plenty of rain across South Africa. While it’s great to have our dams full and have beautiful, lush gardens again, some also experienced insurance claims due to the havoc it created. From flooding in the most unexpected areas causing damage to vehicles and properties, to lightning storm damages, insurers undoubtedly have their hands full with the influx of claims. However, that should not be your concern. We should at the very least keep our finances afloat and insurance premium paid in a time where we must deal with tough economic conditions and unfavourable weather conditions, sometimes lasting for weeks on end.

Here’s a few things you should know, that is not mentioned often enough:

• If your vehicle gets caught in severe flooding, do not try to restart your car. Water can damage every single component inside a car including the engine and transmission. If you try to start the car, more water enters the engine, the problem can only get worse. Contact your insurer’s emergency assist immediately, to uplift your vehicle to the nearest repairer.
• If your vehicle got damaged in an accident during a storm and you are unsure if the vehicle is drivable, contact your insurer to safely remove the vehicle from the accident scene. Driving the vehicle after a loss might cause more damage and can cause consequential loss and may be excluded depending on your insurer and policy wording.
• General maintenance to your property is very important, examples include gutter clearing, garden pruning, water proofing, painting to prevent cracking and deterioration, checking the roof tiles, and regular pest control.
• Ensure your property has updated building plans. Any previous structural alterations and renovations should be signed off and approved by a professional, including boundary walls. Often boundary walls do not meet the current building requirements as they were built 20+ years ago and might cause problems should there be a claim.
• Installing a power surge protector to your property might prevent any future lighting/power surges to your property and electronic devices.

The saying “prevention is better than cure” relates very well in short-term insurance. It’s advisable to be in contact with your broker/insurer if you find yourself stuck in a moment of chaos and uncertainty as this can save you from possible future headaches.

Be safe, be insured!

The opinions expressed in this document are the opinions of the writer and not necessarily those of PSG and do not constitute advice. Although the utmost care has been taken
in the research and preparation of this document, no responsibility can be taken for actions taken based on information in this article. Always remember the prudent way is to
consult your portfolio manager before investing. PSG Wealth Financial Planning (Pty) Ltd is an authorised financial services provider. FSP 728