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Insurance may rise as booms crash downThe removal of booms and security fences could have a huge impact on the cost of insurance. The South African Insurance Association (SAIA) has advised all residents in affected areas to contact their insurance brokers or companies immediately to determine whether the removal of such security measures will affect insurance policies. Many policyholders in boomed-off areas received discounted premium rates but insurance companies will now have to re-evaluate the risk of any area which no longer has a guarded barrier. Other security factors, such as armed response patrols, alarm systems and burglar bars will also assist in determining any premium adjustments. The bottom line, however, is the onus is on insured clients to disclose any amendments which could affect the risks, to their brokers. Individuals who live in areas where booms have been removed run the risk of having a claim repudiated, should they not advise their insurer of the change in household security circumstances. |
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