Short Term Insurance

Ever thought what would happen if your car got stolen, hijacked, damaged, or your house burgled, flooded during a storm etc? We all hope (and some believe) it won't happen to us, but reality is: it does happen! Usually when we least expect it and cannot afford the loss.

A short term insurance policy provide cover against loss, damage, liabilities and more. You pay a premium (either monthly or annually) to an insurance company who in return provides the cover to compensate you when you suffer a loss on insured items.

The insurance company determine your premium based on your risk profile (age, gender, where you live, security measures, item insured, value of the item, claims history of the insured etc.) High risk = high premium and low risk = reduced premium.

Short Term Insurance Policies consist of the following sections:

  • Household Contents

  • Homeowner's Insurance (Buildings)

  • All Risks Insurance (Cellphones, Jewellery, Cameras etc.)

  • Vehicle Section (Car Insurance, Trailers, Motorcycles)

  • Watercraft (Boat, Jet Ski)

  • Personal Liability

  • Personal Accident

The policy wording should be analyzed in conjunction with the policy schedule to determine cover, excesses, extensions, conditions and exclusions.