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King Price unleashes fire and fury on home contents insurance market

13 September 2018Wynand van Vuuren, King Price
Wynand van Vuuren from King Price.

Wynand van Vuuren from King Price.

King Price, the only insurer in South Africa that offers car insurance premiums that decrease monthly as the cars’ values drop, has launched a lower-cost option on its home contents cover that it calls “fire and fury”.

The new product covers everything that its comprehensive home contents option does, except for losses through theft or attempted theft. Accidental losses through fire and storm damage will be covered.

“We’re all about giving our clients cover they can afford. So, if people need to cut back on their insurance costs in these tough economic times, but want to stay covered for losses through disasters, “fire and fury” offers an alternative, more affordable option,” said King Price’s Wynand van Vuuren.

The new offering is the latest in a growing line of innovations from King Price. Earlier this year, the company launched a motorbike insurance product that offers a range of levels of cover for every on-road biker‘s needs and budget - including the ability for bikers to insure their biking gear for an extra R1 a month, and cover for accidental damage that happens at approved track schools.
 
The company also offers clients the ability to insure their favourite items like Apple Watches, bicycles, golf clubs and even hearing aids for an extra R1 per month, provided they already have comprehensive car insurance with the company.

Van Vuuren says the idea of “fire and fury” was born out of last year’s devastating fires in Knysna, where many home-owners found themselves under-insured after losing their homes to the runaway fires.

“It’s important to remember that your personal belongings - from TVs and tablets to Tag Heuers; from shoes and sheets to your collection of CDs; from granny’s antiques, to your garden furniture and wine glasses - are not covered by your buildings insurance, and you need to cover them separately as home contents,” he said.

Van Vuuren suggests that challenging economic times are a great opportunity for people to review their insurance to make sure it meets their current needs. “Apart from home contents cover, it’s also important to make sure your buildings insurance covers the full cost to rebuild your home in case of a disaster, including unseen expenses like fire brigade costs, alternative accommodation, demolishing old structures and site clearing – all of which can run into hundreds of thousands of Rands,” he said.

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QUESTION

Between 1918 and 2014, 32% of all of Lloyds of London’s insured losses were caused by flooding. With Climate change becoming a growing issue, is this a growing concern for insurers?

ANSWER

Yes, we have seen a significant increase in flood related losses
No, there will always be flood related losses. We are prepared for this.