Insured? Really? Probably not..

Grind My Cogs

You might think you're insured, but if you take the time to read the fine print you'll find out that you're simply giving money to some strange company for nothing in return. In the rare case that you are covered, you're probably paying too much.

Take the example of my cell phone insurance through the yellow company (yeah you know who..)
here are some of the strange exclusions:
1. Any loss or damage

1.1 caused directly or indirectly by or through or in consequence of any occurrence for which a fund has been established in terms of the War Damage Insurance and Compensation Act, 1976 (No. 85 of l976) or any similar Act operative in any of the territories to which this policy applies.

1.2 directly or indirectly caused by or contributed to by or arising from:-

1.2.1 Ionising radiation or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel;

1.2.2 The radioactive, toxic, explosive or other hazardous properties of any explosive nuclear assembly or nuclear component thereof.

.........

3.1.3 Faulty software or programming or electrical power surge or fluctuation.

1. Theft, loss, or damage to the Equipment whilst You are in or on any form of public conveyance, unless arising as a result of violence or threat of violence directed against You.

1. Resulting from political or non-political riot, strike, or civil commotion, public disorder, war, invasion, terrorism or public violence, or which is insurable by SASRIA (South African Special Risks Insurance Association).

So it's safe to say that Homer Simpson is NOT insured.
Seriously though, you are not covered for loss or damage while travelling on public transport UNLESS you are attacked.....WTF?
Also, I would have expected SASRIA cover to be automatically included, but it's not.

So many exclusions which leave you exploited and exposed.

A comparative quote via my household insurer just happens to be a third of what I'm paying. It's worth it to shop around

On the subject of overpaying, it's best to determine the value of your insured assets every 3-6 months and inform your insurance. They will gladly insure the item at any amount you specify, take your money for years to come, but when you claim, they will determine the replacement value and (assuming you're covered) reimburse the amount which is bound to be much less than you expected.

like Cat Stevens said "It's a wild world"