7 Lesser-known Factors That Influence Your Buildings Insurance Premiums

Did you know that insurers don’t just look at property value and location when calculating your Buildings Insurance premium? Hidden factors such as plumbing, security upgrades, and even past claims can significantly impact your costs. Understanding these overlooked influences is important if your premium seems higher than expected and you’re looking for ways to reduce it. At 1st for Women, we can help you take control of your coverage by sharing these seven surprising factors that affect your premiums.

Women are currently driving the SA property market

Over the last few years, women have emerged as key players in South Africa’s property market, surpassing men in property ownership and reshaping traditional dynamics. According to data from Lightstone Property, female buyers account for approximately 38% of property ownership in the country, while male buyers represent 29%, and mixed-gender couples hold 33%.

Several factors contribute to this trend:

1.     Financial independence: Growing participation in the workforce has empowered more women to invest in property.

2.     Delayed marriages: With many women now choosing to marry later in life, there’s a growing inclination to secure personal assets independently.

3.     Investment savvy: Recognising real estate as a stable investment, women are proactively building wealth through property ownership.

Women are predominantly active in the residential property sector. According to RE/MAX, 72,000 properties were purchased in South Africa by single women last year.

While women are purchasing more properties, they tend to invest in lower-priced brackets compared to men and mixed-gender couples.

The provinces with the highest activity among female buyers are Gauteng and the Western Cape, followed by KwaZulu-Natal and the Eastern Cape.

This increase in female property ownership not only reflects the changing societal norms but also signifies women’s growing influence in South African real estate.

Why savvy women take out Buildings Insurance

For women investing in property in South Africa, Building Insurance is an essential measure against unexpected structural damage. Whether you own a commercial or residential property, having the right coverage ensures that your valuable investment remains protected from expensive repairs or rebuilding expenses caused by unforeseen events.

Protection against unforeseen events

With 1st for Women Buildings Insurance, the property’s structure—including the roof, walls, and permanent fixtures (such as fitted kitchens and bathrooms)—is covered against damages from floods, fires, storms, and other natural disasters. Without this in place, repairing or rebuilding could cause huge financial strain on home and business property owners. 

Safeguarding financial security and stability

As women lead the way in property ownership, safeguarding their financial future is even more critical. Unexpected structural damage can result in costly repairs, but a well-structured Building Insurance policy helps absorb these expenses, preventing financial setbacks and supporting long-term security.

Added benefits for peace of mind

In addition to structural coverage, 1st for Women offers additional benefits, including access to emergency services such as electricians, locksmiths, and plumbers and alternative accommodation should a property become uninhabitable. These added benefits mean that homeowners are never left vulnerable during challenging times.

3 Less commonly known factors impacting your Buildings Insurance premiums

Many homeowners know that location and property value influence Buildings Insurance premiums, but several less well-known factors also play a role. Being aware of these can help you make informed decisions and potentially lower your insurance costs.

1. Claims history

Past insurance claims – even from previous properties – can influence your premiums. Frequent claims suggest a higher risk to insurers, leading to increased costs. Maintaining a claims-free history where possible can work in your favour when negotiating premiums.

2. Replacement cost

Replacement cost refers to what it would take to rebuild your home or business premises from scratch. Properties with unique architectural designs, custom finishes, or expensive materials often have higher replacement costs – resulting in increased premiums. Having accurate valuations can help prevent underinsurance while managing costs.

3. Safety features

Installing security systems including fire alarms and smoke detectors can save you money and your property. 1st for Women offers potential discounts for homes fitted with these protective measures, as they lower the risk of fire, theft, and costly damages.

Get a Buildings Insurance quote from 1st for Women

Want worry-free protection for your property against unexpected damage and risks? Get a personalised Buildings Insurance quote from 1st for Women today and secure the right protection for your investment.