Eighty percent of South African households are underinsured by almost 50% of their assets' actual value, according to senior adjudicator Ms Janitra Hollenberg.
As extreme weather events become more frequent and more destructive, there are growing concerns that many homeowners remain financially exposed when disaster hits, reported SABC News, the online news portal of South African Broadcasting Corporation. Many homeowners only discover gaps in their cover after suffering major damage.
Recent industry reports show that weather-related damage is now amongst the leading drivers of insurance claims in the country, with flooding, storm damage, and water-related losses rising sharply.
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