Renting out assets to World Cup tourists will probably affect the owner’s insurance, BJM Insurance Brokers said on Tuesday.
“Failure to disclose a material change to your insurer could invalidate your cover, while proper disclosure may lead to increased premiums,” BJM said in a statement.
Insurance cover most likely to be affected included household contents, buildings, vehicles and public liability.
“Insurance protects you under a certain set of circumstances.
“When circumstances change so should your insurance,” BJM said.
Letting and hiring out insured assets constituted a material change in circumstances.
Cover for house contents insured the owner and family members not tenants and their belongings.
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http://www.realestateweb.co.za/
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