Q: What insurance policies will I need to take out when I buy a home?

By IOL Reporter | Published Aug 26, 2021

A:When you buy a new home, the bank will usually insist that you obtain a home owners’ insurance policy to provide for the repair or replacement of the property in the event that it is damaged or destroyed by fire, flood, high wind, earthquake or other disasters. Such policies often also provide insurance against less serious damage resulting from burst geysers, falling trees and collapsing garden walls.