It is not only consumers who feel the impact of load shedding, insurance companies do as well. The unexpected escalation in load shedding to level 6 earlier last week, resulting in warnings that the country could be subjected to an even stricter electricity reduction protocol, had many people worried.
Blaauw says load shedding or blackouts are not an insurable risk under an insurance contract. “However, insurers offer cover for damage to sensitive electronic items caused by power surges. Power surges and dips happen as a result of load shedding, leading to damage to electrical and electronic equipment in your home.”
Blaauw encourages South African consumers and businesses to revisit their insurance policies to ensure they have sufficient cover which includes potential damage caused by power surges. “Although load shedding and/or blackouts are not an insurable risk under an insurance contract, the damage to home contents, caused by power surges, is often covered. But again, this depends on the individual product.
Source: Insurance Report (insurancereport.net)
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