SASRIA cover limits explained
What are the limits on SASRIA cover?
SASRIA applies a standard maximum cover limit per asset type on personal policies. If your property is worth more than that limit, you can arrange additional cover above it so you are not left short. Businesses can insure much higher values. The key is to match your SASRIA limit to the real value of what you are insuring, before an event happens.
Key takeaways
- SASRIA has a standard maximum limit per asset type on personal lines.
- You can arrange additional cover above the standard limit.
- Businesses can insure much higher values than individuals.
- A loss above your limit is not covered.
- Match the limit to your property value before an event.
The standard limit
SASRIA sets a standard maximum amount it will cover per asset type on personal policies. For many households that default limit is enough, but for higher-value cars, homes or contents it may fall short of the true replacement value. Because a loss above the limit is not covered, the standard limit is the first thing to check against what your property is actually worth.
Additional cover above the limit
If your property is worth more than the standard limit, you can arrange additional SASRIA cover to lift it. This is important for high-value assets, where the default could leave a large uncovered shortfall after a major event. Your insurer or broker arranges the extra cover as part of the SASRIA coupon on your policy, and it adds a little to the premium.
Higher limits for business
Businesses can insure far higher values than individuals, which matters because commercial premises, stock and equipment can be worth a great deal. If you run a business, matching the SASRIA limit to your asset values, and considering a business-interruption extension, is essential. See SASRIA for business for how commercial cover is structured.
Matching the limit to your property
The practical task is simple: work out what your car, home, contents or business assets would cost to replace, and make sure your SASRIA limit is at least that. If the standard limit is lower, arrange additional cover before an event, because you cannot top it up once damage has occurred. Sort your underlying cover first by comparing quotes. This is general information, not financial advice.