Check what you are paying for homeowners insurance, especially if it is linked to a mortgage.

Do you know how much you are paying each month for homeowners or building insurance?

If you have a bond on your property your bank requires this insurance that protects you from losses incurred by anything from a fire to your geyser bursting and damaging your ceilings.

However, if you're insured by insurance arm of your financing bank you probably don't know how much you're paying, warns consumer ninja Wendy Knowler.

That's because the premium is bundled with the home loan repayment and deducted in a single debit order.

Is that a good thing? It depends who you ask, Knowler says.

You are most likely paying more than you need to for home insurance says Naked Insurance co-founder Ernest North, particularly if you took out your home loan - and that policy - more than five years ago.

"You should get quotes from other insurance companies for comparison at least every year or two to make sure you're getting the best deal."

On a bond repayment of R15 000 for instance, a building insurance premium of R350 looks small - but be wary.

This can set you up to overpay for home building cover for the next 10 to 20 years

A while back, Knowler also followed up on the case of an Absa client who claimed the bank was gaslighting him about his home owner's policy.

It turned out he was paying the bank in paralell.

A final piece of advice from Knowler:

"It's crucial to insure your home for what it would cost to clear and rebuild rather than for market value."