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What is Building Insurance
Every day, your house is exposed to many potential risks, the effects of which can be devastating. We want to help you make sure your home is properly protected against unexpected events, such as a fire, explosion, storm, flood, lightning, burglary or theft. Building insurance covers the structures of your home and any fixtures or fittings that belong to you.
I am renting a house from my landlord; do I need to take out building insurance?
Building insurance is usually taken out by the owner of the property as if the building was damaged or destroyed it would be the owner that would suffer the damages.
How do I valuate my house?
The most accurate form of valuating your home is to hire a valuator to provide you with an estimate it would cost you to rebuild your home in today’s time. Please take note that you need to ensure you have adequate cover to rebuild your home in today’s time. If it cost you R1 000 000 to build your home 10 years ago, due to inflation the cost to rebuild it will be much higher than R1 000 000.
If I buy a house, will it be compulsory to take out Building insurance?
Most banks consider building insurance compulsory when granting you a loan as they need to ensure that in the event of any loss you will be adequately covered.
Will my swimming pool be covered under the insurance?
Yes, swimming pools will be covered under the insurance and in some instances even the swimming pumps is covered as well. It’s just the cleaning equipment for the pool that isn’t covered which can be covered under home contents.
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What exactly is covered under building insurance?
What will my premium be for building insurance?
Your premium is dependent on the type, amount and area of your property as well as your own personal profile. There are no 2 people who could pay the exact same premium as everyone’s profiles are very different. The premiums are fairly competitive than when comparing to car insurance.
Will my fixtures and fittings in the house be covered?
Yes, fixtures and fittings form part of your home as it is attached and cannot be easily removed.
The geyser in my house burst yesterday and caused the house to flood. My microwave and a few other appliances were damaged due to the burst geyser. Will my building insurance policy cover this loss?
Unfortunately building insurance covers the house and fixtures and fittings, appliances will fall under home contents cover and you would need to take out separate contents cover to be covered for this type of loss.
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