Having Homeowners Insurance is a necessity. Having this type of insurance is one of the best ways to protect yourself from potential financial ruin in the event that unexpected incidents occur.
Homeowners insurance is usually divided into types of insurance:
Home Insurance, also known as buildings insurance, will cover the actual building, the structure and permanent fixtures.
Household contents insurance will cover moveable possessions in the home. This may include furniture and electrical appliances.
Having this type of insurance cover can help you to protect yourself from potential risks, such as:
- Fire damage
- Water damage
- Water damage due to a burst geyser
With comprehensive Standard Bank Homeowners’ Insurance, your home is protected from the risk of structural damage, fire damage, storm damage or a burst geyser. The policy provides hassle-free, reliable cover with excellent value-added benefits. The insured value of your home will be increased annually by a percentage linked to the inflation rate of building. This policy essentially covers the building structure of your home.
What you need to provide to claim:
- Particulars of any other insurance covering the same event
- Details of the event
- Indemnity from other parties
All claims must be directed to Standard Insurance Limited on 0860 123 444
There is a centralised, paperless claims registration process
You must notify Standard Bank of any claims within 30 days
You need to know if you are insured for 100% of the amount needed to rebuild your home if it were destroyed.
- Market value: This is the price your home would sell for. This value varies based on location and what a willing buyer and seller would negotiate for a price.
- Replacement value: This is the cost of rebuilding your home. This cost is based on the cost of rebuilding the same kind of home with the same level of quality.
It’s important to make sure that your homeowner’s insurance policy covers the replacement cost of your home.
Visit www.standardbank.co.za to find out more about Standard Bank Homeowners Insurance.