Absa Buildings Insurance Review 2023

Absa Buildings insurance is a type of homeowner’s insurance that covers buildings and their fixtures and fittings. When insuring your […]

Absa Buildings insurance

Absa Buildings insurance is a type of homeowner’s insurance that covers buildings and their fixtures and fittings. When insuring your home with Absa, there are several building insurance plans to choose from.

The options that Absa building insurance products offer are discussed below.

Absa Buildings Insurance Options

Absa Building insurance comprises of idirect buildings insurance, Activate home insurance, and homeowner’s comprehensive insurance. We will go over each of the available options in detail below:

Absa Homeowner’s Comprehensive Insurance

Absa homeowner’s comprehensive insurance is a policy that protects buildings against property loss caused by unforeseen events.

The plan covers you if an insured incident occurs and you are unable to live in your home or if the incident causes you financial distress.

Absa’s comprehensive homeowner’s insurance covers the residential home as well as the fixtures and fittings on the property. As a result, all of the property at a given address can be protected against unforeseen and unexpected events.

With the Absa homeowner’s comprehensive insurance, you are covered against the following:

  • Storms, floods, fire, explosions, earthquakes, bursting or overflowing geyser(s), malicious damage, and break-ins causing damage or loss.
  • Vehicles and falling trees causing damage to property.
  • If your tenant is forced to vacate due to an insured event taking place.
  • Power surges causing damage to property.
  • Damages to your property’s structure, including but not limited to the building, domestic quarters, outbuildings, garages, carports, paving, property, and boundary walls.

The plan covers a variety of incidents, the majority of which are natural occurrences. While the plan covers natural causes and accidental damage, it does not cover incidents that may have occurred as a result of negligence.

As a homeowner, you are responsible for keeping the property in good condition, regardless of whether it is insured. Absa’s comprehensive homeowner’s insurance does not cover the property if:

  • The damage to the insured property is caused by wear and tear, such as aging of the property, older roofing, and so on.
  • Damages to insured property caused by gradual deterioration cannot be claimed. For example, rain damages parts of the house due to cracks caused by deterioration over time.
  • Damage or loss of insured property caused by inadequate property maintenance.

Your property must meet the listed property requirements for a claim to be successful. When you have Absa homeowner’s comprehensive insurance, you should keep your property in good condition.

Activate Home Insurance

Absa Active home insurance is a digital all-inclusive home insurance policy. The plan is comprehensive and covers the main house as well as its features and fixtures.

Activate home insurance is sold fully online, and it is easy to purchase on the Absa website. As a policyholder, you gain access to the Absa Activate app by subscribing to Activate home insurance.

The following features are available to policyholders through the Activate app:

  • Claim registrations
  • Viewing of cashback rewards
  • Requesting immediate 24-hour emergency assistance
  • Weather alerts based on your location.

The cover also provides 24-hour electrical, plumbing, and emergency assistance. If you face trouble with electricity, plumbing, or any other home emergency, you can use the Activate app to request help.

Idirect Buildings Insurance

Idirect building insurance protects against unforeseen events, both natural and those caused by humans or animals. The policy includes additional coverage for accidental damage to glass windows, skylights, ovens, and other items.

On the idirect insurance, the excess payment is fixed, and individuals can choose an excess fee starting at R500.00. The claim amount has no bearing on the excess amount you have selected.

The idirect plan also covers geysers and replaces burst or leaking geysers. The plan also covers property damage caused by fires and explosions.

After three claim-free years, the plan offers a unique cashback structure of up to 20%. Rent loss is also covered by the plan, which provides up to 25% of the sum insured.

Advantages of Absa Buildings Insurance

  • There are different covers to choose from.
  • All available plans can be applied for online and managed remotely using a mobile app.
  • The cover amount can be decreased or increased at any time.
  • There is a cashback benefit if you remain claim-free on one of the available plans.
  • Loss of rent cover is available to a certain extent, which covers loss of rent caused by an insured occurrence.
  • Premiums on the plans are very competitive.
  • Comes with free access to the Absa digital platforms to help manage the insurance.
  • Damage due to a power surge is covered.
  • Natural and accidental damage or loss to property is covered.
  • Claims can be made over the phone or online.

Disadvantages of Absa Buildings Insurance

  • There are no rewards for making premiums or enrolling in the Absa Rewards program.
  • Property that has defects due to deterioration cannot make a claim.

Absa Buildings Insurance Application

  • You must be 18 years or older at the time of application.
  • You must have a house to insure.
  • You must have your ID number, personal details, and house details when preparing for an application online or over the phone.
  • You must have a valid passport number or a valid South African ID book or Smart card.

Conclusion

Absa Buildings Insurance is an excellent way to protect your property. The cover offers comprehensive plans that cover a wide range of occurrences. The premiums on the plans are also low, making them immediately affordable to a variety of homeowners.

The insurance product covers various types of properties and those used for various purposes. As a result, you can insure your investment property and be compensated if a covered incident occurs.