Standard Bank Buildings Insurance Review 2023

If you plan to buy a house soon, Buildings Insurance is an excellent product to have. To protect their new […]

Standard Bank Notes

If you plan to buy a house soon, Buildings Insurance is an excellent product to have. To protect their new homes from any unforeseen occurrences that may damage the house structure, home loans require the purchase of a buildings insurance policy. Buildings insurance, on the other hand, is available not only to first-time home buyers who buy a house on loan, but also to those who already own a home.

In addition to protecting your home from loss or damage, buildings insurance provides you with peace of mind. You can go about your business knowing that your structures are safe from potential threats. 

Standard Bank Buildings Insurance protects not only your main buildings from destruction or damage, but also your outbuildings and smaller structures on your property. The coverage also includes swimming pools, tennis courts, and other amenities.

Premiums for Standard Bank Buildings Insurance rise year after year. The rate of increase in buildings insurance is proportional to the rate of inflation. Buildings are insured for their new estimated value.

Standard Bank Buildings Insurance Summary 

Standard Bank buildings insurance is a policy that protects a property’s structures and fixtures. Buildings insurance from Standard Bank covers structural damage caused by fire, storm, theft, or burst geysers. The product also includes R15,000.00 in coverage for accidental death or disablement of domestic workers.

The Standard Bank Buildings Insurance provides more than just building coverage; it also provides additional benefits. Under the Standard Bank Buildings Insurance cover, policyholders automatically become members of the UCount Rewards program, allowing them to enjoy UCount Rewards. Members of the UCount Rewards program can earn up to 50 UCount points per month.

Standard Bank Buildings Insurance cover is flexible and  Clients can choose between comprehensive buildings insurance and limited coverage. Buildings with limited coverage will have lower premiums than those with comprehensive coverage. However, since each customer’s risk profile differs, premiums on the same insurance coverage may differ from one another.

Standard Bank Buildings Insurance Benefits

Standard Bank provides comprehensive cover to homeowners across South Africa which covers homes from structural damage, including fire damage, storm damages, or burst geyser damage. The building insurance allows for the optimization of a plan. Clients can optimize their plans instead of getting a comprehensive cover. When a plan is optimized, clients get reduced premiums.

There are a number of benefits that come with choosing Standard Bank Buildings Insurance. Benefits that come with the Standard Bank Buildings Insurance are discussed below.

1. Home Assistance Service

Home Assistance assists policyholders with home emergencies by simply contacting their insurer. The home assistance service is available to building insurance policyholders throughout South Africa.

Leaks, geyser malfunctions, broken windows, electrical problems, pest control, appliance repairs, and other issues form part of the cover. The first labour hour is free, but the remaining hours are charged to the policyholder’s account.

2. Geyser Maintenance 

The Standard Bank Buildings Insurance comes with a geyser maintenance benefit which applies to all geysers on the insured building. The benefit also covers the normal wear and tear on geysers. 

3. Domestic Employees’ Compensation Plan

Domestic Employees’ Compensation Plan is a compensation plan that is there to cover domestic employees should the buildings insured cause death or disablement. Employees are covered for R15,000.00 in the event of accidental death and up to R15,000.00 for accidental disablement caused by buildings that are insured. 

What is not covered by Standard Bank Buildings Insurance

Standard Bank’s building insurance does not cover every conceivable cause of building damage or loss. There are some exclusions to the buildings insurance policy that the product doesn’t covered. Buildings insurance has its own set of limitations. The following are the losses or damages that product doesn’t cover.

Losses not covered

  • Any Structural defects or any pre-existing damage to a private residence and domestic outbuildings.
  • Wear and tear, rust, gradual deterioration, damage caused by vermin or insect infestation.
  • Loss, destruction, or damage caused by defective workmanship, materials, and design.
  • Damage to geyser valves and all pipes and other water apparatus (excluding geysers) caused by bursting or leaking.
  • Consequential or indirect loss of any kind including the unavailability of matching materials.
  • Any loss or damage where the cost of repairs or replacement is within the policy excess.

Limited Cover on land Subsidence and landslip

Subsidence and landslip are covered by the buildings insurance. Subsidence and landslip cover is for the destruction or damage to the dwelling caused by subsidence or heave of land supporting the dwelling. The destruction or damage is covered unless it is caused by:

  • Excavation, other than mining excavation.
  • Alterations, additions, or repairs to the dwelling.
  • Compaction of infill or consolidation of the soils.
  • Defective design, materials, or workmanship.
  • The settlement, shrinking, or expansion of the dwelling.

Advantages of Standard Bank Building Insurance

  • Policyholders get access to the UCount Rewards program.
  • The cover amount can be structured to increase or decrease the maximum claimable amount.
  • Outbuildings are covered by the insurance product.
  • The product comes with numerous benefits that do not incur any additional premium.

Disadvantages of Standard Bank Building Insurance

  • There are many occurrences that the product doesn’t cover.
  • Outbuildings are only covered if they are built from the same materials used to build the main house.
  • There is no cashback benefit.


Standard Bank Buildings Insurance provides clients with comprehensive cover that they can utilize to cover their homes from many unforeseen occurrences. The Bank allows for the selection of different covers for your home so that you can customize your insurance policy according to your needs. 

This doesn’t happen much for buildings insurance since many insurers offer comprehensive buildings cover only. With Standard Bank adding the customization feature on their Buildings Insurance, the product looks more appealing to buildings insurance buyers in South Africa.

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