MiWay buildings insurance is designed to protect a property’s permanent structures, including a home and its outbuildings. This insurance policy covers all permanent fixtures, fittings, and improvements such as wall patios, driveways, gate motors, tennis courts, and underground pipes and cables that are part of the buildings.

To avoid being underinsured, customers are advised to insure their buildings for their actual value. It’s important to consider the additional costs of replacing a building, which include professional and municipal fees, demolition charges, debris removal, and making the site safe.

When making a claim, MiWay can only pay up to the maximum amount of cover, and excess fees must be paid by the policyholder. The policyholder will also be responsible for paying any amount owed as a result of being underinsured.

The MiWay buildings insurance comes with several benefits, including low flat excess, low premiums, fixed premiums for 36 months, and an average full month’s premium paid after 3 months of full premiums are received when applying for and purchasing a buildings insurance policy online. Additionally, the plan includes household emergency assistance for free and alternative living arrangements if the building becomes unfit to occupy due to an incident.

What the MiWay Buildings Insurance Cover

MiWay buildings insurance provides cover for many risks, including loss or damage caused by fire or explosion, theft and other intentional acts, wind, hail, snow, flood, and earthquake. However, the plan does not cover building losses or damage as a result of accidental flooding caused by human intervention. The plan also covers liability to third parties if household members are legally responsible for the accidental death or bodily injury of non-household members.

If a building becomes unlivable due to an insured event, the plan automatically includes coverage for alternative housing. MiWay pays up to 20% of the insured amount for the reasonable time it takes to make the insured building habitable again.

The MiWay buildings insurance includes optional benefits that can be added to the cover for an additional fee. The optional benefits that can be added to the plan are detailed below.

If a building becomes unlivable due to an insured event, the plan automatically includes coverage for alternative housing. MiWay pays up to 20% of the insured amount for the reasonable time it takes to make the insured building habitable again.

MiWay Buildings insurance includes optional benefits that can be added to the cover at an extra fee. The optional benefits that can be added to the plan are detailed below.

MiWay Buildings insurance Optional Benefits

Optional Benefits can be added to the buildings insurance at an additional premium. Here are the optional benefits available:

Extended Theft Cover

The extended theft cover provides coverage when the insured buildings are vacant. This option provides coverage if the insured buildings are unoccupied for more than 60 days in a row.

When filing a claim under the extended theft cover, the buildings must show visible signs of forced entry. This coverage is also available to individuals who do not meet the minimum security requirements of MiWay insurance.

Lightning and Power Surges

MiWay buildings insurance can cover damage or loss to buildings caused by lightning and power surges. This product only covers loss or damage caused by lightning, power surges, and dips to insured structures and outbuildings.

What MiWay Buildings Insurance Doesn’t Cover

MiWay Buildings Insurance doesn’t cover the following:

• Dams and dam walls, loose gravel paths and coverings, and pool cleaning equipment.
• Any additional costs incurred as a result of a lack of matching materials when repairing buildings.
• Loss or damage caused by a rise in the underground water table or pressure caused by it; scratching, chipping, cracking, denting, biting, tearing, or dirtying my own domestic animals; business conducted from my premises; scorching.

When one or more of the following causes or contributes to damage:

• defects in building design or construction, or where the structure would not have been approved by the relevant local authority at the time of construction/alteration, or where the structure is not in accordance with the South African National Buildings Standards (SANS) Building Regulations applicable at the time of construction, repairs, and/or alterations.
• Construction, alterations, or repairs, as well as poor workmanship or materials.
• a lack of upkeep.

Advantages of MiWay Buildings Insurance

• The product offers comprehensive coverage.
• Optional benefits can be added to the plan.
• Some of the premiums are paid back if the policyholder has taken out the policy online.
• Comes with free household emergency assistance.
• Alternative accommodation is provided without any excess fee should the buildings be deemed unlivable due to an insured event.
• Premiums are fixed for a period of 36 months.

Disadvantages of MiWay Buildings Insurance

• There is no security guard cover when the insured building is unlivable.

Conclusion

MiWay buildings insurance provides clients with good value for money thanks to low premiums and a low flat excess payment. Because of the wide range of coverage provided, the plan comes with many benefits, making it a more comprehensive plan. Only two optional benefits are available, which is a small number; the insurer could improve by adding more optional benefits.