Nedbank Buildings Insurance Review 2023

Nedbank Buildings insurance

Nedbank Buildings Insurance is homeowners’ insurance that covers private residential structures at a specific address. The plan covers private property at a specific address, including the walls that make up the property.

The buildings are also covered, as are the policyholder’s fixtures and fittings. The coverage excludes loss, damage, or breakage covered by any guarantee, service contract, purchase contract, or purchase agreement.

When purchasing buildings insurance, Nedbank Buildings Insurance offers a 25% premium discount. Individuals who go three years without filing a claim are eligible for a 10% cashback of the premiums paid.

Nedbank Buildings Insurance covers a wide range of events, but there are some exclusions. These policy benefits and drawbacks are discussed in detail below.

Nedbank Buildings Insurance Cover

Nedbank Buildings Insurance insures a number of events such as natural acts, accidents, and theft. Below we discuss the policy cover inclusions in detail.

Nedbank Buildings Insurance Primary Policy Inclusions

Buildings insurance covers loss or damage caused by fire, lightning, or explosion. Buildings, including the walls, fixtures, and fittings, are covered for loss or damage caused by fire, lightning, and explosion.

The plan covers acts of God, such as a storm, wind, water, flood, hail, or snow. The plan also covers property damage or loss caused by an earthquake or mining-related earth tremor.

Criminal acts are also covered by the plan, such as loss or damage caused by attempted theft and theft. The plan also covers property damage or loss caused by a burglary.

Water-related property damage or loss is also covered to some extent by the policy. The plan covers the bursting of water tanks, apparatus, or pipes that cause property damage or loss.

The plan covers the fall of UFOs and satellites on the insured property. Furthermore, vehicles, aircraft, or other falling objects from them, as well as falling trees, are covered, but not trees that fall while being felled.

The policy covers antennas and satellite dishes that are connected to the house and are part of the insured property. Nedbank further provides coverage for aerial system and satellite dish collapse or breakage.

When you prevent costs to an extent or damage or comply with the requirements of any local or regional authority, the plan compensates the policyholder for the costs that have been incurred while performing such acts, activities, or duty.

The policy also covers loss or damage to electronic or electrical equipment that is part of a private residence. Furthermore, the policy covers rent paid to the policyholder by a tenant or the cost of alternative accommodation if a private property is unfit to live in due to an insured event.

Nedbank Buildings insurance further covers loss of water, professional fees, fixed glass, supply of main connections, damage to gardens, fire extinguisher charges, damage to fixed machinery, and trauma caused by a covered incident.

The Nedbank Buildings insurance has many benefits. However, these benefits also come with some exclusions. Below is a list of policy exclusions that come with the policy.

Policy Exclusions:

  • Loss or damage caused by wear and tear, gradual deterioration, rise in water table, the contraction or expansion of soil due to its moisture or water content, and any process that uses or applies water.
  • Loss of or damage caused by excavations other than mining excavations; the compaction of infill or landfill; building or other construction work at the risk address; normal settlement, shrinkage, expansion or compaction of soil; defective design, materials, workmanship or construction; and faulty construction or removal or weakening of support.
  • Malicious damage while a private residence is lent, let or sublet to a tenant, unless there is forcible entry into the private residence insured.
  • Damage to or cracking of swimming pools, tennis courts, patios, paving, terraces, driveways, paths, septic tanks, dams, watercourses, boundary or retaining walls, sewerage pipes and drains, gates or fences.
  • Damage to solid floor slabs or any other part of the buildings resulting from the movement of such slabs, unless the foundations supporting the external walls of the buildings are damaged by the same cause at the same time.
  • Work necessary to prevent further destruction or damage, such as piling or underpinning.
  • Loss of water: due to leaking taps, geysers or toilets; from a swimming pool or its leaking inlet or outlet pipes; or if the private residence has not been occupied for more than 30 consecutive days.
  • Loss or damage: caused by household pests (such as rodents, termites, ants, and moths); caused by cleaning, repairing or restoring by any manner or method; caused by power surge; if it is covered by a manufacturer’s guarantee, purchase agreement, or service contract; to windmills; or any data or telecommunication equipment or apparatus.

Advantages of Nedbank Buildings Insurance

  • The insurance product covers a number of incidents.
  • Natural acts, accidental damage, or loss to property are all covered by the plan.
  • There is a 10% cashback benefit every 3 claim-free years.
  • Trauma treatment is covered by the plan.
  • Loss of rent income caused by a covered event is provided by the plan.
  • When taking out the cover, customers can get over 25% discount on their monthly premiums.
  • Comes with a pick me up service to pick up the policyholder and take them when they need to be should a covered incident take place.
  • Roadside assist service for emergency breakdown and accident services.
  • Personal liability is covered by the insurance for bodily injury or property damage.

Disadvantages of Nedbank Buildings Insurance

The plan doesn’t have a legal assistance benefit to provide legal services over the phone.

Conclusion

The Nedbank Buildings insurance provides customers with a comprehensive cover that includes a variety of coverage options. The plan covers nearly all natural, accidental, and theft-related occurrences. This insurance product also covers a property’s walls, fixtures, and fittings at a specific address.

The plan does not cover other items on a property such as pools and tennis courts, which other insurers cover such as Discovery Insure and other insurers’ buildings insurance. A policyholder must cover these under a separate policy, which will incur an additional premium.

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