Standard Bank Buildings Insurance Review 2022

Buildings Insurance is an excellent product to have if you are planning to buy a house anytime soon. Home loans require one to take out a home insurance policy to protect their new homes from any unforeseen occurrences that may damage the house structure. House insurance is, however, not only for first-time property purchasers who need a loan but also for people who already own a home.

Buildings insurance provides you with peace of mind in addition to protecting your home from loss or damage. You may go about your daily life knowing that your buildings are safe from possible threats. Standard Bank’s buildings insurance offers the same thing for its customers.

With the Standard Bank Buildings Insurance, you don’t only protect your main buildings from destruction or damage but the outbuildings and smaller structures in your property are also included in the cover. The cover further extends to swimming pools, tennis courts, and more. 

Standard Bank Buildings Insurance premiums rise every year. The rate of increase in buildings insurance is proportional to the inflation rate of buildings in South Africa. Buildings are insured for their new estimated value, which is based on the country’s inflation rate.

Standard Bank Buildings Insurance Summary 

Standard Bank Buildings Insurance provides cover for the physical and permanent structures on one’s property. The cover is for one’s home, outbuildings, and other structures such as swimming pools, tennis courts, and more. However, outbuildings are required to be built from the similar material that was used to build the main building to be covered.

The Standard Bank Buildings Insurance doesn’t just come with a cover for buildings, it also has benefits that can be enjoyed. Policyholders get to enjoy UCount Rewards under the Standard Bank Buildings Insurance cover as they automatically become a member of the UCount Rewards program. Members of the UCount Rewards can get up to 50 UCount tiering points that are allocated each month. 

Cover on the Standard Bank Buildings Insurance is flexible. Clients get to choose between comprehensive buildings insurance or opt for a limited cover. Limited cover on buildings means that one will pay lower premiums than those with a comprehensive cover. However, the risk profile per customer varies, hence premiums may vary from customer to customer on the same insurance coverage.

Benefits of the Standard Bank Buildings Insurance 

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.

Home Assistance Service

Home Assistance helps policyholders with their home emergencies by simply getting in touch with their insurer. Home assistance is available to buildings insurance policyholders and can be accessed anywhere in South Africa. 

Policyholders are covered for leaks, malfunctions of geysers, broken windows, electrical problems, pest control, appliance repairs, and more. The first labour hour comes for free, however, the remaining hours are billed on the policy holder’s account. 

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. 

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 buildings insurance does not cover every occurrence that could result in building damage or loss. There are some exceptions to the buildings insurance policy that are not included in the coverage. Buildings insurance comes with its own set of restrictions. The losses or damages that are not covered are listed below.

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.

Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted at [email protected]

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