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, on the other hand, is 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 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.
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 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 labor hour comes for free, however, the remaining hours are billed on the policy holder’s account.
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 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.
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.
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 or landslip. The destruction or damage is covered unless it is caused by:
Standard Bank Buildings Insurance provides clients with comprehensive cover that they can utilize to cover their homes from many occurrences. The company 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.