Reviews

Top 10 buildings insurances in South Africa 2022

Published by
Lethabo Ntsoane

Buildings insurance is a valuable asset that all South African homeowners should obtain. The problem is that you never know what will happen to your house tomorrow, and the possibility of losing your home entirely exists.

It is your responsibility as a homeowner to avoid a situation in which you and your family members do not have a place to live. Rather, protect your valuable assets with Buildings Insurance because you need it more than you can imagine.

Those who obtain a home loan are required to have homeowners insurance because lenders make it clear that they will not fund a home loan transaction without buildings insurance. This is because lenders want to protect their interest in the house purchased on credit with an insurance policy in the event of an unforeseeable event.

How to choose the right buildings insurance? 

Before we get into our top ten list of the best building insurance products in South Africa, we would like to walk you through the process of selecting a building insurance. When purchasing building insurance, people are more concerned with the price than with the quality of insurance they are purchasing.

The indemnity section of a buildings insurance contract is arguably the most important section of your buildings insurance contract, and it will most likely determine whether the insurance product you want is suitable for you. Cover for natural disasters must not be negotiable. 

Natural occurrences must be fully covered. Since building insurance is a comprehensive policy, it must cover occurrences such as damage or loss to buildings caused by burglary, theft, or attempted theft.

Furthermore, you must understand the company from which you are purchasing buildings insurance. Using review websites to see how your future insurer treats other customers can be extremely beneficial.

According to the discussion, selecting a building insurance can be difficult because it demands some reading and fact-checking. While it is not an easy task, it should be a fun activity to participate in because it involves an asset that is at the apex of your needs.

Now that you know what to look for when shopping for buildings insurance, let’s take a look at the top ten products on the market. Our list is not arranged in any particular order and is intended to assist consumers in shortlisting buildings insurance products when shopping.

1. Santam Buildings Insurance

Santam Buildings Insurance is one of South Africa’s largest building insurers, and one can rely on its products because the service provider has been around for over a century now. The Santam building insurance product protects homes from potential risks that may affect your home, such as natural and human acts.

This product covers your entire home, including any fixtures or fittings. Fires, explosions, storms, lightning, floods, and theft are all covered events, and your home will be repaired if any of these occurrences cause damage or loss.

By choosing Santam Buildings Insurance, you get the following benefits:

  • Alternative accommodation should any covered occurrence cause your home to be uninhabitable.
  • Comes with a cover for loss of water or water supply in the house.
  • Damage or loss caused by a power surge to your house is covered.
  • Costs of tracing a leak as well as necessary repairs are covered by Santam Buildings Insurance.
  • Fire brigade charges incurred while preventing or reducing damage to property are covered.
  • Professional fees and demolition costs are covered by the policy.

2. iwyze Homeowners Insurance

OLD Mutual provides iwyze homeowners insurance, which provides comprehensive home insurance coverage for your home. The coverage extends to your entire property, including walls, fixtures, and fittings.

Structures on one’s property are protected from accidental loss or damage. It covers any loss or damage caused by a fire, explosion, lightning, storm, wind, flood, hail, snow, or earthquake.

When you choose iwyze homeowners insurance, you can expect to receive benefits. The benefits include:

  • Home emergency services cover for home emergencies to the value of R2000.00 per year. Only two incidents can be claimed per year, however, the service is available 24/7.
  • Repairs or replacements of keys, locks, and remote controls are covered.
  • Bursting, leaking, or overflowing of pipes, water apparatus, or oil-fired heating apparatus are covered.
  • Impact to the house caused by animals, vehicles, falling trees or parts of trees, aircraft or articles dropped from above is covered.
  • Breakage or collapse of fixed radio or television aerials, satellite dishes or masts are also covered by the product.

Theft or attempted theft that causes damage or loss to insured property is covered. At an additional premium, one can also add accidental property damage on occurrences that are not listed.

3. Discovery Buildings Insurance

Discovery Insure provides home insurance products that are tailored to people who live a unique lifestyle. There are product options to choose from, and each choice will be based on the client’s coverage requirements.

The Essential plan, the Classic plan, and the Purple plan are examples of plans. Natural acts are covered by the plans; however, the Essential plan requires an excess payment for weather-related claims.

The Discovery Buildings Insurance provides the same benefits as any other building insurance on our list. The following are some of the benefits of selecting Discovery buildings insurance, regardless of the plan selected:

  • Access to alternative accommodation should your house be deemed uninhabitable.
  • Accidental loss or damage to buildings, any fixed glass, mirrors, and sanitaryware are covered.
  • The policy comes with emergency plumbing, electrical, and locksmith services at no additional cost.
  • Repair or replacement of keys, locks, and remote controls is covered.
  • Cover for damage to gardens, trees, plants, shrubs, and irrigation systems on the grounds of your buildings is included.
  • Accidental loss or damage to swimming pool filters, boreholes and other water pumps in domestic use is covered.

With an additional premium, you can add other features to your policy such as subsidence and landslip cover, more than 60 days unoccupied cover, and excess flexibility cover. 

4. Budget Insurance for Buildings

Budget buildings insurance protects you against a wide range of events that could result in the loss or damage of your property. Budget buildings insurance covers your home, including fixtures and fittings, tennis courts, gates, and outbuildings on your property.

The Budget cover includes a variety of natural occurrences such as fire, falling trees, floods, storms, and earthquakes. Other covered events include theft and break-ins that cause damage to the insured property.

By choosing Budget Insurance as your insurance provider, you will be able to take advantage of assistance benefits that will make your life easier whether you are at home or on the go. Clients also receive up to R20 million in homeowners liability insurance to protect them against legal liabilities resulting from covered occurrences.

5. Momentum Buildings Insurance

Momentum buildings insurance is a comprehensive policy that covers a wide range of occurrences. Coverage is provided for natural acts that cause damage or loss to your buildings, such as explosions, fires, floods, hail, and other natural disasters.

Human acts such as theft and break-in are also covered because they can cause damage or loss to some or all of the buildings. Vehicles, falling objects, and animals causing accidental damage to buildings are also covered.

The following are some of the benefits of choosing Momentum Buildings insurance:

  • Compensation for amounts owed to local authorities for loss of water due to leakage, and
  • Cost of hiring security guards to prevent further damage to buildings following an insured event.

6. Naked Buildings Insurance

The Naked Buildings Insurance is powered by Hollard and it has been making moves and becoming a force to be reckoned with. The cover is available for buildings and is covered against natural acts and human acts. 

Naked Insurance buildings insurance covers any loss or damage caused by fire, theft, subsidence, water damage, floods, and other natural disasters.

Clients can ensure their buildings against bursting or leaking hot water tanks, electrical and gas geysers, and accidental damage to contents for an additional fee.

The following are some of the advantages of using Naked insure as your buildings insurer:

  • Repair and replacement cover for locks, keys, and remote controls,
  • 24/7 emergency assistance to help with organizing as a specialist to assist a client with a home emergency.
  • A free security guard is made available should a covered incident leave the house unsecured.

7. Standard Bank Buildings Insurance

The Standard Bank Buildings Insurance, believe it or not, has made it to our top ten list. Thanks to the company’s ability to cover settlements beyond the buildings insured. 

Natural disasters are covered by the Standard Bank Buildings Insurance. Furthermore, theft and break-in are covered if the theft and/or break in cause damage to the insured buildings.

Domestic workers are also covered, and they are compensated if they are injured as a result of a covered incident. Domestic employees are covered up to R15,000.00 in the event of death or disability.

Clients of Standard Bank Buildings Insurance have access to the uCount rewards program and can earn uCount rewards on their policy. The policy also includes a home assistance feature that covers leaks, broken windows, pest control, and appliance repair in your home.

8. King Price Buildings Insurance

The King Price Buildings Insurance policy protects your home, outbuildings, fences, walls, swimming pools, tennis courts, and other valuable property located on your property. The client’s property is safeguarded against natural disasters and human acts.

The King Price Buildings Insurance covers losses or damage to buildings caused by floods, explosions, fire, hail, theft, earthquakes, and other events. Building coverage includes fixed glass and sanitaryware, as well as water, gas, electricity, and phone connections.

9. OUTsurance Buildings Insurance

OUTsurance is one of South Africa’s most trusted insurers, and when the name is mentioned, quality products come to mind. OUTsurance’s buildings insurance provides comprehensive coverage that is competitive in terms of what is covered.

The policy covers buildings against natural disasters such as floods, earthquakes, hail, storms, and other natural disasters that can cause damage or loss to insured buildings. Human error and acts such as fires, explosions, theft, and break-ins are also covered.

When you choose OUTsurance to cover your buildings, you receive the following benefits at no extra cost:

  • Cover for costs of calling out the fire brigade.
  • Temporary accommodation after a covered incident left your house uninhabitable.
  • Unchanged premiums for 12 months at a time even if a claim was submitted during the period.
  • Glass cover for fixed glass and sanitaryware,
  • 10% paid back every three claim-free years.
  • Access to approved service providers for home repairs.
  • Access to electricians, locksmiths, plumbers, and more.

10. Nedbank Buildings Insurance

Nedbank comes in at number ten to round out our list. The Nedbank Buildings Insurance does not require much from clients and its policy is simple to understand.

The policy protects your home from natural disasters such as floods, storms, earthquakes, and other occurrences. Other coverages include building damage caused by theft or attempted theft.

The insurance product includes the following benefits:

  • The insured amount increases automatically to ensure that the covered buildings and outbuildings cope with inflation.
  • The policy comes with a personal liability cover that requires no additional premium.
  • Damage to the buildings caused by geysers and burst or leaking pipes is covered by the product.

Conclusion 

Buildings insurance is one of the most important insurance products that you may ever purchase in your life; therefore, if you are unfamiliar with buildings insurance products, it is recommended that you consult with an expert before purchasing one. Alternatively, you can use our list as a guide to help you make a more informed decision when selecting building insurance.

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 lethabo@rateweb.co.za

Published by
Lethabo Ntsoane