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A closer look at your policy conditions

Let’s take a look at a few of the most commonly misunderstood conditions in the Nedbank Homeowner’s Insurance policy:

Unavailable or unobtainable fixtures, fittings or any other materials

If any component or matching material that needs to be replaced cannot be purchased readily in South Africa, we will pay only for the replacement of the component or material that is damaged with the nearest available matching material, and not for the replacement of all of the similar components or material on the property. We will in such a case, however, waive the excess amount payable by you. 

 

 

Automatic increase in sum insured

We will adjust the amount of your cover and your premium in accordance with building cost increases as determined by the relevant authorities each year, to reduce your risk of underinsurance. However, this does not mean that you don’t need to review your policy and make sure that you aren’t underinsured. Ultimately you are responsible for ensuring that your cover is adequate.

 

 

Use of your property

Your policy covers your property only as a residential property. If you do any kind of business from home or sublet your property to multiple tenants, you need to inform us in order for your cover to remain in place and valid.

 

 

Valuation

Although your property may have been assessed by the bank to determine its purchase value, you still need to have it inspected thoroughly and valued to confirm that the structure complies with your policy conditions and that it is insured for the correct amount. 

 

 

Maintenance of insured property

Your policy requires that you ensure that your property remains in good condition and complies with standard building regulations at all times, regardless of whether you are living there yourself or are letting the property to tenants. 

 

 

Unoccupied, vacant and abandoned buildings

Your insurance cover is only valid if the property is not left unoccupied for longer than 30 days. Be sure to let us know in writing if your property is going to be unoccupied or vacant for 30 days or more.

 

As your insurance provider we aim to give you complete peace of mind with regard to the security of your most valuable asset. This is why we urge you to familiarise yourself with the contents of your insurance policy documents. If you are uncertain about any clauses in your policy documents, get in touch and let us help to clear up any misunderstandings.

 

 

Many homeowners don’t realise how important it is to understand the conditions of cover stipulated in their policy documents, resulting in their insurance claims being rejected.
Additional Information

Nedbank Insurance is brought to you by:

Nedgroup Life Assurance Company Limited Reg. No. 1993/001022/06, an authorised financial services provider (FSP 40915) and a registered credit provider (NCRCP61). Nedgroup Insurance Company Limited Reg. No 1993/001021/06, an authorised financial services provider (FSP 41104). Nedbank Limited Reg No 1951/000009/06, an authorised financial services provider (FSP 9363) and a registered credit provider (NCRCP16).