Your home, a place of
hope and memories
Homeowner’s
Comprehensive Insurance
Why choose Absa Insurance Company’s
What is Homeowner’s Comprehensive Insurance? Homeowner’s Insurance?
At Absa, we don’t just think about insurance...
Homeowner’s Comprehensive...we think covers
Insurance about your
the things you
property, itslove.
permanent fixtures • Absa offers you a seamless process, in which you are provided with an insurance
and fittings. This implies everything that forms part of the structure of the property, quote for your home through Absa Insurance Company, while applying for your
which includes but is not limited to, the building, domestic quarters, outbuildings, Home Loan.
garages, carports, paving and property boundary walls. The policy provides cover for
sudden and unforeseen damages according to the policy’s insured perils. • Affordable insurance premiums, collected from your bond account, if you so
We know that your house is more than just a building. Which is why ensuring your home is covered means so much to us. Because choose, ensuring that premiums are paid and you are always covered.
we know that your home is a place of hopes, memories and dreams. Yet, like everything in life, your valuable investment is not
immune to misfortune. So, if anything happens, you need to feel your insurance kicking in. • Absa Homeowner’s Comprehensive Insurance provides full comprehensive cover.
These include but are not limited to.
Homeowners insurance gives you peace of mind and security, providing cover for the structure of your residential home, against: • We have a hassle-free claims process with the ability to register your claim digitally
on the Absa website or even from your Banking App.
Wind, thunder, Fire and Unlimited leaking, Impact damage.
lightning, storms, explosion. bursting or overflowing
hail, floods and snow. of geysers and pipes. • We have a panel of hand-picked service providers that provide high-quality work in
Malicious Theft or Subsidence and
the event of a claim and offer a guarantee on their workmanship.
damage. attempted theft. Earthquakes. landslip/landslide.
• We provide our clients with additional benefits such as Accidental Death cover to
The insurance also offers cover for alternative accommodation for household members when property is uninhabitable following loss or damage.
the value of R12 500.
As a homeowner, please remember to:
• Alternative accommodation in the event that you and your family are displaced due
to an insured event.
Why is it important to have• Homeowners
this insurance
• Familiarise yourself with the contents of your policy
wording.
cover?
cover does not make provision
for structural faults and lack of maintenance. A
valuation on your property does not mean it is free
• Rental income lost due to displacement of a legal tenant due to an insured event.
• The policy terms and conditions provide examples
of problems. It simply means that the property
and give clear explanations of some of the insurance
A home is the
terminology yougreatest andaround.
often see thrown most precious assetmeets
thattheabank’s
person possesses
financing requirements.and a total The above are subject to limits as stated in the policy terms and conditions.
loss of your
• Keep property
any subsequent due to
information a fire
we send youor severe damage,
together
• You shouldwhich may
check your homebeoncaused by instorms,
a regular basis
same way you did before you decided to buy it.
the
with your policy documents. That makes finding what
for example, could leave you in financial distress
you need in the event of a claim so much simpler.
and unable to continue to live in your
• If you alter the construction of your home, for example
home. Homeowner’s insurance is therefore extremely replacing aimportant
tiled roof with aand
thatchvery affordable in
• Homeowners insurance does not cover general maintenance
terms of the cover provided, giving you peace ofinform
mind in and
thedoes
event
roof, you need to
us immediately. This could have an impact on We also offer emergency home assistance:
changeof
thean
riskunfortunate
for your insured property. Therefore, your cover depends
your premium profile of your
on you doing regular and adequate maintenance on your
loss.property. This extends to general wear and tear. property.
• Home Assist is a 24-hour helpline providing assistance for emergency household
repairs to be carried out that could result in consequential damage. It may also
refer to a situation where a policyholder has no access to essential services such
as electricity, hot water or sanitary facilities.
What is important to know when financing your home? • The service provides for three (3) incidents per calendar year or per year from
To contact Absa Insurance Company for a copy of your policy documents, you need to contact our policy administration department on 0860 100. 876.
policy inception.
In South Africa, there is no law that makes it compulsory for a person to insure their
• You will have access to the following services:
property. Most banks, however, do include homeowner’s insurance as a mandatory
Absa Insurance Company Limited Reg. No. 1992/001737/06. Authorised Financial Services Provider FSP 8030. ‘idirect’ is a Registered Trademark
obligation of the home loan. When you apply to a bank, whether directly or not, the • Plumbing repairs
bank will request you to provide proof of homeowner’s comprehensive insurance for
• Electrical repairs
the full replacement value of your property, before the finalisation and registration of
the bond. The purpose of this is to protect you and the bank from the risk of damage to • Locksmith repairs
the property, which could result in a financial loss
• Appliance repairs
• Glaziers
• The service covers the call-out fee and the first hour’s labour is free.
• Please refer to the full brochure for Home Assist benefits.
Not all eventualities are covered by your insurance policy
and it is important to understand what is not covered.
Here are some examples of what is not covered:
• Damages that existed before you bought the property.
• Defective construction.
• Damage due to wear and tear and breakdown (such as your gate motor or garage
door motor that just stops working without any insured event happening).
• Refilling of swimming pools.
• Lack of maintenance to the property.
• Consequential loss.
• Illegally occupied buildings (this is a building occupied by people without your
permission).
• Damages to your property if it is rented/not occupied by you, unless there are
signs of forcible violent entry or exit.
It is necessary for you to read the policy terms and conditions in conjunction with the
policy schedule as these documents provide full details of what is covered, what is not
covered, the excess structure (first amount payable) and cover limits.
What is important for you as a homeowner to understand?
Purpose of a bank valuation:
Although the property may have been assessed by the bank, the purpose of the
assessment is to establish that the property market value is sufficient security against
the loan amount provided for by the bond. The assessment does not guarantee that
the property is free of defects or that the structure(s) is/are built according to building
regulations. The assessment provides an estimate of the replacement value/sum
insured, however, it does not guarantee that either is correct. It is the responsibility
of the bondholder/insured to ensure that the sum insured on the policy schedule
adequately covers the cost of rebuilding the entire structure(s), including all its
permanent fixtures and fittings.
R What is the full replacement value of the property and why
must you insure it for this amount? For the full terms and conditions, please refer to AIC’s Homeowner’s Comprehensive
Insurance policy.
The full replacement value is the amount that it will cost to rebuild your property
should a total loss occur. This value takes into account additional costs in the event of
a total loss, such as rubble removal, engineer and architectural fees, hence making the
replacement value higher than the market value of the property. For further information, please contact Absa Insurance Company on the following
details, Monday to Friday from 08:00 to 16:30.
Although we are closed on weekends and public holidays, if you need assistance you
can call us and you will be routed to our 24 hour call centre for assistance for certain
Why is it important to review your policy and how often? claim related matters.
It is important that you review your homeowner’s insurance at least annually to make
sure that you are adequately insured. Most homeowners will make improvements to Policy queries
their homes (excluding ongoing maintenance) and we emphasise the need for you
to reassess your homeowner’s insurance cover when you make such improvements/ Telephone: 0860 100 876
alterations. Email: adminhoc@absa.co.za
As a homeowner, please remember to: Home Assist queries
Telephone: 0860 100 876
• Familiarise yourself with the contents of your policy wording.
• The policy terms and conditions provide examples and give clear Claims queries
explanations of some of the insurance terminology you often see thrown Telephone: 0860 100 876
around.
New claims: hocclaims@absa.co.za Existing claims: claimsinfo@absa.africa
• Keep any subsequent information we send you together with your policy
documents. That makes finding what you need in the event of a claim so
much simpler. Complaints
• Homeowners insurance does not cover general maintenance for your insured Telephone: 0860 111 665
property. Therefore, your cover depends on you doing regular and adequate
maintenance on your property. This also applies to the general wear and Email: ais.complaints@absa.co.za
tear.
• Homeowners cover does not make provision for structural faults and lack
of maintenance. A valuation on your property does not mean it is free of
problems. It simply means that the property meets the bank’s financing
requirements. Insurance Fraudline:
• You should check your home on a regular basis in the same way you did Telephone: 0860 002526
before you decided to buy it.
Email: insurance@fraudline.co.za
• If you alter the construction of your home, for example replacing a tiled roof
with a thatch roof, you need to inform us immediately. This could have an
impact on your premium and does change the risk profile of your property
Absa Insurance Company Limited Reg No 1992/001737/06 Authorised Financial Services Provider FSP 8030
