The Standard Bank Home Loan Insurance Policy
If you have a home loan, you need comprehensive insurance to make sure that your financial commitments will be taken care of when you no longer can. With home loan insurance from Standard Bank, you’ll have many benefits to look forward to, as well as protection for your home.
Your property will be covered for damage as a result of structural damage, including fire damage, storm damage or a burst geyser. Standard Bank offers a hassle free cover option that is reliable and offers excellent value for money. Their rates include South African Special Risks Insurance (SASRIA) cover, as well as landslip cover.
Your property must be completely insured within thirty days after your bond agreement is finalized as prescribed in the Insurance and Usuary Acts. Here are some of the additional benefits you’ll receive:
- Home assistance services. This is a range of services to provide you with help when you have an emergency at home, such as a burst geyser, broken window, appliance issue, electrical problems and more.
- Geyser maintenance. They also cover your geyser for normal wear and tear. This service is extended to your entire home, regardless of how many geysers you have.
- Legal assistance for employers. You’ll have legal assistance cover in the event that you have a dispute with your domestic worker. You’ll be awarded telephonic assistance, as well as a consultation with an attorney and advice on legal representation.
As with any insurance policy, there are certain aspects that are not covered, including the following:
- Pre-existing damage to the structure of the property
- Gradual deterioration, rust and damage caused by insect infestations
- Damage to the valves of geysers
- Cracking of the structure (unless caused by external factors)
If you are thinking of buying a home, be sure to take out home loan insurance from Standard Bank and make sure you are covered in the event of an emergency.
