Building insurance

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Codebreaker007

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Howsit guys

As part of my bond, I need to take out building insurance
I am new to this so any advices are welcome

Which insurance providers are you with

I've also heard from few people to not take out building insurance with your bond holder. Why is this?

Thanks
 
It's typically double the price with the bond holder..

surely you have car/household contents insurance already..? If so, just use them instead..
 
I know @RonSwanson mentioned Naked app.

Offer to purchase question

It is a new development, so it could go a lot quicker…. what benefit would specifying an occupation date have? U will DICTATE the time-frame of transfer process to suit your circumstances (Discuss with Conveyancers...). Agent has vested interest in getting COMMISSION ASAP
mybroadband.co.za mybroadband.co.za

www.naked.insure

Naked Insurance | Building Insurance

Get building insurance to cover your home from fire, flood and other risks. Our tech means lower premiums for homeowners, plus you can claim on our app.
www.naked.insure www.naked.insure

@zerocool2009 swears on FNB for everything, so could check FNB Insurance.

I will personally probably go with Santam as I am already using them and/or try Naked.
 
I personally use FNB (as their direct insurance), and get 15% back (rewards).

Previously was with FNB insurance (santam subbed). Never had an issue with them.

I support where service and costing thrive!

Shop around. Usually if you add house contents and cars, it works overall cheaper out.
 
RedViking said:
I know @RonSwanson mentioned Naked app.

Offer to purchase question

It is a new development, so it could go a lot quicker…. what benefit would specifying an occupation date have? U will DICTATE the time-frame of transfer process to suit your circumstances (Discuss with Conveyancers...). Agent has vested interest in getting COMMISSION ASAP
mybroadband.co.za mybroadband.co.za

www.naked.insure

Naked Insurance | Building Insurance

Get building insurance to cover your home from fire, flood and other risks. Our tech means lower premiums for homeowners, plus you can claim on our app.
www.naked.insure www.naked.insure

@zerocool2009 swears on FNB for everything, so could check FNB Insurance.

I will personally probably go with Santam as I am already using them and/or try Naked.
Click to expand...
Naked is cool, you get a quote within seconds vs the cost of a 45m call to a callcentre agent who babbles on and on about this and that.
 
If costing is expensive, increase your excess on the geyser. In the short term (10 years period), thats most likely to burst
 
RonSwanson said:
Naked is cool, you get a quote within seconds vs the cost of a 45m call to a callcentre agent who babbles on and on about this and that.
Click to expand...
I am thinking to get a second quote from naked as I think my santam insurance is too high and my broker has retired and new guys taking over, I dont like them and it doesnt have that personal relationship anymore. I guess Naked wont give me a call on my birthday as well?
 
RedViking said:
I am thinking to get a second quote from naked as I think my santam insurance is too high and my broker has retired and new guys taking over, I dont like them and it doesnt have that personal relationship anymore. I guess Naked wont give me a call on my birthday as well?
Click to expand...
I did this recently and managed to get a 700 bucks saving on my Santam policy..
 
Recently got a new bond and had to do the same. Oddly the bank was very competitive, but stayed with my Santam which was a few cents cheaper.
 
Thanks guys. Just want to know, what if the bond holder rejects 3rd party insurance quote?
 
Codebreaker007 said:
Thanks guys. Just want to know, what if the bond holder rejects 3rd party insurance quote?
Click to expand...

You need to have insurance in place (before accepting the bond), or rather, once signed. (You need to shop asap). Its a risk on the bank, and I am pretty sure its a condition in the bank’s t&c’s
 
Codebreaker007 said:
Thanks guys. Just want to know, what if the bond holder rejects 3rd party insurance quote?
Click to expand...
The bond holder can only reject if the coverage isn't adequate. They will give a list of their requirements and the 3rd party will have to confirm in writing that everything is above board.
It would be anti-competitive to reject without good reason.
 
just as a fun fact, building insurance is based on replacement value, and to determine the replacement value you have to get a certified valuator to come out and do an assessment of the property

and replacement value is not market value
 
saturnz said:
just as a fun fact, building insurance is based on replacement value, and to determine the replacement value you have to get a certified valuator to come out and do an assessment of the property

and replacement value is not market value
Click to expand...
A valuator is not necessary, you can do it yourself if you know the size of your buildings and improvements. There is tools available on most insurers websites that you can use to help calculate the replacement value. I've done mine a couple of times when my policy is due for renewal.
 
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Katelknaap said:
A valuator is not necessary, you can do it yourself if you know the size of your buildings and improvements. There is tools available on most insurers websites that you can use to help calculate the replacement value. I've done mine a couple of times when my policy is due for renewal.
Click to expand...

you can give the insurance just about any value as a replacement value, but when things go wrong they will look for any loophole to discount the payout if they feel the replacement value is inaccurate, and I wouldn't take the risk of an online tool which could easily be discredited by the provider
 
Replacement value is not enough. Who's going to clear the site if the house burns down?

Add it to insurable value.
 
saturnz said:
you can give the insurance just about any value as a replacement value, but when things go wrong they will look for any loophole to discount the payout if they feel the replacement value is inaccurate, and I wouldn't take the risk of an online tool which could easily be discredited by the provider
Click to expand...
Not so easy to discredit if you use your insurer's own tool. They are pretty self explanatory and easy to use by applying some common sense.
 
zerocool2009 said:
You need to have insurance in place (before accepting the bond), or rather, once signed. (You need to shop asap). Its a risk on the bank, and I am pretty sure its a condition in the bank’s t&c’s
Click to expand...
One could use corporate GroupLifeCover?
 
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