Home insurance - how much?

[xrapidx]

Anyone who owns a home - how much is your home (building) insurance?

ABSA just deducted R450 from my account without letting me know - I queried the amount and its home insurance - would of been nice if they let me get a quote from my broker.

 

[jvk]

yeah, you must take their insurance if you don't already have one. if you have one you must let them know and provide proof to them else they will continue to charge you. same applies to life cover for your home loan IIRC. just moved into our place the past weekend and we had our insurance already sorted out...good thing because we had plumbing issues with the pipes internal and external. the insurance covered everything !

 

[Paul_S]

My home(building) insurance is approximately R300 (can't remember the exact figure) from SA Home Loans and the insured amount is for R1.3 million

 

[xrapidx]

yeah, you must take their insurance if you don't already have one. if you have one you must let them know and provide proof to them else they will continue to charge you. same applies to life cover for your home loan IIRC. just moved into our place the past weekend and we had our insurance already sorted out...good thing because we had plumbing issues with the pipes internal and external. the insurance covered everything !

Yeh - when I signed the documents in July, I didn't want to sign the insurance once because it basically said I had to accept their quote - but they left the amount blank - which is why I didn't want to sign it.

They then said they'd call in in the month of October to confirm the amount so I can get a quote from my broker, who has so far beaten any quote by about 30-40%. Needless to say, they didn't phone me.

I asked them for proof that I accepted their quote - they sent me the same blank form.

My home(building) insurance is approximately R300 (can't remember the exact figure) from SA Home Loans and the insured amount is for R1.3 million

I just called them - mine is now R401 on R1,820,000. My broker said he should be able to get it for around R250. Waiting for his quote.