In our guide today, we will focus on the Absa building/homeowners insurance in South Africa.
Your home or property is probably your most prized possession, and therefore you need to be protected from any eventuality that might damage your residence.
This insurance aims to prepare you financially for any loss or damage to your assets and to cover a bank loan if the bank has financed you.
We will first briefly elaborate on what this insurance is all about.
What Is Absa Building/Homeowners Insurance
The building insurance protects your home during the building stage from any eventualities.
The homeowner insurance protects your family, property, and belongings from unseen events.
The homeowner’s comprehensive insurance protects the structure of your property and its permanent fixtures and fittings.
All the belongings in your house are also covered.
Now that you understand what a building/homeowner’s insurance is, we will show you what this policy covers.
Absa Building/Homeowners Insurance
This insurance will cover damages caused by the following:
- Theft or attempted theft
- Malicious damage
- Fire or explosion
- Natural events such as flood, hail, strs, snow, lightning, and wind
- Leaking, burst, or overflowing geysers, water heating systems, and water pipes
- Accidents by vehicles, falling trees, and aircrafts
- Damage by animals
- Power surges
- Aftermath from political activities
This insurance does not cover damages from Sewage pipes, dams, dam walls, and pool cleaning equipment.
This is what is covered by the Absa building/homeowner’s insurance in South Africa.
What Are The Benefits
The insurance covers the fire brigade costs in case of an incident, and you are offered temporary accommodation if your house Is uninhabitable after the incident.
You get an automatic cover for accidental damage of fixed glass, sanitaryware, water, gas, and electricity connections between your home and public supplies.
You are covered even if the claimable incident causes damage or loss to your building materials or fixtures and fittings during alteration or construction.
You get cash back rewards for not claiming for three years.
You also save each month’s overall insurance bill when you consolidate all your insurance cover under Absa.
These are the benefits of the Absa building/homeowner’s insurance in South Africa.