Do you know about the Absa home insurance in South Africa? If not, then check out this guide.
Your home is probably your most prized and important asset, and you need to protect it against any unforeseen activities.
Your home insurance covers your family, property, and your belongings.
We will first show you the key things you need to know about this cover.
What You Need To Know About Absa Home Insurance
You should know what your Absa policy covers and what it doesn’t, so you need to spend time reading through the policy document.
Ensure to give the bank the correct replacement value of all your property and fixtures.
Link your insurance cover to your home loan to save costs.
These are the most important things you should know about Absa home insurance in South Africa.
We will now show you the insurance products you need as a homeowner.
What Are The Insurance Products
Below are the three homeowner insurance covers by Absa:
- Life insurance
- Homeowner comprehensive Insurance
- Home contents insurance
These are the insurance products of Absa homeowner insurance in South Africa.
Now that you know the homeowner insurance products, we will show you how this cover works.
Absa Home Insurance Policy
The value of properties will increase as time goes by, and the insurer will usually make changes to your sum insured to cater to the changes.
This is necessary to ensure the value of your possession and property is always covered by the insurance policy.
Additional property may not be covered under your existing contents or homeowner policy, so you should always contact the insurer and update your policy when you acquire more possessions and property.
The cover protects you from damage or loss caused by fire, power surges, theft, explosions, or malicious damage.
When any of the above, you should alert the insurer immediately and begin the process of claiming for the cover.
The insurer has first to assess the damage, and if the cause is genuine and is covered under the covered events, you will be compensated.
Life insurance covers both natural or accidental death, permanent or temporary disability, and terminal illnesses.
Some Absa home loans will need you to take up the home insurance.
This is how the Absa home insurance works in South Africa.