Homeowners Insurance

For decades South African homeowners have been forced to use the bank's insurance products, who are coincidentally (i don't think so) owned by the banks. Talk about looking after yourself!

The bank earns interest and charges admin fees on your bond, then they insisted that you accept their insurance, with an insurer owned by the bank. Then they charge you an inflated premium and charge you admin fees and interest on your insurance premiums as well!

Now, thanks to the National Credit Act, homeowners can insure their homes with the insurer of their choice. As a result, we have helped numerous people save money on their homeowners insurance in the past month.

Typically, the banks try to hang onto their client's (read possessions - banks think they own you, by the way) in various ways. Here is how they do it:

• Absa insists on a whole list of extensions which the average person doesn't understand - luckily, for our clients, we confirm cover with the bank on our client's behalf - no effort required from our clients.

• Standard Bank will try to requote the client after he instructs them to cancel the bank's policy - especially if your home is insured for over R3M. Typical, now that they stand to lose the client, they offer him/her a lower premium, but for the past years the bank has charged inflated premiums, without any competition! What a nice position to be in! But it's not all about premium, is it? Once we point out that our insurer's product is in fact much more comprehensive than the bank's, then it's a no-brainer.
  

For more info on homeowners insurance, click here
For more info on our other products, click here