For most people, a house is their single biggest and most important asset. This is why it is essential to protect it against it against accidental and unforeseen damage. This is where home insurance comes in. Home insurance is cover for your property, mainly for damages caused to your property by natural disasters such as storms, floods, hail and sometimes veld fires, and damages caused by fire due to an electric fault, burst pipes, and other common damages. South Africa has ample home insurance companies to choose from, and the following are some of the biggest and most competitive in the market.
Home Insurance Companies In South Africa
The Discovery Group, which most people are familiar with its medical aid and health insurance has a significant presence in the home insurance market. Discovery Home Insurance offers a wide range of products that can cover your home. These are banded under the Classic, Executive and Essential Plans. Each successive plan offers different levels of cover, and additional benefits. However, with all insurance from Discovery Insure, you can qualify for its Vitality programmes and 50% off your fuel spend at BP stations in South Africa.
Visit https://www.discovery.co.za/portal/individual/home-insurance for more.
FNB is one of the big 4 banks that do offer some insurance products. Because FNB mortgages a lot of households, it is only fair that they should insure those same properties against damage. This is not to say that only FNB bank account holders can apply for FNB home insurance. On the contrary, you do not have to own an FNB bank account for the bank to insure your home. This insurance covers your home against damage caused by motor vehicles, natural disasters, household disasters, and offers a wide range of benefits like a 15% cash back of your premiums in the form of eBucks.
To find out more about household insurance from First National Bank, go to this link: https://www.fnb.co.za/insurance/household-structural-insurance.html.
Another banking group whose home insurance products are very popular is Standard Bank. Their comprehensive household insurance covers your home against structural damage, damage caused by theft and break-ins, and all the other options like natural disasters etc, mentioned in our synopses of the home insurance policies of other insurers.
Go on and visit Standard Bank’s household insurance website on http://www.standardbank.co.za/standardbank/Personal/Insuring/Home-&–vehicle-insurance/Homeowners-insurance.
Compendium Insurance Brokers/CIG
This company is partly owned by the Hollard Insurance group and Bidvest Financial Services. Through various branches in South Africa’s major cities, Compendium offers a wide range of home insurance products to discerning South Africans. Compendium is very strict about calculating your sum insured, which is the total amount of cover you will need to rebuilt all the components of your property that can be damaged and covered under the policy. Because of this, the company is able to save you money with each monthly premium that you pay.
Compendium’s website, https://www.cig.co.za/home-insurance.aspx, is where you can find out more insurance about the company and its offerings.