SBS offers home insurance cover
YOUR home is more than just four walls and a roof; it is where you build memories, raise a family and find comfort after a long day.
But even the most secure home can be vulnerable to unexpected events, like theft, fire, or storm damage. That is where home insurance comes in. With the right policy, you can rest easy knowing that your home is protected from the unexpected. Swaziland Building Society (SBS) is offering its customers an insurance product for their houses known as Home Owners Cover (HOC).
Home-owners cover or insurance protects against damage to one’s home and belongings from covered perils and safeguards assets. A general definition of homeowners insurance is that it is a form of property insurance that covers losses and damages to an individual’s residence, along with furnishings and other assets in the home.
Homeowners insurance also provides liability coverage against accidents in the home or on the property. The HOC insures against incidents such as fire, lightning, explosions, storms, wind, water, hail and snow. Circumstances known as acts of war or acts of God, such as earthquakes or floods, are typically excluded from standard homeowner’s insurance policies.
Therefore, society’s HOC does not take into account landslides on the property or damage to gates, retaining walls and all types of fences caused exclusively by weather-related perils. Wear, tear, and gradual deterioration are also not covered, nor are bursting or overflowing water tanks or causing damage to apparatus or pipes.
ELIGIBLE
SBS Manager Marketing Veli Dlamini said customers who purchased or built homes on Title Deed Land (TDL) and Eswatini Nation Land (ENL) were eligible for this cover. “It is important to note that the building insured should be brick, stone, or concrete, with slate tile, asbestos, or a metal roof, and all its outer buildings,” he said.
He mentioned that the HOC is available to both individuals and families who are in the process of purchasing homes.
“To qualify for this insurance cover, an applicant should have a valid national identity (ID) card recent valuation report of the property and the
National ID of the spouse, if applicable. If the property is on ENL, then pictures of the homestead and the property will be required,” said Dlamini.
The HOC excludes items such as capital additions, municipal fire brigade charges, protection of buildings against further damage, automatic inflation margin, loss of rent, accidental damage to public or main connections, rebuilding costs and the cost of removing fallen trees.
Dlamini said: “This insurance product provides added value to clients in that it protects the customers’ investment, provides a 10 per cent discount rate on premiums until March 2024, and is convenient for the customer as the premium collection and remitting will be the responsibility of the society.”
It should be noted, however, that every homeowner’s insurance policy has a liability limit, which determines the amount of coverage the insured has should an unfortunate incident occur. The society predominately uses the homeowner’s insurance cover to cater for private dwellings financed by the society.