Updated 08.05.2021

Best Home Insurance Providers in South Africa 2021

Home insurance, also known as homeowners insurance or building insurance, gives you financial coverage to repair the damage or loss caused by unexpected events. This type of policy can help you recover from uneventful circumstances faster, so you don’t have to wait and before the appropriate measures can be done.

Types of Home Insurance

There are different types of building insurance and they cover varying assets related to your property.

  • Homeowners Insurance

This covers the building structure against loss in value due to damages. The insurance coverage includes permanent fixtures in the house like the kitchen, cupboard, and toilet.

  • Home Contents Insurance

This covers the possessions inside the house. This includes furniture, appliances, and clothing. Fixed items inside the home aren’t covered under this type of policy.

In this article, we’ll specifically cover some of the best homeowners insurance available in South Africa.

Best Home Insurance Providers in 2021

Aside from the usual coverage against natural calamities, fire, and similar unfortunate incidents, policy providers often throw in extras like no-claim rewards. The offered add-ons are where insurance providers differ from one another.

Here are the best home insurance providers in South Africa to apply to and the benefits they provide to clients:

Sanlam

Sanlam has over 100 years of experience in providing banking and insurance services to South Africans. As a trusted insurer, Sanlam offers protection against unexpected situations like fire, acts of nature, and theft.

Here are the extended benefits of the Sanlam Building Insurance:

  • Loss of water
  • Power surge
  • Water leak and associated repairs
  • Fees of fire brigade for saving the property
  • Property transfer fees
  • Demolition costs and associated professional fees
  • Rental costs for alternative accommodation should your house be damaged and become uninhabitable

Discovery

Discovery offers comprehensive home insurance to protect the actual property, the contents inside, and the portable possessions included in the house. The insurance covers fire, lightning, flooding, and malicious damage.

Here are the benefits you’ll get from Discovery Building Insurance:

  • No extra fees for weather-related claims (exclusive for Classic and Purple Plans)
  • Fixed glass and mirrors are covered for accidental damage or loss
  • Fees for emergency plumbing, locksmith, and electrical services are covered
  • Emergency security and alternative accommodation benefits

Standard Bank

Get cover for appliance repairs, leaks, faults, broken windows, and pest control. With Standard Bank Building Insurance, you’ll also get easier access to service providers of painting, decorating, home repairs, and security.

Here are the other benefits you’ll get from Standard Bank Building Insurance:

  • Structural damage cover caused by fire, geyser bursts, storms, or theft
  • Limited or full landslip and subsidence
  • Geyser replacements
  • First hour of labour is free of charge for home assistance services
  • Legal help when it comes to disputes with domestic workers

OUTsurance

OUTsurance’s mission is to ensure every South African homeowner receives protection from unexpected and unfortunate events. With this, they offer a range of insurance options including portable possessions, home contents, legal and medical assistance, personal accident, and exclusive extras for women.

Here are the benefits of OUTsurance Building Insurance:

  • Get up to 10% cash-back on premiums if you remain claim-free for 3 years
  • 24/7 access to plumbers, locksmiths, and electricians
  • Premium is guaranteed to remain the same for 12 months even if you make a claim within the prescribed period
  • Excess remains fixed
  • Coverage for accidental damage on fixed glass, sanitaryware, and utility connection
  • Lightning surge protection coverage

Hollard

The company offers fully customisable building insurance that will fit your budget. They provide the usual coverage for events like fire, weather, or theft. They also cover losses or damages caused by water leaking or overflowing from pipes, tanks, geysers, and gutters.

Here are the other benefits of Hollard Building Insurance:

  • The building will be protected for loss or damage up to the amount declared upon insurance approval
  • Coverage includes fences, pools, walls, gates, and outbuildings
  • You’ll be eligible for the rewards program that gives a 100% moneyback on insurance premiums after 72 months of not claiming the policy
  • Cover for leak detection and repairs, loss of metered water, employment of security guard, replacement of keys, damage to locks, and much more

MiWay

MiWay Building Insurance covers permanent structures on your property, including fixtures, fittings, and improvements. You’ll get insured for fire damage due to lightning strikes or electrical shorts, water damage due to burst geyser or leaking pipe, and loss or damage caused by a faulty heating installation or water pump.

Here are the other benefits of MiWay Building Insurance:

  • Affordable premiums with the low and flat excess
  • Fixed premiums for up to 36 months
  • Hassle-free claims service that can be managed online
  • Free household emergency assistance
  • Coverage for alternative accommodation in case the property is deemed uninhabitable due to certain incidents

iWYZE

Old Mutual iWYZE is a reliable solution to get coverage against unexpected situations. It gives you comprehensive insurance for accidental loss or damage to the structure of the property. The cost of damage or loss due to natural disasters, fire, explosions, theft, and burst pipes can be covered by iWYZE.

Here are the other benefits of iWYZE Building Insurance:

  • 24/7 home emergency services up to a cost of R2 000 annually
  • Damage from a power surge, animal impact, vehicular accident, and collapse of radio or television aerials can be covered by the insurance
  • Wendy Houses can be included in the coverage for up to R5 000, including household contents in qualified outbuildings

Conclusion

House insurance can give you peace of mind knowing that your largest and probably most expensive asset is covered in case unexpected and uncontrollable events happen. Without any insurance, you’ll risk losing the asset while also paying the mortgage back.

Financed properties are required to have building insurance. You don’t necessarily have to take the insurance under the same institution offering the home loans. You can shop around and get the one that best fits your needs.

In case you bought a property without the need for financing, make sure you get homeowners insurance for your protection. The additional payment you give on premiums is worth it than having no insurance against accidents and disasters.

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