The benefits of home insurance value-adds

A home is likely the most expensive asset you’ll ever finance, and it can put you in debt for 20 years. Amid the excitement of ownership and dreaming up plans for the property, you must also make sure you protect this investment by taking out insurance.

Nedbank House Contents Insurance and Building Insurance are 2 forms of cover that will give you peace of mind. Building insurance covers the private residential structures, including fixtures and fittings. House contents insurance covers home contents that aren’t permanent fixtures on your property.

Between them, they can protect you from loss or damage caused by storms, wind, floods, hail or snow, as well as theft, burglary, and accidental loss of keys.

In addition, if you take out insurance on your home and its contents with Nedbank, you can expect some helpful value-adds.

4 key benefits of our home insurance value-adds

1. Rent allowance

It’s traumatic enough if a disaster strikes your home, but it’s even harder when you need somewhere to live while it’s being fixed. Should your home be severely damaged – for example, if it were to burn down – your building insurance will cover rent for alternative accommodation while your home is being repaired.

2. Loss of water refund

Your home insurance will compensate you for the money owed to your local authority for water loss caused by leaking or burst pipes – but only if the meter reading is 50% higher than the 4 previous ones, and if you can show that you took active steps to trace and repair the leak to prevent water loss. 

It helps to include all-risk cover to insure valuable items that you wear or carry with you


3. Keys, locks, remote control refund

Both building and house contents insurance will cover the costs of replacing damaged keys, locks, remote controls and access cards.

4. Fire extinguishing charges

Under both types of cover, you will also be compensated for the costs of a recognised fire-extinguishing service putting out a fire on your property.

Some exclusions from cover

It’s important to know what risks are covered by your insurance and what’s excluded before you take out a policy. For example, house contents cover doesn’t apply if there’s malicious damage to property that you’ve rented out (unless there is forcible entry into the private residence), nor does it cover normal wear and tear on your possessions, or any malfunctioning items already covered by a manufacturer’s guarantee.

Building insurance will not cover storm, wind, flood or hail damage during renovations, additions or extensions if the loss or damage is caused or made worse by the renovations, additions or extensions. It doesn’t cover damage caused by inadequate maintenance of the property, or losses caused by wear and tear, weeds and roots, decay, mildew, rising damp, termites, wild animals or vermin.

Explore all-risk cover

It helps to include all-risk cover to insure valuable items that you wear or carry with you, like jewellery, phones, watches and laptops. This allows you to replace them if they’re lost or accidentally damaged and can also offset any exclusions that may apply to your home contents or building insurance cover.

Take charge of your life

When you own a home, insurance is essential to protect your prized assets. Learn how our value-add services work to make your life simpler.