Mind the Gap: Understanding the Difference Between Your Current and Available Fund Balance
03 November 2017
Getting homeowner’s insurance cover is merely one step in making sure that your most prized asset is protected. So we spoke to the Home Owners Comprehensive (HOC) Product Manager from Absa Insurance to get a better understanding of the importance of reading and understanding your homeowner’s cover policy, what responsibilities a homeowner has with respect to maintenance, and how and when to claim.
First things, first
It is of the utmost importance that you read and understand the insurance policies you hold. Please do not assume that because you have homeowner’s insurance, you are covered in any and all eventualities. Go through your policies and make sure you know the listed events covered and what will be excluded.
What can I do?
After reading through and getting acquainted with your policy particulars, get down to the nitty gritty of what you can do to get the most out of your homeowner’s cover.
As a homeowner, the onus lies on you to keep your home in good shape. Regularly inspecting, repairing and maintaining your property will be critical to avoid wear and tear that could lead to damages to your home.
When and how should I claim
When you are in doubt whether or not to submit a claim, it is best to get in touch with your insurer and get their advice on the matter. It is important to reach out and report the incident, and/or its effects within 30 days of noticing. Do not leave it and wait for it to get worse. If there is evidence that you knew about a problem and did not contact your insurer within a reasonable time frame, your claim could be rejected.
Provide as much information as possible at the start the claims process, especially if a third party is involved. Taking and sending photos will generally be helpful, but they are not a requirement for your claim to be processed.
There are two ways to register your claim, visit us online or give us a call at 0860 100 876
The claims process from start to finish
Now that your claim has been registered, you might ask yourself ‘what comes next?’. Absa describes the process as follows:
- Register your claim. All processes, excess requirements and time frames will be explained to you at this point
- An assessor, usually a supplier, is appointed to report and quote on the repairs
- The quote is authorized by the insurer if the claim is valid
- The supplier completes the repairs and invoices the insurance company
- Absa pays the supplier
- You, as the client, pay your policy excess to the supplier before the start of any repairs.
- Absa will follow up on your case to ensure that there is progress
- You will be required to sign off on repairs completed to ensure that you are satisfied with the work undertaken by the supplier. The insurance company uses this score to measure the service delivery of all suppliers
In a few simple steps, you will be back on track.
Why did my claim get rejected?
In most cases claims are rejected for one of two reasons:
- Your policy did not cover the event that occurred.
- You have neglected to maintain your property and this has resulted in the loss.
The best advice to all homeowners, is to make serious work of it to read and know the policy wording before you ever need to claim. Also be sure to compare benefits and limitations of your insurance options. A recent competitive analysis has shown that Absa’s insurance offerings are very comprehensive in comparison with most. Competitors can make their offerings seem less expensive with exclusions and limitations – be wary of this practice.
Did you know that you could receive an 8% discount on your homeowner’s insurance with Absa, if you pay your premium once per annum from your bond account? The time to take control of your biggest asset and its maintenance and cover is now.
Please reach out and get in touch with a policy administrator if you feel uncertain about your policy particulars or would like to research your options. Policy administrators will be happy to address your concerns and queries, and answer all of the questions you may have. To find out more, contact Absa Insurance or get a quick and easy quote.
Disclaimer: The advice contained on this blog is for general purposes only and does not take into account individual circumstances, objectives or financial needs. Accordingly, readers are advised to seek appropriate advice from licensed professionals prior to making any investment, or taking up a financial product or service.