FNB short term circus.

I submitted a claim on my buildings insurance with FNB about two weeks ago. I have shade netting around my house, and with the recent winds it tore. (All of my bank accounts have been with FNB for over 15 years. My homeloan is there as well as my car and home insurance).

I insured my property for R100k over the purchase price.

I submit the claim and an assesseor comes out. I hear nothing. 3 Days later I ohone FNB to determine how the claim is progressing. The claims manager (a lady) informs me that my property is under insured and thet will only pay out R3600 to fix my netting. If my house was correctly insured, they would have paid out R17000. She then proceeds to tell me that my house should be insured for R3.3 million! That is tripple the amount that I purchased for. I ask her how they determined this, but more importantly, how was I as theit client to know that my house was under insured. Her words - you find out now with your first claim. I then sent an email saying I do not accept this. She phoned me back and was hostile toward me, saying she doe not see my point. I continued to explain: not once during the taking out of this policy, did FNB explain that I have to over insure my house, or gave me guidelines to know that insurance valiations work differently. They accepted my market value - my home loan is with FNB - they have the bank valuation. They can see everything. They insist that I am wrong. I asked the lady how many people have they bul**** like this, to which she rep****, many people have been caught unaware. Later on she told me to contact the policy writers as this has nothing to do with her.

I emailed, I logged a complaint. I got an independent comtractor to quote me on rebuilding my whole house. They came up to R1.4 million. And that is over quoting.

FNB does not explain where they got the R3.3 million. And they keep saying that they only send assessors out when a claim is submitted. I have to fix the shading out of pocket, because I refuse to accept their mismanagement. The size of the net, is the size of the net. Why does the size of my property and their over valuation now determine how much they pay for the net?

My point stands. FNB at no time guided my as to how they valuate your home. They accepted my market value amount upon taking out the policy. Then when I claim, they say I am under insured and come up with a ridiculous amount of over tripple what I purchased it for. I do not accept. And I will not let this go.