House valued more than it is actually worth.

We app**** for a home loan through FNB, who automatically insured us with OUTSURANCE. A few weeks ago our celling collapsed. We contacted OUTSURANCE on the 12th of February, and on the 17th of February they came to do an inspection (needles to say - this should have been done by FNB/OUTSURANCE before selling and insuring the house). We bought the house under the impression that it has been inspected due to the fact that it has been bank approved, and nothing about the ceiling or building faults were mentioned by FNB or OUTSURANCE. Who takes responsibility in such a case? What are we paying for? Do these companies take my rights as consumer into consideration when they take my money each month?