Building insurance

After paying monthly premiums for Building insurance for my property since 2008, I got a new quote in 2021 after my policy had lapsed, which to my surprise, was R1000 less. It turned out that Guardrisk was now valueing my house at double the value (R5mill) after all those years whereas the actual valuation (done professionally as part of this claim) came at about R3mill all inclusive. This means I have been overpaying on premiums for many many years. They decide on the annual valuation increase, without double checking with experts, but instead they expect me to get an evaluation (at a cost everytime it’s done).

I’m sure I’m not the only one here who was or is overpaying on the building insurance premium. Check it out. I took the case to the Ombud without success. They expect clients to know the value of their properties but cannot intervene when an insurer has overcharged its clients. Very disappointing.