Poor service

( HLB*** *** ) ( HLB*** *** )

So I'm trying to Cancel my building insurance with Standard bank - Sent them a mail in January informing them of my cancelation, in my cancelation doc I sent in my new budling insurance policy - Value of the Policy is 1 million as that is what we purchased the house for - This was there response -

We have received a request to cancel your Standard Bank home owners insurance.

In order for us to process this, please refer to the below outstanding requirements:

A copy of the policy schedule reflecting:

· Sum insured of the building to be inline or more than Standard Bank’s sum insured amount of R1 786 760,00

We may only process this request once the above is received.

I asked standard bank how can I be insured for above value when the house was purchased for R1 000 00,00 - I'm look way over insured because the houses in the area doesn't even sell for that much - they did a two week investigation and this was their response

Good day

Thank you for your email.

The amount quoted below is the replacement value of the building, in the event of total damage.

The last assessment was done on the property 2023-10-09, as part of the bond application. The standard bank homeowners insurance has been in force since 2023, and the value placed by our assessors in 2023 was R1 672 820.00. Our policies are indexed annually as part of the annual renewals process, with various factors taken into consideration, eg. Inflation. Annual indexation has taken the replacement cost to R 1 786 760,00 since 2024.

Should you wish to dispute this value, we may offer you an assessment, free of cost and at a convenient time, kindly advise so I can request accordingly please.

So with the above I've asked them to show me the documentation of the assesment done in 2023 as there was no assesment done in 2023 and I've asked them to show me the indexing from inception to date to see how it increase over the years - they give me information but no facts or documentation to verify what they saying - I also mentioned to them I don't want to wait another two weeks as they should have information on hand as they did a two week investigation - I sent them a mail last week Thursday 30 January 2025 requesting this and still no response

I've logged another complaint 3 Feb at 1pm it says on their automatic response 24 hour turn around time but still no response - also note that i had to log a complaint ( ***5 ) ( ***0 ) there is complaint reference numbers as first complaint has not been sorted

In the mail I mentioned to them - see Policy Schedule - nowhere in the Policy does it state that when I cancel the policy I need to insure for the same amount as standard Bank ( replacement value ) - it just says I must give notice - so why cant I cancel my policy with having a replacement Building insurance policy - and still I've had no response from standard bank - This is disgusting that I have to jump through hoops to cancel a policy that's R700 a month for insurance where they repute all claims..