UNRESOLVED INSURANCE PAYOUT - STANDARD BANK

It is important to note that since the commencement (2012) of my bond payments, I have never defaulted and have consistently paid my insurance every month. I therefore expect the bank to respond favourably to the incident stated below.

On the 6th September 2021, my house burned down.

I contacted my Standard Bank Insurance on the 7th September 2021 informing them about this matter. Wistonia Louw is handling my case.

Since then, I have been made to run from pillar to post with no positive outcome to my dilemma. The insurance is offering to pay ±R491k. However, the damage to the house according to Standard Bank Assessor is ±R875k.

I started renovating my house in 2016. During the period from when I purchased the house in 2012 no assessor has visited the house. I am of the opinion that since I am paying the bond, the house still belongs to the bank.

I have started to purchase some of the damaged materials and removing the rubble of which I have paid R15000. The insurance is taking too long to release the funds in order for me to do the repairs.

I have requested a quotation from the contractor, and he quoted ±R799k to do the complete repairs.

I would appreciate if the CEO of Standard Bank to intervene in this matter because I cannot accept ±R491k to repair my house where else the damages are ±R875k. I highly motivate that the bank release the money urgently to allow me to proceed with the repairs that I have already started from my personal savings. This matter is becoming more urgent and the sooner it is resolved the better so as I can be sure that my family is comfortably accommodated on or before the first week of December 2021.

Your assistance in resolving this matter will be greatly appreciated.

Regards SP Mahlangu ***