Insurance - Storm and leakage damage

<p>Strange that the bank is valuating your property for R2400 million but when it comes to paying out damages on that property due to storm and leakage damages the amount that is claimable is less than the new standard labour cost.</p> <p> </p> <p>I had an water leakage in the main bedroom bathroom. the water piping built inside of the bathroom cabinets. The water leak, damaged the entire cabinet and the wall. There is an requirement to replace the cabinet, the piping and to repair the waterdaming on the wall. Standardbank insurance dont see this one leakage as one incident, but as 2 incidents. They only replacing the piping leakage up to R3000, where an excess of R750 is a standard fee, meaning you only have an R2250 leakage for an R2,4 million house. Wonder if my entire piping burst if they will only replace the toilet piping with that 2250 cover. </p> <p> </p> <p>The cabinet and the wall has it own seperate fee of R500. So if you calculate the entire bathroom repair that is in excess you basically dont require insurance as you paying R1250 for a water leak and you have an limited cover.</p> <p> </p> <p>For the garage and alarm system, they also only cover up to the amount of R3000. Both the garage doors and the alarm is not working. Wonder why we need insurance if the garage motor and the alarm system is more than the cover fee and then you also have to pay another R750 excess.</p> <p> </p> <p>this is the tipe of cover the bank has on there policy for a 2.4 million private customer. time to move my insurance and bond to ABSA that at lease see this as one incident and have reasonable cover for an property that is valuted 2.4 mill. the day my house burn down, my excess will be 1,8 mill and the bank only takes the risk of R0.</p> <p> </p> <p>Be carefull doing business with Standard Bank Homeloans insurance</p> <p> </p>