Pathetic Standard bank insurance

We financed a property through standard bank in 2019. The property was transferred in February. I’m April with the heaving storm our entire back precast wall fell into the valley that drops about 100 meters. Mind you we reside in Reservoir Hills. After much struggle and debate with the bank to get an Assesor and relative personal on site we were advised by the Assesor the wall collapsed due to a landslide caused by the rain. To highlight it was caused by the weather and not by defects in the structure as the banks will not cover “defects in structure”. Once the assessor appointee the engineer , the engineer upon arrival to my property advised me that the previous year the previous owner had a claim that was rejected due to the wall already having cracks which mean it had been had been brought to standard bank insurance division previously. Also I am going to highlight I insured the house with the same standard bank insurance. After this happened the bank rejected my claim stating it was a defect in structure yet that’s not what the report says which I pointed out multiple times.With no success on my own I hired a lawyer to fight this battle. After months of engaging they sent out their own builder to draw up a quotation which amounted to R180,000.00. Based on their quote we signed the agreement of loss. Once we contacted an engineer( mind you he charged us R40 000.00 for a plan) for a plan based on the builders quote he then advised he would would have to put it out to render. Shocked when I received 3 quotes ranging from 500,000.00 to 1 MIL. After going bank to standard bank and advised them that their own builder was wrong they did not engage with us as they advised we already signed the agreement of loss.

1. When we purchased the house they had knowledge of the damage. They didn’t check if the property was repaired before they insured the property again at a higher value with no exclusions on the property for claim purposes. 2. Not even standard bank brought any of this to our attention. You would think being under the same brand both the finance division and insurance division speak to each other. Apparently not ! How can standard bank finance the entire property again having knowledge of the damage previously. To me this is reckless lending !!! 3. How can standard banks panel of builders be so reckless to quote on a repair without an engineers plan. How unprofessional of standard bank to have such Lower end service. 4. Not to mention what this has done to me emotionally and physical. The financial stress of paying for a lawyer which till date I am paying. The stress of having to get extra security. Financially we cannot get this repaired on our own.

I am disgusted with standard bank and they customer service. They rob customers for their money but find all excuses not to pay.

I am aware I have recourse with the previous owner as she had knowledge of this and did not bring it to our attention when selling the property however we cannot afford right now to take this to court.

You would think standard bank insurance would be a benefit for both parties involved. It’s just a contract to ***** money under false pretense. Disgusted with the service on this institution. Really pathetic