Benefits of insuring your building through a broker

The National Credit Act, which became effective on the 1st of July 2007, cements your right to choose your omeowner's insurance. This ensures that you as the customer can now combine your building cover with your existing short-term insurance portfolio and thus create more equity in terms of your monthly fixed expenditure.

According to Section 106 of the National Credit Act, a bank that is financing your property may ask you to take out homeowner's insurance for the full asset value of your property. The bank is, however, no longer allowed to demand that you purchase or maintain insurance that is unreasonable, or at an unreasonable cost to you.

What Does All of This Mean?

This means that if you can get a better quote for the same cover with an independent insurer, you have every right to take out a policy with such an insurer instead of the bank's in-house insurance division. The bank must still be informed of your decision to switch, and they will obviously require proof of insurance from you. This will be obtainable from the new insurance provider. However, the bank may not insist on an additional fee to control the insurance. In terms of the new law, banks are allowed to charge a maximum of R50,00 or R57,00 (incl. VAT) for the comprehensive administration of your loan agreement with them.

What is Homeowners Insurance?

Homeowner’s or building insurance typically covers risk to the bricks and mortar or immovable structures of your home and its outbuildings, including the fixtures, fittings and improvements
such as granny flats, thatched lapas and swimming pools.

It should not be confused with household insurance, which is cover for the movable contents in your home, including furniture and jewellery. The cover ranges from fire, storm and related
perils, to theft, malicious damage as well as personal legal liability. This is by far not a complete list of the available cover, though. We can be contacted for more information about what
is available.

How Do You Benefit?

The benefits of a combined portfolio policy are farreaching and include a reduction in monthly bank charges, increased portfolio strength in terms of loss ratios, one-stop insurance servicing, less communication costs, etc.

It will ultimately reduce your monthly insurance and relevant costs tangibly. Many of our existing clients have already redeemed their bonds, but left the insurance with the bank. This is an excellent opportunity to review your insurance portfolio and ensure that you have the best possible deal.

Why IntegriSure?

IntegriSure, as an independent financial services provider, can be of excellent value in terms of acquiring the necessary cover at a negotiated rate, giving advice on available and contingent
covers, as well as tracking and managing your claims experience equivalent to the existing portfolio. This will concurrently add value on a service and experience level to our clients.

At IntegriSure we always act in the best interests of our clients and we pride ourselves in our eliable, practical, accurate and appropriate advice. We give you pure peace of mind in this insecure and complicated world of insurance.