Home Owners Cover (HOC) or simply, building insurance, is comprehensive insurance to protect your
building or home from the risk of structural damage usually caused by fire, lightning, flood, storm, wind, hail,
snow, bursting of geysers and water pipes, theft, power surges, impact, accidental damage, loss or damage
during construction or alteration, explosions, earthquakes not caused by mining activities, subsidence,
heave and landslip.
It will usually also cover any alterations that may be done to increase the value of the property, i.e. the
physical structure, permanent fixtures and fittings, lapas and swimming pools. Building insurance will
generally also cover damage to your primary home including the garden, garage and outbuildings which
exist on the property.
Insuring your home is not only desirable in South Africa, it is mandatory as banks are not likely to grant a
mortgage bond if the homeowner does not insure the structure that is being provided as collateral to the
bank for the term of the loan.
While you do have the option to provide cover of your choice, the bank will encourage the homeowner to
insure through its associated insurance company. In addition, the bank has negotiated competitive
premiums and benefits on your behalf to ensure that you enjoy comprehensive cover.
Remember that your home is probably the most expensive asset you own, and it is therefore important to
ensure that you have the best possible cover.
FirstRand Bank Limited has an existing relationship with two preferred insurance providers; FirstRand Short- term Insurance (STI) and
FNB Insurance brokers (which is currently underwritten by Santam, Old Mutual Insure
and Hollard).
Should you not have received a quote from our preferred insurers, please contact them on the following
details:
FirstRand Short- term Insurance (STI) and FNB Insurance brokers will have a detailed discussion with you to ensure that you are happy with the cover, premium and service. Should the experience be to your satisfaction and you are comfortable with the quote, your cover will be activated with a future date - once the bond registers.
If you have opted to provide your own insurance cover for your property to the bank, please ensure that a
copy of the policy is provided to the attorneys when the bond registration documentation is being signed.
Failure to provide a policy will affect the bond registration process and will result in delays until such policy is
provided.
In order to facilitate a seamless bond registration process and client experience, we encourage that the
above is adhered to.
Home Owners Cover (HOC) is comprehensive insurance to protect your building or home.
Insuring your home is not only desirable in South Africa, it is mandatory.
FirstRand Bank Limited is affiliated with top insurance companies.
