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.
You no longer need to maintain both a transactional account and a secured loan account, as the Single Facility offers both debit and credit functionality, together with transactional banking.
The Single Facility helps you in the following ways:
01 One account
Combine your mortgage and cheque accounts into a single account.
02 Save on interest and fees
A single personalised interest rate based on your profile.
03 Consolidate
The option to finance multiple properties in one facility and the ability to secure against mixed collateral.
04 Digital convenience
Transact on your account anytime, anywhere through our digital platforms including online banking and the FNB App.
05 Access to equity
Instant access to your available funds.
Immediate access to your funds. Through our digital and online transactional platforms this account provides you with instant access to available balances.
Different repayment options. To suit your requirements, your deal can be structured into an amortising or non-amortising facility.
Transactional flexibility. Enjoy the benefits of transacting on this account at your convenience through our traditional or digital platforms.
Personalised interest rates. You get an individualised interest rate based on your personal account profile.
Multiple and mixed collateral. You have the option to secure your loan using a combination of a property (a single or multiple properties) and shares.
Save on interest. Your interest is calculated on your outstanding balance daily. So whenever the outstanding balance on your loan is reduced, you save on interest.
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.
Other ways to apply
Please contact your Private Advisor or the Private Clients Service Suite on 087 575 4727;
email
servicesuite@fnbprivateclients.co.za