Average Cost Of Home Insurance In South Africa

What is Home Insurance?

Home insurance, also commonly called homeowner’s insurance, is a type of property insurance that covers a private residence.


Average Cost Of Home Insurance In South Africa

How Much Does Home Insurance Cost In South Africa

(min R150 000 – max R5 000 000).

What does home insurance cover in South Africa?

Buildings insurance protects your home from structural damage arising from unforeseen events such as fires, extreme weather events, or burst geysers and pipes.

Buildings insurance covers the structure of the property as well as permanent fittings but does not cover household goods contained within the property.

Is home insurance mandatory in South Africa?

Home insurance isn’t compulsory for everyone living in South Africa.

When you buy a home in South Africa, it makes sense to shop around for building insurance.

This will cover the costs of rebuilding your property should the worst happen. It also covers any permanent fittings inside your house.

Do I get a refund if I cancel my home insurance?

If you pay in advance, you’ll usually receive a refund for your homeowner’s insurance once it’s canceled.

If you plan to buy your new home insurance policy from the same provider, the remaining amount you’ve paid for the year would probably go towards the premium on the new home.

What happens if I lose my home insurance?

If you lose your homeowner’s insurance coverage or the mortgage lender believes you do not have enough insurance coverage in place, the lender will buy insurance to cover your home.

The forced-place insurance protects the lender’s interest in your home and keeps your mortgage agreement intact.