The beginning of spring is an indication that with the warmer weather, summer will soon be upon us along with the occurrence of storms that can have a devastating effect on property. Severe storm damage to property can cost huge amounts of money.
During such a turbulent time, the Swaziland Building Society (SBS) has demonstrated that it is a step ahead and ensures that there are some policies in place for its customers. In the event that the property of any its clients is subjected to storm damage, the customer can draw comfort from certain policies such as the Home Owners Cover, the Buildings Combined Home Owners Cover and the House Contents Insurance policy.
The SBS Homeowners’ Cover is available to private property owners. It insures brick, stone or concrete residences against risks such as fire, lightning, storm and water damage. Exclusions include damage from subsidence, landslides, fences and earthquakes.
Eligibility requires a valid National ID, a recent property valuation report and the spouse’s National ID, where applicable.
The Buildings Combined Home Owners Cover is the type of insurance that covers property that is primarily used for rental purposes.
The House Contents Insurance is a policy that protects household goods and personal effects for individuals and families. Coverage includes fire, storms, water damage, accidental impact and more. Policyholders need to only submit their National ID and ensure that the property has burglary protection.
The Senior Mortgages Officer at the Society, Phindokuhle Dlamini, explains: “SBS customers who have a bond along with those who have property on Eswatini Nation Land that is financed by the Society have no need to be confused about what to do should they find themselves facing such a calamity as storm damage.
“The fact that they have a bond registered at the SBS means that they are insured and they are advised to approach the Society and make a claim so that they can be able to carry out whatever repairs may be necessary.”
Dlamini clarifies that there are certain steps that must be taken in order for the client to make their claim. “The first step that must be taken when making a claim is to make sure that the damage is formally reported to the SBS mortgage consultants within seven days.
The consultants will then advise you to take photographs of the damage and to get two quotations from those who will repair the damage. It is important to note that quotations must be sought from those who will undertake the labour and the supplier where the materials will be purchased. So two quotations for the labour and two quotations from the suppliers.
“The SBS will then assist you to fill in a claims form, which will be taken to the insurance company for processing.
It must be noted that there is what is known as access which describes the minimum cost of damage that is considered before a claim can be approved. The access amount for a property owner with a bond at SBS is E500 and for clients whose property is used for rental then the access is E2 500” she states.
For more detailed information on these products customers can speak to SBS Senior Mortgages Officer Phindokuhle Dlamini or send her an email at the following address Phindokuhle.Dlamini@sbs.co.sz.
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