FAQs

Frequently asked questions
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Building insurance
  • How does building insurance work?
  • When will my home not be covered?
  • Why do I need building insurance?
  • How are building insurance premiums determined?
  • Are my belongings inside the house covered by building insurance?
  • What does building insurance usually cover?
  • What happens if my home becomes uninhabitable due to damage?
  • How can I reduce my insurance premium?
  • What if the rebuilding cost of my house exceeds the amount it’s insured for?
  • Does my building insurance cover me for leaks and gradual wear and tear damage?
  • What is an insurance excess?
Home contents insurance
  • What is meant by ‘home contents’ in insurance?
  • Is home contents insurance necessary?
  • What does home contents insurance typically cover?
  • What is not covered by home contents insurance?
  • How is the amount of coverage determined?
  • Does home contents insurance cover items outside my home?
  • What happens if I underinsure my contents?
  • How often should I review my home contents insurance policy?
  • Does home contents insurance cover accidental damage?
  • What is an excess in home contents insurance?
  • How does home contents insurance differ from building insurance?
  • What events does home contents insurance cover?
  • What items are excluded from home contents insurance?
  • Does home contents insurance cover my guest’s belongings or my domestic worker’s belongings?
  • What if I lose or damage my keys and locks?
  • Does home contents insurance cover my personal portable possessions when I leave my home?
  • What is underinsurance?
Life insurance
  • What is life insurance for a bond?
  • Do I need life insurance for a bond?
  • What happens if I sign an Offer to Purchase and then pass away before the property is registered in my name?
  • What happens if I pass away after finance has been arranged, but before transfer and registration of the property?
  • What happens if I pass away after finance has been arranged and after transfer and registration of the property?
  • What is the role of an executor after my death?
  • What happens if I don’t have sufficient cash in my estate to settle my liabilities?
  • How does having life insurance help if I sign an Offer to Purchase a home and then pass away?
  • What are the potential legal consequences if my estate can’t fulfil the OTP obligations after my death?
  • How much life insurance do I need for my bond?
  • What if I already have a life insurance policy?
  • What happens to the payout if I die and the bond is paid off?
  • Can the bank force me to get life insurance for my bond from them?
  • Does life insurance for a bond also cover disability?
  • What happens if I switch my bond to a different bank?
  • Does the life insurance payout go directly to the bank?
  • Can I cancel my life insurance if my bond is paid off?
Wills
  • What is a Last Will and Testament?
  • Why is it important to have a Will?
  • What happens if I die without a Will?
  • Can I change my Will after it’s been created?
  • What is an Executor, and how do I choose one?
  • Can a Will be contested?
  • What are the witnesses’ roles in signing a Will?
  • How long does the Probate process take?
  • Can I leave assets to a charity in my Will?
  • What is a Living Will?
  • How should I store my Will?