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Houseowners Insurance Policy Summary

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					Houseowner’s Insurance Policy Summary
(ABSA Insurance Company Limited, Reg No 1992/001727/06) The contents of this Houseowners Insurance Policy summary applies to you, only if you have opted for the Absa Houseowners Comprehensive Insurance. The content of the policy summary must be read in conjunction with the Mortgage Loan Agreement (reference to Section 1 and 12)

COVER PROVIDED HOUSEOWNERS COVER
WHAT IS COVERED
We will pay for: 1 Insured perils Loss or damage to the insured buildings caused by: 1.1 fire, lightning, explosion, 1.2 storm, flood, 1.3 earthquake 1.4 aircraft or any object falling from the sky. 1.5 leaking or overflowing from geysers, pipes, appliances, cisterns, baths and fixed water tanks and other water carrying apparatus. 1.6 escape of water or oil from a defective water or oil-fired heating installation. 1.7 collision by any road vehicle, falling trees or collapse and damage to TV or radio aerials, satellite dishes, masts. 1.8 housebreaking or theft.

WHAT IS NOT COVERED
We will not pay for:

1.2.1 a rise in the underground water table or pressure caused thereby;

1.8.1 while the insured building is vacant, let, sub-let or lent unless there is visible and forcible, entry or exit. 1.9.1 any act by any tenant or any person occupying the buildings or any part thereof. 1.10.1 loss or damage to boundary, garden, screen and retaining walls, gates, posts, fences, paving, swimming pool surrounds, tennis courts; 1.10.2 loss or damage caused by the contraction and/or expansion of soil as is experienced in clay and other similar types of soil; 1.10.3 loss or damage which existed at the commencement of the policy; 1.10.4 loss or damage caused by faulty design, construction or inadequate compaction; 1.10.5 loss or damage caused by alterations, additions or repairs; 1.10.6 loss or damage caused by excavations, removal or weakening of support. 1.10.7 loss or damage to swimming pools surrounds, tennis courts, driveways, boundary, garden, screen and retaining walls, gates, posts and fences unless the insured building are damaged by the same cause at the same time; 1.10.8 costs for remedial work necessary to prevent further lass or damage caused by loss or damage caused by subsidence, heave or landslip unless the original contruction of the building and any subsequent additions thereto were subject to engineers specifications 2.1.1 The repair or replacement of defective elements, thermostats or valves.

1.9 malicious damage 1.10 subsidence and landslip

2 Geyser(s) 2.1 the repair or the replacement thereof but subject to the amount stated in the addendum following the bursting or leaking of a fitted geyser 3 Building(s) under erection or alteration 3.1 while the building is under construction or being structurally altered cover under this policy and limited to insured perils 1.1 to 1.4. 4 Loss of rent/rental value 4.1 loss of the actual rental where the building is let; 4.2 the reasonable rental value of the unfurnished building or part thereof if occupied by the insured, provided that the period islimited to a reasonable period necessary for reinstatement following loss or damage to the building by an insured peril rendering it uninhabitable

4.3

more than 25% of the sum insured

5 Public liability 5.1 any legal liability in respect of accidents occurring during any period of insurance in or about the insured buildings as a result of any condition in the insured buildings or on the premises upon which such insured buildings are erected and caused by your negligence resulting in; 5.1.1 bodily injury to any person; or 5.1.2 damage to property; 5.1.3 cost and expenses recoverable from yourself by any claimant and incurred by you with our consent.

5.1.1.1 any member of your family or household or in your service; 5.1.2.1 property belonging to or under your control or of a member of your family or household or a person in your service.

5.2.1 injury or damage arising from or incidental to your profession, business or farming activities; or 5.2.2 liability arising from any contract of indemnity; or 5.2.3 liability for disease or impairment attributable to gradually operating cause which does not arise from a sudden and identifiable accident or event. 5.3 more than R3 000 000 in respect of any one accident or series of accidents constituting one occurrence. 6 Accidental damage to public supply or mains connections 6.1 accidental damage to water, sewerage, gas, electricity and telephone connections for which you are legally liable between the insured building and the public supply and mains connection. 6.2 public supply connections which fall outside your property,

7 Accidental breakage of glass and sanitaryware 7.1 fixed glass windows, glass in doors, fanlights, skylights, greenhouses conservatories, stoves, ovens, verandas, mirror glass; and 7.2 fixed sanitaryware.

7.2.1 chipping, scratching and other disfiguration. 7.3 accidental breakage while the building is unfurnished and unoccupied.

8 Fees Reasonable fees necessarily incurred by you for destruction or damage to the property by an insured event. 8.1 in demolishing the dwelling; 8.2 for removing debris from the site; 8.3 for erecting hoardings required for building operations; 8.4 for architect’s, quantity surveyor’s and consulting engineer’s fees; 8.5 for local authorities fees; following loss, destruction or damage to the property by an insured peril. 9 Guards 9.1 the costs of hiring guards to protect your property after the occurrence of an insured peril. 10 Damage to gardens 10.1 damage to trees, shrubs, plants and sprinkle irrigation systems at your property due to fire or explosion or by any person responding to a fire, or by a vehicle or aircraft.

8.6 more than 10% of the sum insured 8.7 fees incurred by you without our consent.

9.1.1 more than R3 000

10.1.1 more than R3 000

WHAT IS NOT COVERED UNDER HOUSEOWNERS
We will not pay for: Loss or damage, cost or expense related to or caused by or in respect of: 1 consequential loss of any kind; 2 any gradually operating cause; 3 defects in design or construction; 4 planted hedges, wire and wooden fences and gates caused by fire, storm or flood; 5 retaining walls unless constructed according to approved structural engineer’s specifications; 6 soil, vinyl or plastic-pools, automatic pool cleaners and pool covers; 7 any act committed by you while drunk, insane, or acting with diminished responsibility whether or not such person was capable of forming any intention at the time such act was committed.

ACCIDENTAL DEATH COVER

WHAT IS COVERED
We will pay for: 11 Accidental death cover 11.1 death to the estate the benefit amount upon the death of the insured person, provided that death has resulted from, and within 365 days of an accidental bodily injury occurring during the period of insurance.

WHAT IS NOT COVERED
We will not pay for: 11.1.1 suicide, attempted suicide or intentional self-injury. 11.1.2 an accident occurring while the insured person is under the influence of alcohol or any drug not prescribed by a registered medical practitioner; 11.1.3 flying or any form of airborne aerial activity, except while travelling on a recognised airline; 11.1.4 war, invasion or act of foreign enemy hostility (whether war is declared or not), terrorism, civil war, rebellion or revolution, insurrection or military or usurped power. 11.1.5 more than R12 500 in respect of death 11.2.1 bodily injury resulting from illness or disease or any naturally occurring condition or degenerative process

Definitions 11.2 Accidental Bodily Injury – Means bodily injury resulting solely and directly from accidental external violent, and visible means 11.3 Insured Person – Means the insured named in the schedule, or in the event of joint ownership, the first deceased. 11.4 Occupation, Travel and Residence Unless otherwise stated the policy is free from restrictionsrelating to occupation, travel or residence. 11.5 Notice of Claim In the event of a fatal accident or bodily injury written notice must be given to us within 120 days of the occurrence.

11.3.1 any benefit if the policy is in the name of a deceased estate, a trust, a company, a closed corporation or any other juristic person.

11.5.1 any claim if written notice is submitted after 120 days

WHAT IS NOT COVERED UNDER POLICY
We will not pay for: Any legal liability, loss, damage, cost or expense related to or caused by or in respect of: War and Public disorder 1 war or warlike acts; 2 military uprisings, usurped power, rebellion or revolution; 3 civil commotion, labour disturbances or public disorder; 4 any act of terrorism by any person or group, whether acting alone or under instruction; Confiscated property 5 property that has been legally confiscated. Pollution or contamination 6 pollution, contamination, radioactive or nuclear material. Asbestos 7 any consequential loss directly or indirectly caused by the hazardous nature of asbestos in whatever form or quantity.

HOUSEOWNER’S INSURANCE ADDENDUM
This addendum forms an integral part of the Absa Houseowner’s Insurance Policy and must be read together with the Policy Wording and Policy Schedule.

TABLE OF FIRST AMOUNTS PAYABLE (EXCESSES)

First amounts payable (excesses) Basic excess The following additional excesses are applicable

You will be responsible and liable for: The first R500 of each and every claim.

Additional excesses

You will be responsible and liable for:

1 Subsidence and landslip

The first 1% of the sum insured or R5 000 whichever is the greater.

2 Earthquake or earth tremor arising from mining operations

The first R2 500 if the risk address falls within the known mining areas of Welkom, Klerksdorp, Orkney, Stilfontein and Hartbeesfontein. 3.1 The first R7 500 while the insured buildings are unfurnished and unoccupied and loss or damage is caused by: housebreaking, theft or malicious act or any attempt thereat; 3.2 The first R500 while the insured buildings are unfurnished and unoccupied and loss or damage is caused by: the bursting, leaking or overflowing of geysers, pipes, domestic appliances, cisterns, baths and fixed water tanks and otherapparatus forming part of the insured buildings, or escape of water or oil from a defective fixed water or oil-fired heating installation.

3 Unoccupied premises

4 Electronic/Electric equipment

The first R1 000 in respect of loss or damage by lightning to electronic/electric equipment including that used for automatic doors or gates, sprinkler systems, burglar alarms, fire alarms, intercom or video monitoring systems, aerials and satellite dishes.

5 Geysers and/or Solar Panels

5.1 The first R500 in respect of loss or damage to geysers and/or solar panels only. The maximum indemnity any one geyser installation is limited to R4 000. 5.2 The first R500 for additional loss or damage to the dwelling following the bursting, leaking or overflowing of the geyser.

If any expenditure incurred by us shall include the amount for which you are responsible and liable in terms of this addendum, such amount shall be paid by you to us forthwith. Date____________________________________________________________

Applicant___________________________________________________________________________________________________


				
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Description: Houseowners Insurance Policy Summary