What insurance do I need as a homeowner?

As a homeowner, you should consider life insurance, homeowner's comprehensive insurance and home contents insurance to protect your family, property and belongings against unexpected events.

Why is life insurance important when you have a home loan?

Life insurance can help protect your family by covering financial obligations if you pass away or become unable to repay your home loan due to disability or terminal illness. Some home loans may require life insurance cover.

What does life insurance typically cover?

Life insurance may provide cover for natural or accidental death, permanent disability, temporary disability and terminal illness, depending on the terms of the policy.

What is homeowner's comprehensive insurance?

Homeowner's comprehensive insurance protects the structure of your property and its permanent fixtures and fittings against specified risks such as fire, storms, floods and other covered events.

What does homeowner's comprehensive insurance cover?

Homeowner's comprehensive insurance typically covers damage or loss caused by storms, floods, fire, explosions, earthquakes, burst or overflowing geysers, malicious damage, break-ins, falling trees and vehicle-related damage. It may also cover loss of rental income in certain circumstances.

Is homeowner's insurance required when applying for a home loan?

Homeowner's insurance is often a requirement when taking out a home loan, although exceptions may apply in certain cases such as sectional title properties.

What is home contents insurance?

Home contents insurance protects the movable belongings inside your home, including furniture, appliances, electronics and other personal possessions.

What does home contents insurance cover?

Home contents insurance may cover loss or damage caused by theft, fire, power surges, storms, explosions, malicious damage and burst or overflowing geysers. Certain policies may also cover garden furniture, washing and guests' belongings damaged during a covered break-in.

How do I determine the correct replacement value for my home?

Homeowners should provide the correct replacement value of their property and fixtures to their insurer. A replacement cost calculator can help estimate the value required for adequate insurance cover.

Why should I update my insurance policy regularly?

You should review and update your insurance policy whenever the value of your property or possessions changes. Renovations, extensions, new appliances or valuable purchases may increase the amount of cover required to remain fully protected.

Protect your home with Absa homeowner’s insurance cover

Insurance products you need as a homeowner

Credit Protection or Life Insurance

Safeguard your family from the financial pressure of a home loan in the unfortunate event of your:

Death or terminal illness
Permanent or temporary disability
Loss of income.

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Homeowner’s Comprehensive Insurance

Protect your property’s structure, permanent fixtures and fittings in the event of:

Natural disasters
Geyser damage, malicious damage and break-ins
Loss of rental income.

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Home Contents Insurance

Protect yourself and your family from the financial loss of and damage to your personal items in the event of:

Theft
Power surges
Fire and storm damage.

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* Terms and conditions apply

Here are some helpful tips

What you should know about our homeowner’s insurance products
Always look over what your insurance policy covers.

If you have a freestanding home, you’ll need Homeowner’s Comprehensive Insurance, which covers the structure, fixtures and fittings. You’ll also need Home Contents Insurance for your personal items.

If you live in a simplex, duplex or complex, you’ll need Home Contents Insurance, as the body corporate will already have insurance in place to protect your home’s structure.

Life Insurance is highly recommended, especially if you have a Home Loan, as it will protect your family from the financial burden of paying the loan off in the event of your death, loss of income or permanent/temporary disability.

If your insurance is linked to your Home Loan, you could save on costs.
Update your Homeowner’s Comprehensive insurance policies regularly with accurate replacement values
When you insure your home, you’ll receive a sum insured amount, which is the value of your property at the time. As time goes by and if, for example, you renovate your home, its value will increase. Ensure that your insurer keeps your sum insured updated, so that when you make a claim, you’re covered for your home’s current value.

This also applies to the sum insured for your home’s contents.

It’s also your responsibility to give your insurer the correct replacement value for all your home’s fittings and fixtures. Use our online Cost Replacement Calculator to get a rough estimate.

Keep your insurance policy up to date

Your insurance helps to protect the people and belongings that are important to you. It covers you against unexpected events and gives you peace of mind. Having all your cover in one place could be cheaper and is always easier to manage.

Get up to R25 000 cash back

Apply online for a Home Loan worth R500 000 or more, and you could earn big with Absa Rewards. Ts&Cs apply.

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What home insurance do you need as a homeowner?