In terms of the Sectional Titles Schemes Management Act, 2011 every Body Corporate must take out insurance. This building insurance is in the name of the Body Corporate, where house owners are responsible for taking out insurance on a house themselves.
Any person or entity who wants to provide services as insurance brokers, including estate agencies, must comply with the Financial Advisory and Intermediary Services (FAIS) legislation and therefore authorized by the Financial Services Conduct Authority (FSCA) to provide advice in certain categories. Authorised financial service providers are audited quarterly by a compliance officer to determine whether compliance with all statutory requirements are met.
CLAIMS
For your information, we explain briefly against what insurance risks you as client are covered against when you need to decide on a product for your complex's needs. However, it should be noted that each insurer's coverage options vary, but this example is the most common.
NB: WHEN YOU TURN YOUR HOUSE UPSIDE DOWN, EVERYTHING WHICH DOES NOT FALL OUT IS INSURED, BUT IT MUST BE RELATED TO THE INSURED RISKS MENTIONED ABOVE.
NB: REMEMBER WE INSURE THE SHELL OF YOUR UNIT, NOT YOUR FURNITURE OR GARDEN FURNITURE, ALL PERSONAL ITEMS MUST BE INSURED BY YOURSELF.
AGAINST WHAT ARE YOU NOT INSURED (in short the following)
Everything not associated with the above insured risks. Weirs
Latent building errors and poor maintenance. Any damage older than 30 days or damage over a long period of time.
Units which are unoccupied for more than 30 days. Subsidence and landslide (e.g. property cracking)
Tree roots lifting paving or blocking drains or topple walls.
HOW DOES BEING UNDER INSURED AFFECT YOU SHOULD A CLAIM OCCUR AT YOUR UNIT? EXAMPLE
You are insured for R500 000,00
Total cost of replacement R1 000,000,00
You claim for R100 000,00,00
Insurers' calculation R500 000, 00 - R1 000 000,00 x R100 000,00
Insurance only pays R50 000,00
National Real Estate is a market leader in Bloemfontein and central South Africa in the field of Sectional Title Insurance and manage a portfolio of more than R12 Billion. Our in-depth knowledge of the property insurance market enables us to give our clients a specialist product with the best premiums, through our network of specialist insurers.
NRE also offer our customers the services of a property valuer at special rates depending on how many units are in the complex. NRE visit our complexes to assist the Trustees with maintenance issues as well as the valuation of all common property to determine the total insured value of the complex.
Our professional and well trained staff along with the specialist infrastructure, ensures our customers with quick and convenient claims management, where there is always communication with our customers until claims are finalized. "We are passionate, as your preferred short term insurer, to assist you with personal advice, analysis of your business insurance needs, as well as help identify risks and minimize them."
