Home Insurance FAQ
Protecting the future you’ve worked so hard to build becomes significantly easier with home insurance and household contents cover. If you’re considering insuring your home or its contents, find the answers below to any questions you may have, or call one of our trained consultants on 0860 00 00 53 for more.
I want to insure my home, but how do I determine the replacement value of the building?
As Old Mutual iWYZE insures buildings on a new-for-old basis (meaning that any damaged structures or items will be restored to a new state following a claim) you will need to calculate your building’s replacement value according to what it would cost to restore it should it ever become damaged. This calculation would need to include costs such as demolishment, debris removal, municipal services, materials, labour and construction.
What happens if I underinsure my building?
If you make a home insurance claim and discover that the cost of repairs to your building exceeds its insured value, you will be responsible for the difference.
Will I be able to make alterations to my building?
Absolutely, although you will need to ensure that professional plans are drawn up, and that approval is sought from the relevant authorities beforehand.
Can I take out home insurance if I am still paying off a home loan?
Yes you may, provided that you inform Old Mutual iWYZE of this fact when taking out a home insurance policy, and that you agree to the following when making a claim:
- That should your building be completely destroyed, Old Mutual iWYZE will first pay your bank or financial institution the amount owing on your home loan, or the insured value of your home, whichever is the lesser amount.
- That if you invalidate your home insurance policy through any acts or omissions, your bank or financial institution will still receive payment as above, provided they are unaware of the circumstances.
Can I take out home insurance if my building is rented to tenants?
Yes you may, provided that Old Mutual iWYZE is aware of the tenancy, and that you inform iWYZE immediately should you become aware of any acts or omissions enacted by your tenants.
What’s the best way to go about valuing my household contents for insurance?
Ideally you should create an inventory of all the household contents you would like to insure, together with the replacement value of each. The total value will be both the replacement and the insurable value.
What happens if I underinsure my household contents?
Should you make a household contents insurance claim and discover that you are underinsured, you will have to assume the cost of the difference between the actual value, and the value at which you insured your household goods.
I want to insure my notebook computer, but I don’t have household contents insurance. What should I do?
If you have a home insurance, household insurance or car insurance policy with Old Mutual iWYZE, you will be able to take out a general and specified valuables policy which will cover your notebook computer and any other valuables.
Can I take out household insurance if I am renting a flat?
Absolutely – all you will need to do is specify your address in your household contents insurance policy schedule, supply any necessary information, and notify Old Mutual iWYZE should your address ever change.
Will I need to supply any invoices or receipts for my lost or damaged goods when making a household contents insurance claim?
It may be necessary for you to provide proof of purchase or ownership when making a household contents insurance claim in order for Old Mutual iWYZE to verify the correct value of the items claimed for. As such, we recommend you keep all relevant invoices or receipts wherever possible.
What happens if I make a household contents insurance claim, and I don’t have the necessary invoices or receipts?
While Old Mutual iWYZE may insist on proof of ownership when you make a household contents insurance claim, we will take into account the value and age of your items before doing so.
What is your policy on household contents insurance cancellations, notice periods and premium refunds?
If you choose to cancel your iWYZE household contents insurance policy, you may do so at any time with immediate effect by either calling iWYZE, or by notifying us in writing. Please note, however, that the initiation fee may be retained. Should iWYZE choose to cancel your household contents insurance policy, we will give you 30 days’ notice of our intention to do so either via email or post. If you have paid a household contents insurance premium beyond the date of this cancellation, it will be refunded to you.
If I purchase any additional household items, will these be automatically covered under my insurance policy?
Any new items you acquire can be covered under your household insurance policy, however not automatically. You will need to inform Old Mutual iWYZE of any additional items to be insured, bearing in mind that this will increase the total replacement value you are insured for, and can result in an increase in your monthly premium.
How long will it take for iWYZE to settle my claim?
Settlement of household contents insurance claims depends on a number of factors, such as the incident involved, the value of the claim, and how soon the relevant documentation can be sent through. Once a claim has been settled, payment will usually take place within one to two days.
Make the wise insurance choice today! Contact us for an affordable home insurance quote by calling 0860 00 00 53, submitting your details, or requesting a quick quote online, and take the first step to protecting your future, with iWYZE.