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How do I determine the replacement value of my building(s)
iWYZE insures buildings on a new-for-old basis. This means that we restore damaged structures and items to an as-new state following a claim. For example, we would replace a damaged geyser with a new one.
In calculating the replacement value of your property, you have to take into account the costs of demolishing damaged structures, the removal of the debris, the payment of professionals and municipal services, and other similar charges before any new construction can start. You also have to add up the actual costs for materials and labour involved in the construction of the structures or repairs. These costs are determined by the building industry.
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What if I'm underinsured?
If, at the time of the loss or damage, the value of your Private Residence, including the cost of demolition and professional fees, is more than the insured amount, you will be responsible for the difference.
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What if I want to undertake alterations to my private residence?
Should you wish to make any alterations to your Private Residence, professional plans must be drawn up and you must receive approval from the relevant public authorities, where necessary.
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What if I'm still paying off my home loan?
If you are still paying the bank or another financial institution for your home loan, you must inform iWYZE when taking out a policy and agree to the following should you make a claim for loss or damage caused by a Covered Event to your Private Residence:
- In the event that your residence is totally destroyed, iWYZE will first pay to the bank or financial institution the amount owing on your home loan or the sum insured – whichever is the lesser amount;
- If you commit any act or omission that would result in your policy being invalidated, as long as the bank or financial institution is not aware of this, it will not prevent them from receiving the amount referred to.
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What if I have Tenants?
Provided that you have advised iWYZE that you have tenants renting your entire Private Residence, your cover will not be affected by your tenants' acts or omissions, as long as you notify iWYZE as soon as you become aware of them.
iWYZE is underwritten by Mutual & Federal Insurance Company Limited, a member of the Old Mutual group. Mutual & Federal and Old Mutual are Licensed Financial Services Providers.