Definitions
Private Residence refers to buildings and outbuildings belonging to you situated at the insured address. It includes your:
- Permanent fixtures and fittings e.g. air-conditioning units, satellite dishes, outside lights, etc.
- Water, sewerage, gas, electricity or telephone connections.
- Paths and driveways constructed of brick, concrete, pavers, asphalt or stone.
- Walls, gates, metal palisades and fences.
- Swimming pools (not those above ground level and vinyl-lined pools) including fixed filtration plant, pool safety nets and covers, water-pumping machinery.
- Tennis courts, sauna and spa baths.
Unoccupied means there has been no one staying in your Private Residence for 60 consecutive days or longer. Occupation of outbuildings does not amount to occupation of the Private Residence.
Covered Event is an incident resulting in loss or damage to your Private Residence that is covered under this policy.
Insuring your Private Residence for the correct value
Your Private Residence must be insured for the correct value. The correct value is the current total replacement cost of your Private Residence. 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.
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.
Alterations to your 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.
If you are paying off a 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.
If you have tenants in place
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.
Please note: This is a product summary and is not intended to be a legal contract. It does not replace or in any way alter the content of the actual policy documents that are issued to clients of iWYZE.
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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.