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How do I determine the value of my household contents for insurance?
You should start by creating an inventory of all of your household goods, while listing the replacement value of each item. Adding these values together determines your total replacement value and your total insurable value.
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What happens in the event of a claim if I have undervalued my household contents?
You would have to carry a part of the risk in proportion to the amount by which you undervalued your household goods. For example, if the actual value of your household contents is R100 000 and you have cover for R80 000 (80% of the true value), iWYZE will cover only 80% of any loss you may incur.
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I don’t have insurance, but want to insure a notebook computer. What do I do?
iWYZE will insure your notebook computer, but not on its own. You would need a General & Specified Valuables policy, which can only be taken in conjunction with either a Vehicle or Buildings policy, or a Household Contents policy.
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I stay in a rented flat. Can I still get Household Contents insurance?
Yes, you can still get household contents insurance even if you do not own the building you stay in, as long as the address is correctly specified in your Policy Schedule and all the necessary information has been supplied and is correctly reflected. In order to retain your insurance cover, you must also remember to notify your insurer in the event that you change your place of residence.
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If I have to claim under my policy, will I have to supply invoices/receipts for the lost/damaged goods?
While iWYZE would love to treat all clients as if they were completely trustworthy, we have an obligation to root out and reject fraudulent and exaggerated claims, instead of settling them and funding the cost from the premiums collected from our honest clients. As part of this process, we may have to request you to prove that you did indeed own the item/s for which you are claiming; to prove that the value of your items has been correctly reported in your claim, and to verify the exact details (e.g. make and model) of the relevant item/s. In this regard, invoices and receipts for the original purchases can be very valuable and you should retain these where possible.
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What happens if I don't have invoices/receipts for household items? Will they still be covered under my policy? How will iWYZE determine their value?
iWYZE may insist on proof of ownership and value of any item for which you claim. However, we do consider the value and age of the item before requesting proof of ownership.
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How do I go about cancelling a policy or the cover on a specific item? Is there a notice period? Will I receive a refund on the relevant premium?
You may cancel your policy or any item at any time, either telephonically or in writing and this will be with immediate effect. However, iWYZE may retain the policy initiation fee.
Example: Should you no longer require insurance for your household contents, you may contact iWYZE and cancel the insurance immediately. Cover will terminate immediately and we will refund you the related premium for the balance of the insured period.
iWYZE may change or cancel your policy by giving you 30 days’ notice to your email or postal address. Any changes will only come into effect after this 30-day notice period has lapsed. If a premium has been paid for any period beyond the date of cancellation of the policy, iWYZE will refund the relevant portion.
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If I acquire new belongings and add them to my home, will iWYZE automatically cover
me for these additional goods?
You would need to insure your household contents for their total replacement value (the cost of replacing your lost or damaged goods with new ones). If the replacement value of any new acquisitions changes the total replacement value of your household contents, you would need to inform iWYZE immediately of the new value so that the cover under your Household Contents policy can be adjusted. This will probably lead to an increase in your monthly premium.
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How long does it take for iWYZE to settle my claim and make the payment?
This depends largely on the incident that resulted in the claim, the value of the claim and how soon the required information and documentation is supplied to the iWYZE Claims Department. Once iWYZE has decided on the settlement of a claim, the payment generally happens within a day or two.
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.