Definitions
Household Contents means those household and personal items that belong to you or are your responsibility. This excludes items solely used for business purposes.
Private Residence refers to a building situated at the insured address that will be specified in your Policy Schedule and excludes the grounds on which your Private Residence is situated.
Outbuildings means a building situated at the insured address that is detached, attached to or forms part of the Private Residence, but does not lead into the Private Residence and excludes the grounds on which the outbuilding is situated.
Covered Event is an incident resulting in loss or damage to your Household Contents and that is covered under this policy.
Insuring for the correct value:
The correct value is the current total replacement cost of all your Household Contents. If at the time of the loss or damage, the amount that is needed to replace all your Household Contents with similar ones is more than the sum insured, you will be responsible for the difference. This applies separately to each item.
For example: Your Household Contents are covered for a total of R80 000, and your house is broken into. Goods with a replacement value of R30 000 are stolen. You claim R30 000 from iWYZE. On assessment, it is found that the current replacement value of your total Household Goods before the theft was actually R100 000 and not R80 000 as insured. This means that you were underinsured by 20% and iWYZE will pay only 80% of your claim, i.e. R24 000 and not the R30 000 claimed.
Original Valuation certificates:
If you claim compensation for any items of jewellery, watches, furs, precious metals and stones, rugs and loose carpets, you must provide iWYZE with an original valuation certificate or purchase invoice for the item that you are claiming for. Compensation will be limited to a fixed percentage of total cover, which will be listed in your Policy Schedule.
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.
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.