If you’ve been a bit slack about maintaining your home lately, your homeowner's insurance policy won’t help you if the rainy season wreaks havoc on your property.
This case has crucial warnings for those who have homeowner's insurance, also referred to as building insurance — that’s everyone who has a home loan:
“The terms of the policy governing the contractual relationship between the insurer and Mrs M do not require the insurer to assess the property before placing it on cover. It is the insured’s responsibility to ensure the property is regularly maintained. Even if an insured event, such as a storm or rain, did occur and caused water damage to the insured property, in certain instances, similar to Mrs• The “inspector” sent by the bank to your home when you apply for finance has nothing to do with homeowner's insurance requirements. He or she is there purely to establish whether the property offers sufficient security to the bank in terms of the home loan agreement, and therefore is no guarantee that the property is free of defects.
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