Code of Practice

A: Yes, however, a full assessment will be made after a claim has been lodged

A: The insurer may only cancel your policy in certain circumstances, for example:

• You fail to pay your monthly premium instalments and the payment remains outstanding for at least one month
• You fail to comply with the Duty of Utmost Good Faith
• You fail to properly comply with your duty of disclosure at the time you entered into the contract
• You misrepresent your situation at the time you entered into the contract
• You make a fraudulent claim under the contract of insurance or some other concurrent insurance cover.

A: You may (if your policy permits) cancel your policy before its expiry date.

Insurance companies provide access to web calculators on their websites so that you can estimate out how much it would cost to rebuild your home or replace your belongings. The estimate will be a guide only and it is not a professional valuation. You’ll need to be comfortable that the estimate reflects the actual replacement costs. It’s important to choose an adequate amount and not to be underinsured. Should the worst happen and you have undervalued your assets, you may not have enough financial capacity to rebuild or replace all of your belongings. 

A: Consumer credit insurance (CCI) provides cover for consumers if they are unable to meet their minimum loan repayments due to unemployment, sickness or injury or to pay the outstanding loan balance upon death. CCI is optional and usually sold by lenders to consumers with a credit card, personal loan or home loan.

A: It is a saving on the price you would pay for your insurance policy, based on your claims history. The more consecutive years you remain claims-free, the bigger your discount.