- Damage caused by civil unrest is not covered by regular buildings insurance.
- SASRIA is a state-owned company that will cover for damage caused by civil unrest.
- SASRIA coverage can be acquired through ooba Home Loans’ buildings insurance package.
We live in tumultuous times. The impact of the COVID pandemic, economic struggles, and civil unrest. America has had its fair share of riots in the past couple of years, and now South Africa is experiencing the same.
Riots bring the risk of severe damage to property and wealth. If you have a business that happens to be in the path of a riot, you could suffer a devastating blow to your livelihood.
Financial protection against riots is possible
Building insurance does not cover damages caused by riots, but there is a type of insurance that does.
SASRIA (SA Special Risks Insurance Association) is a state-owned company that pays out for damages caused by civil unrest, and has been doing so for years.
SASRIA insurance is acquired through insurance companies, not directly from SASRIA. When clients claim for damages caused by civil unrest, the insurance company acts as a mediator between the client and SASRIA.
In an interview with the Daily Maverick; Cedric Masondo, the MD of SASRIA, assures people that “we are not going to define what a ‘riot’ means and reject claims if it falls outside of the riot definition. From our point of view, these are all SASRIA-related claims and payments can be made within a week.”
Will SASRIA be able to cover the damages?
Damages from the latest riots are expected to run into the billions, and there may be concerns over whether SASRIA has the reserves to cover them.
But unlike many other state-owned companies, SASRIA is actually profitable (it recorded a profit after tax of R333-million in 2020). It is self-funded, generating money from premiums and investments.
Acquire riot insurance through ooba Home Loans
ooba Home Loans is South Africa’s largest home loan comparison service. We are known for offering assistance in acquiring home loans with low interest rates, but also provide insurance packages, including buildings insurance and vehicle insurance.
The cost of their buildings insurance covers premiums paid to SASRIA, providing you with riot insurance as well as protecting the structure of your home along with its permanent fixtures and fittings.
Buildings insurance is usually required by your home loan provider anyway, so it’s in your interest to obtain buildings insurance that includes cover for damage caused by civil unrest.
Acquiring property through ooba Home Loans
In addition to providing a comprehensive buildings insurance package, ooba Home Loans are also the go-to service for purchasing properties. We offer a range of tools that can make the home buying process easier. Start with their Bond Calculator, then use the ooba Home Loans Bond Indicator to determine what you can afford. Finally, when you’re ready, you can apply for a home loan.
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