New Disaster Mortgage by AIG
The new Disaster Mortgage product was introduced because of a growing demand by South African property owners.
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A one of a kind insurance policy has been introduced by AIG South
Africa that should give homeowners peace of mind.
The new Disaster Mortgage product was introduced because of a growing demand
by South African property owners who were worried about what would happen should
they were left temporarily homeless if disaster struck in their homes.
While many policies do cover alternative accommodation, none - until now -
continued to pay the mortgage for the homeowner.
"Most people have buildings and household insurance but what happens if they
have to move out of home because of fire, flood or other disaster that makes
their homes unliveable?" said the Personal Lines Manager at AIG South Africa,
Wally Gast.
"It can be very costly to find alternative accommodation for a whole family
and whilst their insurance may cover these costs, they are obliged to continue
paying their mortgage even though they are not occupying the house," he said.
The new Disaster Mortgage brand will cover the mortgage on uninhabitable
homes from 48 hours until six months. Cash payments are made to policyholders.
"There is no doubt natural disasters are on the rise the world over," said
Gast. "In South Africa, we have had unprecedented levels of flood of late, as
well as fires such as those in Cape Town earlier this year which forced people
out of their homes for months while repairs were undertaken."
"Disaster Mortgage will help homeowners reduce their risk even further," he
concluded.
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