On my latest insurance update (done as a result of a recent revaluation of my property) I noticed that the new insured amount was almost R500k less than the amount from 11 months previously. When I queried this with Standard Bank Insurance Brokers, I was told that the insured amount escalated annually based on inflation (and of course the premiums escalated accordingly). I have been overcharged for the past 3 years. I was ably assisted by Luthfiha Suleman who assured me that I would be refunded my three years overcharged premiums in the next 10 days. I have been subtly overcharged on a property not physically re-valued in over 3 years and, had I not queried this, I would have been none the wiser. I am one client who found out, thousands of others are none the wiser! The bank does not do physical valuations until a material change to the bond is requested and thus, SBIC simply apply an inflation update and charge premiums accordingly. I find this a reprehensible business practice and needs to be addressed urgently and SBIC need to address this matter urgently. I am considering taking this to the Ombud for short term insurance!
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