MiWay Home Insurance Review

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MiWay Home Insurance at a Glance

MiWay Home Insurance at a Glance

  • Leading online-based insurer.
  • Excellent customer service.

What we like:

MiWay's home insurance provides affordable coverage that can be customized to meet your specific needs. Whether you require coverage for leisure equipment, outbuilding contents, or additional protection against theft or power surges, they can create a tailored plan that suits your requirements, typically by combining the available products.

Best for:

MiWay provides a hassle-free platform for comparing, purchasing, and modifying insurance products according to your needs. If you are looking to purchase a reliable insurance product with the least amount of paperwork requirements, try MiWay.

  • Free Household Emergency Assistance.
  • Hassle-free way to purchase and modify an insurance plan.
  • Discounts and bonuses are available.
  • Having a security system installed can lower your overall claim excess.
  • Limited package.
Table of Content

Home insurance is a popular form of property insurance in South Africa that offers valuable financial protection in the event of loss, damage, or theft of home or household items such as furniture, electronics, and jewellery. As situations like heavy rainfalls and landslides have become increasingly prevalent in South Africa in recent years, the importance of having home insurance has grown as well. There are accredited insurance providers like MiWay that focus on offering top-notch home insurance products to South Africans. By securing this type of insurance, homeowners can have peace of mind knowing that their possessions are protected in case of unexpected events.

This review is designed to provide you with a detailed introduction to the range of home insurance products offered by MiWay. We will outline the distinctive features and benefits of these products, allowing you to make an informed decision when selecting the right insurance coverage for your home. Whether you’re looking to protect your real estate property or valuable possessions from theft or damage or seeking comprehensive coverage against natural disasters, MiWay has a variety of insurance products tailored to suit your needs. By reading this review, you’ll gain a deeper understanding of the earmarks and unique features of MiWay’s home insurance products, empowering you to make the best possible choice for your home and family.

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What Makes MiWay Insurance Different?

MiWay’s Home Insurance products offer unique insurance solutions for South Africans seeking to protect their properties from unforeseen incidents such as fire, theft, water, wind, and storm damage. With affordable premiums and a low flat excess, MiWay provides cost-effective coverage that won’t break the bank.

But that’s not all – MiWay’s award-winning customer service team ensures that the claims process is hassle-free, with the added convenience of managing the process online. And with free household emergency assistance included in your policy, you can rest assured that you’ll have help when you need it most. In the event that your building becomes unfit to live in, MiWay also offers alternative accommodation to ensure that you and your family have a safe place to stay.

Miway home insurance

MiWay Home Insurance Coverage Options and Benefits

MiWay’s proprietary home insurance products are MiHomeStuff, MiMovables, and MiPlace.

MiWay's MiHomeStuff

MiHomeStuff provides coverage for your personal belongings and those of anyone living with you, with certain exclusions, such as homes used as communes. You’re covered for theft, damage, or destruction of your insured home contents due to various incidents, including burglary, fire, explosion, weather-related events, impact-related incidents, or damage caused by burst geysers and pipes. MiHomeStuff coverage extends to items such as TVs, furniture, curtains, clothing, and loose carpets, among others.

The coverage also includes damage to your items during transport and alternative accommodation if your home becomes uninhabitable. Additionally, the policy includes limited liability coverage, which pays out if you or anyone living with you becomes legally responsible for death, injury, or damage to a third party or their property.

MiWay’s MiHomeStuff automatically covers spoiled food in freezers and fridges, veterinary expenses for your injured pet, stolen or destroyed remotes/locks/keys, stolen groceries from a car, and theft of garden tools. If you have a domestic worker or guest, the policy will cover their lost or destroyed properties. 

MiWay's MiMovables

MiMovables provide portable possession coverage that is divided into two categories: specified and unspecified movables. Unspecified movables include items that change frequently and can be covered within the maximum cover amount for individual items. On the other hand, specified coverage is for high-value and specific items that exceed the maximum cover amount for individual items under the unspecified policy. High-value portable possessions like jewellery must be specified in the MiMovables CoverSheet.

MiWay's Building Insurance (MiPlace)

MiPlace covers permanent structures, fixtures, fittings, and improvements on your property, including underground pipes and cables. In the unfortunate event of a fire, gate motor or pool pump damage due to lightning, water damage, and loss or damage caused by water supply tanks and cisterns, MiPlace has got you covered. It even covers the loss or damage of a thatch roof property if a SABS-approved lightning conductor is installed on the premises.

Pricing and Discount of MiWay Home Insurance

Your policy premium depends on the value of the properties that are covered. You must complete an inventory form, a document that lists all your home’s contents. 

MiWay offers a unique benefit to its South African customers whereby they pay for one month of home insurance premium for every three months of complete premiums paid. This translates to a potential three months of free coverage for homeowners who take full advantage of this benefit within a 12-month period. This can provide significant cost savings and peace of mind for homeowners who prioritize protecting their homes and possessions.

As a MiWay customer, you have the opportunity to refer family members or friends to the insurance provider and receive cash rewards of R1,000 per policy taken out online. This presents a convenient way to earn additional income while also providing your loved ones with quality insurance coverage. Moreover, if you refer five people, you can earn a bonus of R5,000 on top of the individual rewards earned for each policy taken out.

Where MiWay Home Insurance Can Improve

MiWay’s home contents insurance product lineup, a portion of its portfolio of home insurance products, is currently limited to only two options. While MiWay’s home contents insurance policies can provide valuable protection for personal belongings, expanding the company’s portfolio to include other unique products that offer specialised coverage can help better serve customers.

This would ensure that customers have access to the appropriate level of protection for their specific needs, and potentially attract more customers seeking custom home insurance coverage.

How to Request a Quote for MiWay Home Insurance

You can get a quote for your home contents insurance by filling out MiWay’s home inventory form. MiWay’s home inventory form is available online. By completing this inventory form, you can ensure that you are covered for the appropriate amount and that your personal belongings are protected in the event of loss or damage.

For building insurance applications, a homeowner must complete an insurance quote with MiWay, which can be done conveniently online or by phone. If the premium is deemed affordable and you agree to the start date for your new coverage, MiWay will provide you with documentation, including a coversheet (policy schedule), that outlines the terms of your insurance policy and provides you with essential information about your policy and home insurance in general.

Frequently Asked Questions (FAQ)

Insurance policies are tailored to provide coverage for specific types of losses. For instance, if you have home contents insurance, it is designed to protect your personal belongings that are stored in your home. On the other hand, if you have all-risk insurance, it offers protection for items that are taken outside your home.

Buildings insurance provides coverage for the permanent structures on your property. This includes not only the main structure of your home, but also outbuildings, permanent fixtures, fittings, walls, patios, and gate motors, among other things. In the event that you are temporarily displaced from your home, your building insurance may also cover reasonable accommodation costs, thereby sparing you the burden of incurring exorbitant bills.

It’s important to keep in mind that all insurance policies have certain exclusions, meaning that not all losses will be covered. To avoid any unexpected surprises when making a claim, it’s crucial to read the terms and conditions of your insurance policy carefully and familiarize yourself with the specific instances that are not covered by your policy.

Certain insurance policies come with additional coverage included in the base policy without any extra charge. For instance, if you have contents insurance with MiWay, you will receive coverage for lost or damaged locks, keys, and remote controls up to a certain limit. This additional coverage is offered without any excess payment requirement.

Furthermore, MiWay clients can also benefit from MiHelp, which provides assistance for various home emergencies that may require the services of a tradesman. For example, if you accidentally lock yourself out of your home, MiHelp can offer valuable assistance.

If you keep jewellery valued above R15,000 at home and do not wear it outside, it is necessary to obtain a recent valuation certificate from a reputable jeweller. It’s important to keep such jewellery secured in a locked safe and to ensure that it is included on your home contents cover sheet. For jewellery that you wear outside your home, all-risk insurance provides coverage. However, it’s important to note that if these items are valued above R1500, they need to be specified on your insurance cover sheet.

Making upgrades to your home’s security measures may contribute to lowering your monthly insurance premiums. It’s important to keep in mind that after implementing any security improvements, you need to notify your insurer about the changes made. This step is essential to ensuring that your insurance policy accurately reflects the security measures you have in place and that you receive any applicable premium reductions or benefits.

MiWay processes all payouts promptly to minimize downtime for home repairs or replacements. Claim processing time frames are not fixed, as faster claim submission results in faster payouts.

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