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BVI Newbie » Visiting » Accommodation » Home Insurance
By Brian Jermyn, Director – Caribbean Insurers
A home is generally the largest asset for most people and home insurance can help protect this investment in the event of a catastrophe such as a fire or hurricane. Banks make home insurance mandatory if a mortgage is in place, to protect their interest in the property.
A standard home insurance policy is generally broken down into the following sections:
– including your home, landlord’s furniture and fittings, patios, swimming pools, paths, walls, fences, satellite dishes, tennis courts and can include sea walls, docks, piers or jetties
– including household goods and personal effects belonging to you or your domestic employees permanently residing with you
– can include both Public Liability and Employer’s Liability – generally provides cover against accidental loss or damage for a number of specific items detailed in the policy (including valuables, electronic equipment, specifically listed personal effects). For coverage to apply to Buildings and/or Contents, the loss must have been a result of an Insured Peril listed in the policy. generally include the following: • Fire, Lightning, Smoke & Explosion It is important to be aware of the deductibles that pertain to each policy section and to each insured peril. Under-insurance occurs when the sums insured of an insurance policy are less than the replacement costs to bring the home back to its current condition should a claim occur. A homeowner should review their sums insured on their home policy on a regular basis, especially after major additions or renovations to the home to prevent an under-insurance situation. In the event of a claim, under-insurance is factored into the claim settlement and results in lower claim pay-outs and increases the economic losses for the homeowner. Under-insurance can cause serious financial hardship and should be guarded against at all times.
Insured Perils
• Earthquake or Volcanic Eruption
• Hurricane, Cyclone, Tornado or Windstorm
• Flood or Overflow of the Sea
• Subsidence, Heave or Landslip
• Escape of Water or Oil from any fixed water or heating installation or domestic appliances
• Riot, Strike or Labour Disturbances
• Malicious Acts and Vandalism
• Theft or Attempted Theft
• Impact Damage caused by aircraft, vehicles or animals
• Falling Tree BranchesDeductibles
For instance, it is quite common for loss caused by Earthquake or Volcanic Eruption or Hurricane, Cyclone, Tornado or Windstorm to be subject to a 2% deductible of the Sum Insured per section. You should discuss the deductible and deductible options with your insurance agent to ensure you are aware of them before a claim occurs.What is Under-insurance?
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