Residential Insurance Tips

Home insurance is probably the best way to protect your home, possibly your most valuable asset, along with its contents.

Loss or damage can be devastating, so insurance is the only way to ensure a smooth recovery. Below are tips on residential insurance .

What you should insure?

1. The buildings - which should include equipment there-in, walls, gates, fences, hedges, terraces, patios, drives, paths, swimming pools, water and septic tanks, sewage systems, drains, awnings and hard courts.

2. The contents - which include all household goods and personal effects owned by you or any member of your household or for which you are legally responsible.

3. Valuables - such as jewellery, works of art, photographs and electronic equipment.

What you should insure against?

You should insure against the major perils, in hurricane, earthquake, windstorm, flood, fire, lightning and any explosion. You should also seek coverage against accidental damage/breakage to certain fixtures and fittings, subsidence and landslip, fire, burglary, theft, larceny, riot and strike; malicious damage, escape of water from washing machines, refrigerator and aquariums; damage to the home by falling trees, telegraph and utility poles and lamp posts.

Additional benefits, such as loss of rent, reasonable alternate accommodation, employer's liability and public liability , can also be included as part of your home coverage.

What is the best way to insure your valuables?

These items can be insured under the all risks section of residential insurance policies, and covers for all risks of physical loss or damage. Cover operates whilst the items are anywhere in Jamaica and can be extended worldwide.

What values should you insure for?

You should insure for the replacement value in order to be properly indemnified at the time of a claim. It is recommended that a valuation be obtained from a professional valuator .

Are you expected to bear some of the loss?

Most of the perils covered are subject to a deductible. This is the portion of the loss that the insured bears. This can either be a percentage of the sum insured, the settlement amount or a fixed amount.

It is very important that when you purchase a policy, you read it to ensure you understand the terms and conditions, and that the scope of cover satisfies your needs.