Home Insurance – Frequently Asked Questions

Home insurance is not mandatory but as we are exposed to catastrophic hurricanes which are capable of causing severe damage to even the best built homes its sensible to insure.

No- you should insure for the rebuilding value – this value isn’t fixed by the insurance company- if in doubt get a reinstatement valuation or discuss with a reputable builder.

Contents are insured for the replacement as new value – this could be the current replacement value abroad plus shipping and duty.

No rates are based on the full reinstatement value of the structure including foundations. If you under insure you will be penalized in the event of a claim- you will only receive a ratable proportion of your loss.

No – you are obliged to insure for the full reinstatement value or you will be penalized.

Generally premiums are not loaded in this country for waterfront homes – however some insurers may decide to apply a loading.
We do not generally charge more for rental properties – however some insurers may decide to apply a loading.
Yes it will- ask one of our staff members to explain the cover provided.
Your policy covers loss of rental income or the cost of alternative accommodation – subject to the policy limits- ask us to tell you more.

Because of the catastrophic exposure from hurricanes – a substantial part of your premium goes to pay for hurricane cover.

Yes- by choosing a higher Hurricane Deductible- we can explain the options to you.

Motor Insurance – Frequently Asked Questions

Under the Road Traffic Ordinance you’re required to have a minimum third party policy in order to operate a vehicle on the road.

A third Party policy will only pay for damage or injury caused to other parties for which you’re liable. For collision damage cover you’ll need a comprehensive policy which naturally costs more.

Most of our policies cover open driving- driving is permitted by any person with the insured’s consent , between the ages of 25-70 who has had a drivers license in excess of 2 years. Some of our policies differ in this regard so be sure to ask our staff.
No you are required to buy a locally written policy

If you have comprehensive cover you will be insured for theft of your vehicle

Unlike some other countries where Insurers set the sum insured on your car, here you are generally required to state the sum insured or the value is determined by your bill of sale – this may or may not be depreciated annually by insurers – ask us for more information.

Policy cover generally is in accordance with the compulsory limits required under the Road Ordinance. They are Personal Injury $500,000 and Property Damage $100,000

Insuring Condominiums
A Guide for Developers and Buyers

Business Interruption
Insuring your income