Property Insurance Facts
Property Value
There is a difference between the terms actual value and sum insured as they relate to property insurance. It is highly recommended that you insure your property for its actual value as the sum insured only refers to the maximum liability or cover in the event of a claim. Variations in these amounts will affect what you will recover in the event of a loss. In addition, any expansion or renovation to your property during the time your policy is in effect should be reported, as these will alter the value of your property.
Property Description
Rates are applied based on the use, among other things, of the property insured. Should the use of your property change during the course of coverage, please advise us so that your policy can be amended accordingly.
Property Inspection
During the period of insurance coverage, inspection of the property insured may be conducted to facilitate the claim process should a claim be filed against your policy.
Hurricane Season
Review your policy with us to ensure that you have adequate coverage. When a hurricane warning is issued, it is usually too late for you to make any amendments to your policy.
Simple steps to minimize your risk of FIRE AND ASSOCIATED PERILS
- Secure butane tanks outside the building.
- Keep a fire extinguisher within reach and ensure that someone in your home or office knows how to use it.
- Ensure that all electrical wires and fixtures are properly installed.
- Avoid using candles.
- Secure windows and doors when a hurricane warning is issued.
- Ensure that you turn off your breaker switch before you vacate your home during a hurricane storm/warning.
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