New Year, New Valuables, New Protection
BRIDGETOWN, Barbados –Whether you received them as Christmas gifts from family and friends, or purchased them yourself, many households have started 2020 with new possessions which Sagicor General Insurance is encouraging Barbadians to secure with a Contents Insurance policy.
This advice comes from Mark Prescott, Vice President – Insurance Operations, who is speaking not only to homeowners, but also to those individuals who are renting properties. “Homeowners are more likely to have contents insurance due to this line of protection being recommended to them when taking out property insurance, however, it isn’t something that is typically on the radar for property renters”, stated Prescott.
“If an individual is renting and the property is affected by a fire, earthquake or storm, any possessions that are damaged or destroyed would not be covered by the landlord’s home insurance policy, as this only provides coverage for the structure. A renter would need to purchase a Contents Insurance policy to ensure that they can recover any losses or cost of repairs in the event of such a situation”, he indicated.
As is the case with Motor and Home insurance, Mr. Prescott made the point that the effectiveness of the coverage is relative to the accuracy of the policy, stating that it is always in the best interest of the policyholder to ensure their vehicle and property valuations are up-to-date and that these values are reflected in their policies.
“The same applies to contents insurance, not only as it relates to the current value of previously owned items, but also to ensure that new acquisitions are added to the policy so that they too are covered. As an added benefit, the coverage includes public liability in respect of injury to third parties or damage to their property while at your residence”, he explained.
As a result, the insurance company is advising individuals to update their listing and valuations in accordance with any changes or additions to household items and personal valuables, reminding them that anything of value can be insured, including jewellery, family heirlooms, art, etc.