Property Renters Encouraged to Explore Contents Insurance
For decades rental properties have been the more affordable option for thousands of Barbadians looking for a place to call home, but Sagicor General Insurance (SGI) is concerned that the majority of these individuals and families do not take enough precautions to cover their most valued possessions.
According to Mark Prescott, SGI’s Vice President – Insurance Operations, “Property owners are more likely to have contents insurance due to this line of protection being recommended to them when taking out property insurance, but this isn’t something that is typically on the radar for property renters”. However, the insurance professional pointed out that this type of coverage is just as important for the latter as it is for property owners.
“If an individual is renting and the property is affected by a storm, hurricane, flood, fire or earthquake, 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 physical 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, 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, as we head towards the start of the 2021 Hurricane Season, Sagicor is advising individuals to update their contents listings 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.
For more information and to get the best coverage for those valued possessions, Prescott urged individuals to reach out to the company’s team of knowledgeable representatives using one of many options, such as dialling 431-2800, sending a WhatsApp message to 467-7243, emailing [email protected] , or connecting via SGI’s Instagram and Facebook pages.