New Year, New Valuables, New Protection

February 24, 2021

St John’s, Antigua and Barbuda – Whether you received them as Christmas gifts from family and friends, or you purchased them yourself, many households have started 2021 with new possessions which Sagicor General Insurance is encouraging them to have secured with a Contents Insurance policy.

This advice comes from Keith Herbert, Manager, Eastern Caribbean Operations for Sagicor General Insurance Inc., 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 recommendations made to them when taking out insurance on the building, however, it is often overlooked by persons who are renting property but own the contents”, stated Herbert.

“If an individual is renting, and the rented property is destroyed by a fire, earthquake or storm, any contents that are damaged or destroyed at the same time would not be covered by the landlord’s property insurance policy, as most times this only provides coverage for the building 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 their contents are damaged or destroyed”, he indicated.

As is the case with Motor and Home insurance, Mr. Herbert made the point that the effectiveness of the coverage is aligned to the accuracy of the policy, meaning 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 shown in their policies.

“The same applies to contents insurance, you should always ensure that current replacement values of your contents are used in arriving at your sum to be insured, and that new acquisitions are added to the policy so that they too are covered.

As an added benefit, your contents insurance coverage also 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.

Keith Herbert, Manager – Eastern Caribbean Operations,
Sagicor General Insurance Inc