Congratulations! You’re now a homeowner. We know it was no easy feat, but we’re proud of you for accomplishing this massive milestone. While you’re busy shopping around for the perfect furniture and paint colours to adorn your new home, it’s important to take some time to shop around for the perfect home insurance or homeowners insurance to invest in. While home insurance may seem unnecessary, it’s a smart investment for every homeowner in Barbados. Imagine the peace of mind you’ll have knowing that you’ll be protected if your home is damaged. Thinking about bad things happening in your new home is unpleasant, but it’s always better to be safe than sorry. Here’s what you need to know about home insurance and why it’s a smart investment for Barbados homeowners.
Home insurance, or homeowner’s insurance as it is more popularly called, is a type of property insurance that safeguards your home and its contents against damage caused by specific perilous incidents such as fire.
That means depending on your home insurance policy, you may receive compensation if your home or its contents were damaged by fire, theft, or other unfortunate incidents. The alternative is rebuilding from scratch or replacing your items solely using your own money.
While homeowner’s insurance is usually a choice, lenders often require it when you mortgage your home. Even if you’re not required to have home insurance, it’s still highly recommended, especially for the coverage it can offer you in times of peril.
Home insurance coverage depends on the policy you have from your insurance provider. For example, a more basic coverage may cover fire, but a more comprehensive coverage can include things like earthquakes. However, the key components of a standard home insurance policy include coverage for property damage, theft, third-party liabilities, and burglary.
At General Accident Insurance, our home insurance is the most comprehensive insurance policy for homeowners; we offer coverage for your house, contents, and valuable property against:
The cost of home insurance varies between the insurance providers and the type of insurance you want to purchase. For example, a comprehensive plan costs more than a basic homeowner’s insurance package. Regardless of the insurance package you choose, the cost of insurance has steadily risen in Barbados, according to The Terra Group.
The Terra Group reasons that the rising cost of home construction is raising the rates of home insurance in Barbados. In 2020, the cost to build a 2,500-square-foot home in Barbados was BBD$625,000, while the same home would cost BBD$725,000 in 2023.
Naturally, the cost to fully insure a home would increase. It will also cost you more to rebuild if your home gets damaged.
That’s one of the reasons why having home insurance will always be worth it. You won’t be able to control perilous events such as lightning, burglary, or hurricane damage, but knowing that you won’t have to start from scratch will give you peace of mind.
To protect your business from revenue loss and asset damage, implement a comprehensive earthquake preparedness plan. This should include:
Additionally, contract a structural engineer to inspect your facility to identify and prioritize necessary strengthening measures, such as:
At GenAc, we want to help you protect one of your most expensive and precious investments, your home. We offer a comprehensive insurance policy that covers events such as burglary, theft, third-party liability, all risks, and other perils such as hurricanes or fires.
Therefore, if your home or the contents of your home or valuable property is subjected to any covered peril, you can make a claim and receive compensation to either fix your home or replace the contents.
We also offer homeowner discounts for homeowners who sign up for our policy. For example, if you have hurricane shutters or a burglary system in place, you can get up to 10% off your policy.
Start your journey to peace of mind as a homeowner with a quote from General Accident Insurance or come to speak with us in person. We will need to know details about your home and information about you, the homeowner, and conduct a home inspection in some cases. If you have any questions, don’t hesitate to contact us.
For more hazard preparedness tips, browse our blog.
Suggested reading: Understanding the Importance of Insurance in Barbados