GUIDE TO INSURANCE - PROTECTING YOUR PROPERTY

Don’t just be insured – be informed
Most people know that they have to insure their home, car, boat and other major possessions. But too few really understand how their policies work and what they are really covered for.

Take the time to ask your Sagicor Advisor a few key questions that will make you an informed customer.

Types of property insurance
Automotive and marine insurance can cover loss or damage to your vehicle or watercraft as well as injury to you or another person. Additional coverage is available for windshield damage and weather-related loss.
Building and contents insurance protects your home or office and its contents from damage and theft. Be sure that the policy you choose covers the perils that can be a threat to your home. Also, be sure to conduct a contents inventory of your home to ensure that your belongings (especially jewellery, art and antiques) are covered adequately for their replacement value.

Insurance tips for you 
Answer the questions related to property insurance to make sure you are up to date.
Is flooding, water and storm damage covered under my homeowner’s policy?
These perils are sometimes covered separately so be sure you have the coverage you need. 

What does ‘replacement cost’ mean?
It usually means that damages to property covered by your policy will be valued at the cost required to replace it with property of similar kind and quality. 
What is inflation protection?
Inflation protection increases your coverage to keep pace with rising costs. 

How do I know if I have a deductible and how much my deductible is?
Your deductible is the cost you must pay in the event of a loss and should be identified on your policy. 

Does my deductible apply per loss or per year?
This can vary by policy so be sure you know how yours is structured. It is usually applied per loss. 

What do I do if my vehicle is in an accident?
Once you’re sure you and your passengers are safe, get the names and insurance companies of all parties involved. Call your agent or insurance company to get the name of the representative who will handle your claim. Depending on the jurisdiction, you will be required to notify the police immediately or within a fixed period. 

Does my auto insurance cover theft from my vehicle?
Personal belongings are covered under your homeowners insurance, subject to certain conditions (Speak to your Sagicor Advisor​ about this).

Is my vehicle insured if I loan it to someone?
Your auto insurance coverage follows the vehicle. So, in most instances, your car will be covered when someone else is using it with your permission