Tips and Info

Because your home is likely one of your largest assets, it’s a good idea to maintain coverage even if you do not owe any money on it. If you use your home as collateral or security for a mortgage, home equity or other type of loan, your lender will require coverage.

A catastrophe is a severe event that results in larger than usual losses such as Hurricane, Earthquake, Flood, and Fire. Due to our geographic location, Caribbean nations are at heightened risk of certain catastrophes and because your home is likely one of your largest assets, it’s a good idea to maintain coverage even if you no longer have a mortgage. If you use your home as collateral or security for a mortgage, home equity or other type of loan, your lender will require coverage.

The principle of Average/Under Insurance outlines that if at the time of a loss the property is insured for a value less than a minimum 85% of the replacement value, the payment of a claim will be apportioned in the same proportion as the percentage of the under insurance.

Consider the following scenario:

Your true replacement costs     =                $15,000,000

Your chosen sum insured          =                $7,500,000

Percentage undervalued           =                50%

Your home is partially damaged in a windstorm and you make a claim for $2,000,000 for repairs. You would be paid:

$2,000,000 (full claim amount) - 50% (percentage underinsured) = $1,000,000 (minus your excess / deductible)

No, and that’s exactly why you, as a tenant should buy householders contents insurance. This cover will provide protection for your personal property against loss or damage caused by insured perils usually covered in householder’s policies.

No, and that’s exactly why you, as a tenant should buy householders contents insurance. This cover will provide protection for your personal property against loss or damage caused by insured perils usually covered in householder’s policies.

Excess (or 'Deductible') is a pre-determined amount you have to pay if you decide to make a claim on your policy. It’s a way of you accepting a small portion of the risk yourself.

You can do any or a combination of the following:

         i.  agree to increase your excess and bear a larger percentage of each claim should any occur.

        ii.   restrict the driving of your vehicle to three named persons.

       iii.   If you insure all your vehicles through SGIA you will be entitled to other vehicle discounts.

       iv.    maintain a good driving record.

        v.     bundle your motor and home/contents policy

No. Once a lein /loan is in effect, only comprehensive cover can be purchased

You should immediately report any loss to GK Insurance. Do not wait to get the police report before doing so. GKI will formally request a police report. 

Excess (or 'Deductible') is a pre-determined amount you have to pay if you decide to make a claim on your policy. It’s a way of you accepting a small portion of the risk yourself.