In 2014, Bermuda was hit with two back-to-back hurricanes, Hurricanes Fay and Gonzalo. While the close proximity of the two storms was quite unusual, it served as a reminder that hurricane season is unpredictable. In addition, the season is long, spanning six months from June through November. The length of the season paired with its variability underscores the importance of being prepared.
Argus Insurance is in the business of prevention. When it comes to hurricanes, the role of an insurance company is to prevent financial distress that could result from damages caused by natural disasters. If you are uninsured, we encourage you to consider the lessons learned from last year and get insured today. If you have insurance but are not sure of your coverage, call your insurance provider as there are different plans that cover different types of damages to different types of properties. Knowing your coverage is vital in protecting your home and property.
It is important to be aware that there are two common types of property insurance. The first is Buildings Insurance that applies to structures and the second is Contents Insurance that applies to personal possessions. The plan(s) you choose depends on your specific needs.
Buildings Insurance covers structural damage to the home. Typically, this type of coverage includes the garage and any other outbuildings, walls, gates, cesspits, tanks, patios, terraces and pavements. Swimming pools, satellite receiving equipment, docks, piers, jetties, seawalls, tennis courts all fall under the structural category that is covered with Buildings Insurance.
Contents Insurance covers an individual’s personal possessions while they are located in that individual’s home. This may include general household contents such as furniture, carpets, television and kitchen appliances; personal effects and clothing; valuable property such as jewellery, fine art, watches, cameras, laptop computers, iPods and phones. You can extend your Contents Insurance to include Personal Possessions Cover Insurance. This cover may also insure valuables such as cameras and jewellery when outside the home and you can specify when taking out your insurance whether this is for Bermuda only or worldwide.
In order to ensure peace of mind, make sure you understand what you are covered for. If you have any questions about insurance coverage, visit www.argus.bm or call the Argus Customer Service Centre on 298-0888.
John Doherty is Executive Vice President, Property & Casualty at the Argus Group. John has worked at the company for 13 years.