Once you’ve found your dream home, safeguarding it should be your top priority.
Storms, fires and unexpected disasters can result in costly repairs, but having the right insurance can help you avoid unnecessary financial burdens.
HSBC Bermuda offers homeowners of free-standing properties coverage, whether the damage is minor or extensive.
The process is simple and can begin with a quick phone call. If you prefer online, you can complete a short form at https://www.hsbc.bm/insurance/products/home-buildings-insurance/ to get started on your “free, no-obligation insurance quote”.
After an assessment of your property, it’s typically a matter of filling in the necessary forms and paying the premium. Payments can be made monthly, quarterly, semi-annually or annually, with HSBC Bermuda acting as an insurance agent for BF&M.
In a nightmare scenario, the protection can serve as a vital security blanket.
“Home Buildings Insurance provides financial protection against small and extensive damage to the structure of private residences,” said Tanya Bule, head of international wealth and personal banking and marketing at HSBC Bermuda.
This product provides coverage based on the cost of rebuilding the home. It provides coverage for damages caused by perils such as fire, windstorm, lightning, storms, floods, theft and vandalism.
The coverage is also a good option for condo owners, especially if their association doesn’t require insurance.
It’s essential to have insurance that will cover the full rebuilding cost of your home, should that ever be necessary.
“If you have had a recent appraisal done then you can provide those details to your HSBC representative who will then provide a quote,” Ms Bule said.
“If you have not had your property appraised recently, upon request, BF&M will provide a free surveying service to evaluate the coverage required for your home.
“If at the time of a loss, the sum insured on the building is less than the full rebuilding cost then you shall be considered as being your own insurer for the difference and shall bear a proportional share of such loss accordingly.”
Home Buildings Insurance provides coverage for private homes against damage from risks like fire, windstorms, lightning, floods, theft and vandalism. It also includes all buildings on the property, such as a standalone pool house or cottage. Additionally, support is available if the damage makes your home unlivable.
If a covered peril makes the home uninhabitable, coverage is provided for reasonable additional accommodation costs. This is up to 15 per cent of the building sum insured for Personal Banking customers, and up to 20 per cent for Premier customers, for the duration required to restore the home to habitable conditions.
Whether claims cause premiums to go up is a frequently asked question by homeowners. The short answer is: it depends.
“Generally, premiums increase on a market basis due to large claims payments from catastrophic events,” Ms Bule said.
“Individual premiums do not generally increase as a result of individual claims from non-catastrophic events.
“However, you should contact BF&M directly to discuss the frequency of claims, which may result in a review of your insurance policy in order to determine the cause of the claims and any steps that can be taken to reduce claims going forward.”
Visit www.bfm.bm to request a claims form. Claims must be submitted directly to BF&M. For more information, call BF&M customer service on 295-5566 or the after-hours helpline on 298-0247.
