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.