It’s no surprise that hurricanes are the leading cause of home insurance claims in Bermuda. They can leave a lot of damage in their wake, leading to costly and time-consuming repairs to properties across the country.
When it comes to protecting your home and property during hurricane season, there are several things you can do to proactively safeguard your home. But if all else fails, you’ll rely on your home insurance to cover the cost of repairing or replacing your home or belongings if they’re damaged. This is why it’s especially important to understand your coverage, regularly review and update your sum insured, and prepare yourself as best as possible in case you need to make a claim.
Review your sums insured before a hurricane hits and avoid underinsurance
If your home or belongings are damaged because of a hurricane, the last thing you want to discover is that you don’t have enough insurance coverage to repair or replace them — also known as underinsurance or being underinsured. It’s a good idea to review the sum insured in your home insurance policy regularly to make sure they’re still adequate for your current situation and that you have high enough limits to fully cover repairs to any damage to your property.
Make sure your sums insured are high enough to rebuild your home from the ground up and replace your belongings
As the cost of building materials and labour rise with inflation, it’s more important than ever to ensure that your building’s sum insured is sufficient to cover the present-day rebuilding cost of your home if it’s damaged because of a hurricane. Your “sums insured” (or the the dollar values for which you choose to insure your home and its contents) should reflect the full cost to rebuild your home and replace all of your belongings in today’s market.
If you make renovations or upgrades to your home or purchase new valuable belongings (like electronics or furniture) at any time throughout the year, let your insurer know so they can adjust your sums insured to reflect these new additions.
Understand your coverage — it’s about more than just your property
Home insurance does a lot more than just pay to repair or rebuild your home if it’s damaged during a hurricane. It can also provide coverage for things you might not expect — but might need — including:
- Alternative accommodation if you’re unable to live in your home while it’s being repaired or rebuilt
- Loss of rental income if you have tenants who need to move out while repairs are being completed
- Removing your building debris from your property following damage
- Emptying and refilling your underground freshwater tank if it’s contaminated by salt during a storm
The limits for some of these additional coverages are based on percentages of your existing sums insured, which is another good reason to make sure you aren’t underinsured before a hurricane hits.
Update your home inventory list
Creating a home inventory list is the easiest way to take stock of your belongings and understand their value, which can help you make sure you have sufficient insurance coverage. But keeping your home inventory up to date is about more than just understanding the value of what you own “on paper” — it can also save you a lot of time and energy if you ever need to make an insurance claim for items that are lost or damaged during a hurricane.
How to make a home inventory list
If you haven’t already started a home inventory list, you can make your own list on paper or find a home inventory app that suits your needs. Your home inventory list should include a description of each item, the brand name and model number, where you purchased it, and how much you paid for it. Start with your most valuable items, like electronics and furniture, and work back from there. Keep receipts if you have them, and take digital photos of each room in your home, clearly showing its contents.
Bonus tip: If your home inventory list is on paper, take copies of it and store them somewhere secure that’s not in your home — like in a bank safety deposit box — or store digital copies of your inventory and room photos on the cloud so you can access them from anywhere.
Be prepared to make a home insurance claim
Home insurance is designed to be there for you when you need it most, and it helps to know how to make a claim before you need to. If your home or property is damaged because of a hurricane or other tropical storm, you can make a claim to cover the costs you incur as a result.
If you’re a BF&M customer and need to make a home insurance claim:
- Walk around your home and make a detailed list of all damage you want to include in your claim, including damage to your belongings (this is where your home inventory list comes in handy). It doesn’t hurt to take photos, too.
- Download and submit a property claim form, or contact us to make your claim. You can reach us at +1 441 295 5566 or report your claim directly to [email protected].
- Wait to hear from us and get ready to receive your payment. We’ll contact you if we have any questions as we process your claim.
Review your home insurance policy and contact us to update your coverage
Before hurricane season hits, take a close look through your home insurance policy so you understand your limits and coverages, and contact your insurer if you have any questions or need to make changes.
If you’re a BF&M customer, you can log in to review your home insurance policy online or contact our customer service team at +1 441 295 5566 for support. We can help you adjust your sums insured or answer any other questions you may have about your coverage ahead of hurricane season.