YOU SHOULD KNOW

Underinsured

My family realised after the fact that their home was insured for less than the actual rebuilding value. A hurricane hit and destroyed most of the house, but my aunt and uncle couldn’t afford to reconstruct what they had built and improved on over the years… they’re renting now.

Here’s a word of advice. Get your property valued to make sure its value matches your insured value. Your property insurance should always match the true cost it would take to rebuild or replace, if it were to be damaged or destroyed.

Give us a call to ensure you have the correct sum insured and that your property is protected throughout the worst that could possibly happen.

Example:

Don’t get caught short. To be hurricane ready is to be informed.

Know your deductible

Policy details are boring, right?
Take my advice though. Check the terms of your policy.

If you know what your deductible is
and you know how much your payout would be,
then you will know what the difference is and be able to plan accordingly.

Your deductible is a set amount that you are responsible for before your policy starts paying for covered costs – it’s deducted from your total payout amount (hence its name). We also call it the ‘excess’, because we pay the amount in excess of this figure for each claim.

Check your policy and get familiar with that amount so it’s clear what your final payout would be in the event of a claim.

Give us a call to ensure your insurance policy is one that works for you so we can take care of you in a timely fashion.

Contents Insurance

Can you afford to replace all your prized possessions tomorrow if you lost all of it?
When a disaster happens, we often think of the building damage. But everything inside can fall apart too – especially if there’s flooding, fire or some other disaster.

Your property insurance does not protect what’s on the inside. Check for contents insurance plans and be beautiful on the outside and the inside.

Contents insurance is just as important as property insurance, especially at a time when everything is at risk because of natural forces out of our control. We’re asking: what’s on the inside, and are you protecting it?

At CG United, we provide contents insurance plans that cover everything from furniture, equipment, freezer contents and much more. In the event of a total or partial loss this hurricane season, you can be compensated for these items if you have the right coverage in place

Change Of Occupancy

Plans change. Our homes evolve. If you plan on turning your garage into a barbershop for example then you should let your insurers know. If the use of the property has changed, this is called change of occupancy.

Let’s not live in a world where your home has not only suffered damage, but those additions you’ve made aren’t covered.

Over time, your home or office can become more than you originally planned. Your property may become a bar, or lodging, or some other type of business venture.

Making note of these changes, getting new valuations, informing your insurer and updating your policy are key to you receiving the settlements you expect in the event of an accident.

Contact us to talk about any changes to occupancy and let us get you covered.

72-Hour Clause

In the wake of days-long hurricanes and the even longer volcanic eruptions that affected our region recently, you should know how these could impact what your insurer classifies as ONE event and when it’s over.

The 72-hour clause is what insurers use to define one single event. Any loss or damage experienced during a period of 72 consecutive hours, is considered a single event.

Why is this important?

If that hurricane doubles back, or that volcano took a breather for a few days, it could affect if your insurer sees it as one or multiple events.

If its one event, and you were affected and had to make a claim, one event means you cover that deductible once.

If its more than one event, you would be required to pay the deductible for each event as dictated by the 72 Hour Clause.

Contact us to learn more about your policy and how this clause affects your coverage.

Condition of Average

Turns out my former landlord only had his 400K property insured for 200K.
Basically 50% of the value.
He got flood damage valued at about 100K to his property,
but he only got 50K payout (less deductible and applicable charges).
Basically 50% of the repair costs. He couldn’t afford it.
I think about him sometimes.

You should review your property value and your policy terms to ensure your property is covered for its true value and best protected against damage or loss.

The condition of average isn’t an equation you’ll want to hurt your head about. At CG United, we will be more than happy to guide you. Contact us to ensure you have full coverage.

Property Maintenance

Take this lesson from my neighbour, and me, who has to do all the work for her. A home in good condition is a home insured for its value. Imagine not getting a full payout in the event of a disaster because you didn’t maintain your property.

Loose guttering, unsecured doors, damaged roof tiles, etc – fix it. You will lose out on money that could go to repairs or replacement if you don’t get all this up to scratch.

A little clean up here and there is never a bad thing. Property maintenance is essential and a condition of most property insurance coverage. Your insurer can deduct wear, tear from your settlement if it’s not up to scratch. Help us help you, so that in the event of serious damage from a hurricane or some other disaster, you won’t lose out on money that could have gone to your repairs.

If you understand the benefits of self-care, then you’ll understand how it benefits your home too. Contact us a call to talk home and building insurance.

Estate Planning

My parents sat me down and gave me “the talk”.
Tomorrow isn’t promised and because they have a few insurance policies, they started writing estate plans with their insurer to include instructions for insurance claims on the family property.

In the most extreme circumstances, accidents and disasters can cause loss of life to one or many. The implications of this are dramatic but the crippling effects can be reduced by preparation.

Have an estate plan, prepare letters of administration or a will to ensure that the correct person can engage with your insurer in the event of a claim.

Contact us to talk about your estate and your legacy.

Power of Attorney

My grandfather is a fantastic role model who fries the best bakes.
He’s also too old to take care of himself and needs the daily support of his younger family members.

With power of attorney, I’ve been able to handle any insurance issues that may arise, including claims.
And a safe, protected granddad means more memories and hopefully more bakes.

As our loved ones grow older and become less and less able to handle responsibilities. We owe it to them to assist where we can. With power of attorney, relatives or trusted caretakers can handle insurance-related issues for the elderly should they be unable or incapacitated.

Talk to your family or loved ones about their insurance policies and should they agree, give us a call to talk about how we can ensure there would be no delays in settling claims on the behalf of your loved ones.