Property:

• You should not include the land value in the proposed sum insured (normally land erosion or subsidence is not covered)

• It is recommended that you review the value of your contents and building replacement costs at least every 2 years

• The standard deductible for Catastrophic perils (Hurricane, Storm, Earthquake or Flood) is 2% of the sum insured

• If you increase the Catastrophic perils deductible, your rates will usually be discounted

Motor:

• Unlike property, the value of your vehicle depreciates each year and should be reduced by the minimum of 105 annually

• If possible, maintain your vehicle every 6 months, and replace every 5 years

• To verify the current value of your vehicle, visit www.kbb.com, remember to include freight and duty

• Most insurance companies will not offer comprehensive/ collision coverage for vehicles over 7 years old

Life & Medical:

• Whole Life policies that accumulates in cash value attract higher premiums and should be purchased at an early age

• Term Life policies are the least expensive and can be used as security for mortgage purposes

• Similar to Life Insurance policies, Medical rates increase with age

• If traveling frequently, ensure that your medical coverage has worldwide benefits and premiums can also be reduced with increasing the level of deductible

Over the past few years, major losses due to hurricanes, tsunamis etc. have affected reinsurance rates and premiums will be increasing.  Be sure to ask questions about the Carrier or Underwriters of your policy, financial background, reinsurance arrangements, claims handling etc.  Remember, “The only time you really need them, is the time when you REALLY need them”.

In the event of a claim, notify your Insurance Agent/ Broker or Company immediately, if it is a motor vehicle accident, notify the Police also, as a report will be required.  For property incidents or losses, first ensure the safety of yourself and family, and the protection of your assets.  These costs can be included in the claim settlement.  Keep a copy of your policy or Insurance cards with a family member outside your home, or at an office or bank safety box.