Protect Yourself and Your Family from Fire with a Fire Insurance in Barbados

A fire is something that is very much unexpected but can incur heavy damage to property and life. Thus, having a good fire insurance is of utmost importance. Many insurance companies in Barbados provides fire insurance which covers your house structure, as well as all the fittings and fixings required after a fire hazard.

Importance of a Fire Insurance

They provide you with all the financial help for almost everything you have lost in fir, to ensure that you get back to your normal life as soon as possible.

Moreover, if a fire is very devastating and burns down your house completely, where are you going to take shelter? You’d say that you will stay at your relatives place for a few days. But, what if you don’t have relatives in the same city, or simply you don’t have any relatives at all? This is where the need for a Fire Insurance Barbados. Fire insurance policies are responsible to cover your home, furniture, stock, etc. and it provides you with the cost of replacement of assets and properties that were damaged or completely destroyed in a fire. Fire insurance will also cover you for all the extra expenses like, your restaurant bills, hotel say bills, etc.

And also, if your net worth is more than $1M, then the company is responsible to restore every single thing to like it was before fire to ensure that you are up and running in no time.

Types of Fire Insurance

There are many types of fire insurance offered by different companies in Barbados. Some of them are-

Valuable Policy

In a valuable policy the cost of the lost amount is not calculated at the time of signing the policy papers. The amount of all the damaged property or assets are calculated at the time when a fire has already taken place. This allows you to gain the fair value for everything that you have lost as per the current market price.

Valued Policy

In a valued policy the cost of all the valued objects is calculated the moment the insurance contract is signed. When a fire takes place, the insurer has to pay the amount that has been agreed on in the contract, irrespective of what the current market rate is.

Floating Policy

This policy is especially designed for large store houses and warehouses, as the amount of goods stored in them, keeps on changing with every passing day. As a result, it gets very difficult for traders to select a particular policy.

Specific Policy

This is an under-valued policy. In this type of policy the amount of an object is pre-defined, irrespective of its past, current or future rate. For instance, a property is insured for $10,000, whose actual value is $20,000. Now if a fire breaks out and the property is destroyed, the insurer will only pay $10,000, even if its value is $20,000.

Some of the Best Insurance Companies in Barbados

•    Sun General Insurance

•    Calico International Life

•    Vander pool Insurance

•    The Beacon Insurance Co. Ltd

•    Brayden’s Insurance Inc.

About Author

Massy United Insurance online for Home Insurance Barbados and Trinidad. At Massy United Insurance, we pride ourselves in providing excellent service and speedy claims response to clients across 14 territories in the Caribbean.