Property Insurance in Barbados

Insurance is a unique kind of product because it is such a product wherein you may need to pay a certain amount of premium every year for safekeeping but always hope in your heart you never have to use it. Thus, despite all odds, for the sake of being on the safe side, you need to opt for insurance none the less. However, one factor that helps determine how much premium you will be ready to pay includes the factors that go into planning your insurance. Let’s take a look at what factors come into play when opting for property insurance in Barbados. One of the main factors that the insurer will look into while determining the premium charged will be the kind of construction. 

A sturdy structure made up entirely of concrete will be the most resistant to fire and other related calamities and so, will be charged with a relatively lower premium. Also, the general safety of the building, including fire hose reels and fire extinguishers, CCTV cameras, etc. will also go into lowering the rate of insurance charged. Besides the safety measures, the occupancy and kind of maintenance that the building sees will also be considered. A badly kept building with peeling walls and bad housekeeping with low priority to cleanliness will be charged more. Not only this, even there is a hazardous structure, like a dilapidated building with a history of short circuits in the vicinity of your structure, however pristine your structure may be, you will still be charged higher. These are merely a few points that go into deciding how much premium and what insurance rate is charged. For more details, be sure to talk with your insurer freely so that he may give you an idea about what all goes into insuring a piece of property.