Home Contents Insurance protects the contents of your home, garage, and other buildings on your property from damage caused by perils such as fire, windstorm, lightning, storms, floods, theft and vandalism.
* Occupier Liability: Accidents can easily happen, especially to guests in your home. This policy covers your liability as the occupier of the home for events such as these when there is negligence involved.
* Tenants Liability: If you rent your home, there is up to a defined limit in cover for accidental damage occurring to that rented dwelling.
An additional feature of Home Contents Insurance is the 'All Risk' coverage feature which protects valuables frequently removed from homes (ie. jewelry, wristwatches, cameras or laptop computers). Items can be covered while in Bermuda or traveling overseas. This coverage cannot be purchased as a separate policy. You must purchase this with the Home Contents Insurance policy as an optional cover.
Your insurance premium is based on the total estimated replacement value of all of the home contents and valuables.
The peace of mind which comes from knowing you hold an insurance policy to protect the valuable contents in your home.
1. Can I purchase insurance only for the most expensive items in my home?
No, you cannot purchase Home Contents Insurance for the most expensive items in the home. It is necessary to purchase adequate insurance that will cover the replacement value of all of the items in the home to avoid being under insured at the time of a claim. The minimum value required for home contents coverage is $15,000 Bermuda dollars.
2. Do I need to provide receipts for all of the items that I would like to insure?
You do not need to provide receipts for all of the items you would like to insure. For particularly expensive items that are removed from the home (i.e., rings, other jewelry, camera equipment etc.), a receipt or recent appraisal will be required at the time of purchasing the insurance coverage. For all other personal possessions it is recommended you have an inventory list of your contents - including items such as pictures - since this will assist in settling a claim in a more efficient manner.
3. Can I use the proceeds from a claim to purchase new furniture?
The terms of this policy will provide 'new for old replacement'. This means payment will be made to the policy holder but only for the equivalent cost of the same like, kind and quality of the object that was lost or destroyed. If the policy holder chooses to purchase a more expensive item they will be required to pay the difference in the cost.
4. Do I need to provide proof of theft or accidental damage when making a claim?
In the case of a burglary or forced entry at your residence, a police report should be submitted with the insurance claim and proof of purchase whenever possible.
5. Will I have to include new items in the policy if I purchase new furniture?
Yes, if you dramatically increase the cost of your home contents (15%or more) you should notify BF&M General Insurance Limited of the additional purchases so the policy can be amended to include the new items.
6. Can I include clothing and other small items in Home Contents Insurance?
Yes, apparel and other personal effects can be included in Home Contents Insurance.
7. Is my home covered while I'm away on holiday?
Yes, your home is protected while you are overseas however, the home can not be left unoccupied for more than 42 consecutive days.
8. Are furniture items in a rental unit covered under this policy?
Yes, furniture remaining in a rental unit that is supplied by the landlord can be included in this policy. A tenant will need to cover their own personal items in a separate insurance policy.
9. Does my insurance provide coverage for visitor's possessions?
No, this insurance policy protects items that are the responsibility of the insured. Items which are contained in the residence and belong to the insured are covered under this policy.
10. How can I submit a claim?
Claims can be submitted directly to BF&M General Insurance Limited:
Monday-Friday, 8am - 5pm Customer Service: +441 295 5566
After Hours 24/7 Claims: +441 298 0247
This information is intended to be a summary of the policy cover provided to us by BF&M Limited in our capacity as an insurance agent of BF&M Limited. For further details, please contact your Relationship Manager or call +441 296 SAFE (7233).
HSBC Bank Bermuda Limited (the "Bank") is acting solely as an insurance agent of BF&M Limited and its subsidiary companies ("BF&M") pursuant to its insurance agent licence issued by the Bermuda Monetary Authority (and not as an insurance agent for the customer) with respect to this/ese insurance product(s). The Bank is not responsible in any way for the underwriting, administration or claims handling of insurance products, and does not accept any responsibility for such matters. HSBC Insurance is the brand name for insurance products offered by HSBC Group members HSBC Bank Bermuda Limited is licensed to conduct Banking and Investment Business by the Bermuda Monetary Authority.
All questions, concerns and claims must be submitted directly to BF&M.