HSBC Advance products
Home Buildings Insurance
Is your home and personal property protected from the unexpected?
Home Building Insurance provides financial protection against damage to the structure of your private residence. This product provides coverage based on the cost of rebuilding your home. It protects your home against damages caused by perils such as hurricane, earthquakes, lightning storms, fire, floods, theft and vandalism.
- Flexible payment options as premiums can be paid annually or by monthly interest free payments
- It protects your home against damages caused by perils such as windstorm, earthquakes, lightning storms, floods.
- Alternative rental accommodation if your home is made uninhabitable as a result of an insured peril.
Who is this policy for?
- Owners of free standing homes who are customers of HSBC Bank (Cayman) Limited
- Condominiums owners in circumstances where there is no specific insurance requirement by a Strata
Coverage Features
- Loss of rent
- Alternative rental accommodation
- Damage by Subsidence and landslip
- Property Owners Liability
- Damage to satellite dishes
- Damage to docks (optional for additional premium)
- Damage to Landlord's fixtures and fittings
- Escape of leaking water or oil
Premium
Your Insurance premium is based on the Building's Sum Insured. Your Sum Insured is typically based on the exterior square footage of your home multiplied by the cost per square foot which is dependent upon the quality of construction and the finishes
Benefits
- Provides "Peace of Mind" knowing your home is protected against unexpected events
- Satisfies requirements by financial institutions for customers with a mortgage to maintain a valid home insurance policy
- Flexible payment options as premiums can be paid annually or by monthly interest free payments.
Frequently Asked Questions
What amount of insurance coverage should I purchase for my home?
You should insure your home for the full replacement cost including removal of debris and professional fees. If you have obtained a recent appraisal on your home you can provide those details to a Banking Specialist who will then provide you with a quote.
Can I pay by installments?
Home Building Insurance premiums can be paid annually or via interest free monthly payments.
Can I insure only parts of my home, for example, the roof?
No, the whole structure of the home needs to be insured. This eliminates the risk of the home being underinsured.
Will my premium go up if I make a claim?
Our insurance provider, BF&M General Insurance Company Limited, has advised that generally premiums increase on a market basis as a result of large claims payments from catastrophic events. Individual premiums do not normally increase as a result of individual claims from non- catastrophic events. However, frequency of claims may result in a review of your insurance policy in order to determine the cause of the claims and any steps that could be taken to reduce claims going forward.
If a tree falls on my house from my neighbour's yard, who will pay for the damages?
If the neighbour is found negligent, he or she will be responsible for the cost of the damage, otherwise, the claim will be paid by your insurer depending on the cause of the damages and subject to the exclusions set out in the policy.
Do I have to purchase a separate Home Building Insurance policy for a stand alone rental unit which is located on the same property?
No. The Home Building Insurance policy you have purchased for your primary residence will include coverage for an independent rental unit which is located on the same property, provided it is listed on the policy and is fully insured. In order to receive coverage the main dwelling and the rental unit must be built according to existing building codes, which exclude wooden constructions.
If I sell my home can I transfer this insurance policy to the new owner?
Insurance policies are non- transferable. The new owner will need to obtain his or her own independent insurance policy.
If my home is destroyed in a hurricane will I be covered for the rental of alternative accommodation while the home is being repaired?
This policy provides up to 20 per cent of the building's sum insured up to a maximum of US$50,000 for finding alternative rental accommodation if you are unable to live in your home.
Are swimming pools and other buildings at my residence covered under this policy?
Yes, swimming pools, gates, boundary walls and pool houses are covered in this policy provided they are included in the rebuilding costs.
How do I make a claim?
Claims can be submitted to JEC Property Consultants Ltd.:
24/7 Claims Line: +1 345 945 4400
This information is intended to be a summary of the policy cover provided to us by BF&M General Insurance Company Limited in our capacity as an insurance agent of BF&M General Insurance Company Limited. For complete details of the policy cover, terms and conditions please call on +1 345 949 9555.
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