Frequently Asked Questions

Please review the questions most frequently asked by our Smart Customers. We hope they may serve as a possible answer on any question you may have. If you do not find an answer to your question here, please post it now and we will answer you shortly as well as add your question with our answer to this page.
Also, please feel free to contact our customer service.

1. What do I have to do to start my insurance?
Our front desk staff and brokers are glad to answer all your questions and will assist you in filling out the application form for your insurance.
Click here to submit a standard quotation form, to which we will answer shortly.

2. Why is it important to have a home insurance?
Your house is a very valuable asset which is exposed to non-natural and natural risks like burglary, fire, lightning and other damage causing factors. Having a good insurance will help cover your costs for replacement of valuables or reconstruction of your property after damage. Like this you do not need to take out a loan to rebuild or resort to spending special savings which you may have set aside for a better purpose. Property Insurance is the best way to keep you protected at all times.
Our residential property policies protect you for:

• Construction risks
• Property (building)
• Household furniture, fixtures & fittings
• Personal effects
• Personal gadgets/ equipment
• Jewelry & valuables
• Personal liability requirements

3. What kind of insurance is available for my home?
Our Smart Economy Cas™ policy covers your house expansively against fire, lighting, malicious damage, storm hurricane, earthquake, impact of vehicles, falling trees, bursting of pipes and bush fire which also includes a complimentary package for:

• Personal accident Insurance up to AWG.100.000
• Personal Liability up to AWG.100.000
• Loss of rent up to 5% of Sum Insured
• Breakage of glass and mirrors up to AWG.1.000
• Removal of trash up to AWG.25.000
• Automatic cover on reinstatement value basis.

4. How can I best insure my household contents?
In order to get full coverage including coverage against theft for all your personal items you can take our ‘Combined Fire & Theft’ Policy.

5. What is the ‘Sum Insured’ under my Home Insurance Policy?
This is the value for which you choose to be insured and represents the grand amount protected by the policy. Obtaining a policy with a certain Sum Insured does not automatically mean that you have full coverage. The value you choose to insure has to be in accordance with the real value of your asset, otherwise you run the risk of being your own insurer for the part that was not insured.

6. How do I determine the value of my house for Insurance so that I am neither over-, nor under insured?

• Have your property valued by a ‘taxation report’.

We recommend taking out insurance on the current reconstruction value to make sure you have covered the full value. Do remember that land is never insured so you have to be guided only by the present day cost of reconstruction.

• General household contents/ gadgets including personal effects which are relatively new and recently purchased must be insured on the current repurchase cost of a similar item.
• Furniture, fixtures or contents which are old and have a residual value of approximately 40% of current repurchase cost should usually be insured on the market value that is the current resale value.
• High risk items like portable electronic equipment, laptops, cameras, cellular etc. must be insured on repurchase value.
• If you wish to insure your expensive Jewelry/Fur we insure them generally on the original purchase cost however the Insurance of these items is not automatic and generally carry a limit. This is why we advise you to keep your purchase invoices and pictures of you wearing the items.
• In case of valuables say expensive paintings or antique items we advise you to have a valuation done and provide a copy to us at the time of application.

Our application forms help you make an exact valuation of your contents through a user friendly worksheet.

7. What if my building is under construction?
You have two options. Either you obtain a Fire Insurance or request your contractor to obtain a ‘Contractors All Risk’ Insurance for the completed value of your project. Both these policies are conveniently priced. Insurance of buildings under construction are subject to special terms which require that you inform us when the project is completed so you may convert these policies into general property insurance.

8. What are the premiums I have to pay for my policies?
The premium you pay is directly related to the value of the property you insure. You can qualify for discounts in annual premiums if your property is protected with safety features like Fire or Burglary alarms, fire extinguishing equipments etc. Restricted covers can help you save on your premium but may also deduct you sometimes of much needed coverage in the unfortunate event of a loss.