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For anybody that has invested in property in St Lucia, it is essential that you take out a comprehensive homeowner’s insurance policy. There may be other matters to attend to before relocating to this fantastic island and starting this exciting new chapter, but this is a vital stage and, as with any type of cover, it is better to be safe than sorry. This is particularly true if you will be leaving the building vacant for spells to return home, if you are using it as a holiday home, or if you plan on renting it out to holidaymakers. Finding an Insurer Those in my network often recommend using a UK insurance company to cover your property. Not only will your policy and all the support be in English, but Sterling will also be used. Additionally, UK insurers should automatically pay the correct taxes and liability limits will be higher. Policy Type People invest in property in St Lucia for many different reasons. Many relocate here for the beautiful surroundings, gorgeous climate and breath-taking views, whilst some use the plot as a holiday home. There are also many who simply invest to rent the house to holidaymakers. A household and contents policy will be the ideal type for those that relocate, but if you plan on renting or leaving the property vacant for long periods, a specialist level for holiday homes will be required. A standard household policy will not cover you for times during which the building is vacant or rented out. It is worth taking out contents cover regardless, as buildings insurance will only cover fixtures and fittings and you will want to protect your possessions. If you do plan on renting to holidaymakers, there are a few aspects you will also need to be covered for. These include accidental damage for tenants, loss of rental income, public liability insurance and emergency accommodation and travel. Value You must also check that you are insured for the right value. For anyone with a property here, this will be based on how much it would cost to rebuild. Premiums There are a few factors that could influence your premium. If your property has a pool, hot-tub, conservatory, non-habitable outbuildings or similar features, then you can expect to pay more than you would for a small studio apartment. In addition to this, premiums vary country to country and may require cover for certain scenarios, such as electrical power surges. If you have recently purchased a property in St Lucia, homeowner insurance may not be at the top of your list of things to do before relocating to the island. However, it is hugely important that you have this in place before you move in and get settled. Not only will this give you adequate protection, but it will also give you peace of mind – something that you can’t put a price on. These are the key aspects to consider when looking for a policy, but if you require further guidance then feel free to contact my team on the ground today. Adam Gobat is a renowned expert on the Caribbean, with a passion for its culture, history, people and places. His indepth local knowledge and wealth of experience in luxury property in St Lucia are key to the marketing and sales of the luxury villas and penthouses in The Landings, one of the most desirable freehold beachfront developments in the Caribbean.
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