In short: the lowest price is not always the best quote, because two quotes can describe quite different cover. To compare fairly, put the quotes side by side and check what is covered, the limits, the exclusions, the deductible, the sum insured and the currency. This article is general information and does not recommend any insurer.
Make sure you are comparing the same thing
Before looking at price, check that every quote is based on the same information: the same property or vehicle, the same sum insured, the same use and the same start date. If one quote assumes something different, the comparison is not like for like.
What to compare
| What to look at | Why it matters | A question to ask |
|---|---|---|
| What is covered | Two policies with the same name can cover different events | Which events are covered, and which are listed as exclusions? |
| Limits | A limit caps what the insurer pays for an item or event | What is the most the policy pays for this? |
| Exclusions | They decide what the policy will not pay for | Are there exclusions that matter to my situation? |
| Deductible | It is the part of a claim you pay | Is it fixed or a percentage, and what is the money amount? |
| Sum insured | If it is too low, a claim may be reduced | Does it reflect rebuilding or replacing costs? |
| Currency | It affects what you pay and what you receive | Which currency is the policy written in? |
| Storm terms | Wind, flood and storm surge are often treated differently | Is there a named-storm deductible or condition? |
| Conditions | They set duties such as security measures or maintenance | What must I do to keep the cover valid? |
| Claims process | It affects how smoothly a claim goes | What do I do, and whom do I contact, if there is a loss? |
Deductibles and storm terms are two of the points that most often differ between quotes in St. Maarten.
Put it in writing
Ask for each quote in writing, with a summary of cover, limits, deductibles and exclusions, and read the policy wording as well as the summary. The wording is what applies when a claim is made.
Price in context
A lower premium can reflect a higher deductible, a lower limit, more exclusions or a lower sum insured. A higher premium can reflect broader cover. Looking at what you get for the price, and at what you would pay yourself on a claim, gives a fuller picture than the premium alone.
Other things people consider
- How the insurer handles claims, and what other policyholders can tell you about the process.
- Whether the insurer can cover both sides of the island, or a neighbouring island, if that matters to you.
- Whether you will have someone to ask when you do not understand a term.
- Whether the quote is valid for a limited time.
How an advisor can help
A broker can ask several insurers for quotes, explain how they differ and point out what each leaves out. Which insurers can quote depends on the risk. The comparison shopping page describes this, the policy recommendations page explains how options can be discussed and how to choose an insurance broker lists questions to ask before you pick one.
To compare quotes for your own situation, request a call back or call +1 721 542 5078. The offices are in Philipsburg and Cole Bay.
This website gives general information about insurance. It is not personal advice, a recommendation or an offer of cover. Terms, limits, exclusions and availability depend on the insurer and the policy wording.