Moody's Investors Service says only 20 per cent of Jamaican residential properties are insured, and of those, 95 per cent are underinsured, meaning homeowners would not receive enough insurance payouts to rebuild their homes.
The international credit rating agency noted that most of the insured buildings are structurally sound and able to withstand natural disasters, such as hurricanes and earthquakes.
However, Moody's pointed out that the majority of uninsured homes were not built to hurricane or earthquake-resistant standards and were completely destroyed by Hurricane Melissa.
The agency added that most of the country's hotels are fully insured, given their critical roles in the national economy.
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