By Prince Moore
The Insurance Association of Jamaica (IAJ) has expressed alarm that an estimated 95% of insured residential properties in Jamaica are underinsured, leaving thousands of homeowners vulnerable to financial disaster, especially with the country now in the hurricane season.
The sobering figure is at the heart of the IAJ's new public education campaign, "Real Value. Real Coverage."
The initiative, which is designed to reach Jamaicans, both locally and overseas, urges property owners to urgently reassess their insurance coverage before storms, fires, or floods strike.
The message follows the devastation left by Hurricane Beryl, which tore through sections of southern and central Jamaica in 2024.
The Category 4 storm destroyed homes, flattened crops, and caused widespread power outages — a painful reminder of how quickly disaster can strike and the steep cost of recovery for those inadequately insured.
President of the IAJ Rosemarie Henry says the Association has noticed that some policyholders have insured their homes or commercial properties based on outdated values and never revisit them.
She says, when a hurricane hits, the insurance payout is nowhere near what's needed to rebuild or repair.
She says, currently only about 20% of Jamaica's residential properties are insured, and even among those, the vast majority fall short of true replacement cost.
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