The Insurance Association of Jamaica reveals that approximately 95 percent of insured residential properties across the island nation lack adequate coverage. This alarming statistic forms the foundation of the organization's latest public awareness initiative targeting both domestic and overseas property owners. The campaign emphasizes the urgent need for homeowners to evaluate their current insurance policies before natural disasters strike. Hurricane Beryl's destructive path through southern and central Jamaica in 2024 demonstrated the catastrophic financial consequences of insufficient coverage. The Category 4 storm left widespread property damage and highlighted the vulnerability of underinsured homeowners.
Association President Rosemarie Henry attributes the problem to property owners who establish insurance values based on outdated assessments and fail to update them regularly. When disasters occur, insurance payouts fall drastically short of actual rebuilding costs, creating financial hardship for affected families. Historical storms such as Hurricane Gilbert in 1988 and Hurricane Ivan in 2004 previously exposed the widespread nature of this coverage gap. Current statistics show that only 20 percent of Jamaica's residential properties carry any insurance protection whatsoever. Among those with coverage, the vast majority remain underinsured relative to current replacement costs.
The association urges property owners to review their policy details and obtain current professional valuations before contacting insurers to adjust coverage levels. Rising construction costs and inflation rapidly erode the value of older insurance policies, leaving homeowners financially exposed during emergencies. The organization's message emphasizes that hurricane season arrives regardless of preparation levels, making immediate policy updates essential for adequate protection.
Association President Rosemarie Henry attributes the problem to property owners who establish insurance values based on outdated assessments and fail to update them regularly. When disasters occur, insurance payouts fall drastically short of actual rebuilding costs, creating financial hardship for affected families. Historical storms such as Hurricane Gilbert in 1988 and Hurricane Ivan in 2004 previously exposed the widespread nature of this coverage gap. Current statistics show that only 20 percent of Jamaica's residential properties carry any insurance protection whatsoever. Among those with coverage, the vast majority remain underinsured relative to current replacement costs.
The association urges property owners to review their policy details and obtain current professional valuations before contacting insurers to adjust coverage levels. Rising construction costs and inflation rapidly erode the value of older insurance policies, leaving homeowners financially exposed during emergencies. The organization's message emphasizes that hurricane season arrives regardless of preparation levels, making immediate policy updates essential for adequate protection.
