OCTOBER 19 - NOVEMBER 19, 2020

THE WEEKLY GLEANER | OCTOBER 15 - O CTOBER 21, 2020 | www .jamaica-gleaner.com | I 9 S HOULD I buy or buildmy dream house? This is a major question that many returning residents have pondered when it comes to home-ownership in Jamaica. Chris Hind, general manager, , said whichever option is pursued, prospective homeowners should ensure that they protect the property that they have made so much sacrifice to acquire. “A home insurance policy provides coverage for residential properties in the event of damage to the building and, or contents, caused by perils insured by the policy. Examples of such perils are fire, flood, earthquake, hurricanes, burglary and theft. In addition, the policy will cover the insured’s legal liability to domestic employees and visitors to the property,” Mr Hind explained. “It is critical to have home insurance, because it cushions any financial loss due to damage to the property and content, which could run into millions of dollars in the most severe cases. Your policy provides the peace of mind that you will be spared the financial burden of having to restore your home if it is damaged.” RETURNING RESIDENTS Mr Hind emphasised that the property should be insured for the full replacement value to avoid any claims being reduced by the “Condition of Average”. He also stated that insurance can be provided for properties under construction and for contents and valuables only, if returning residents are renting while they build their own homes. Persons who hold membership in the Caribbean Community of Retired Persons (CCRP) will enjoy an attractive insurance coverage for building and content with the JNGI Silver Shield. This product also offers a 10 per cent discount on motor vehicle insurance if the home is insured with JNGI. Mr Hind stressed that homeowners should review their policies annually as the value of the property may change due to appreciation in real estate and/ or home improvement projects carried out. “This annual review is important as it mitigates against under insurance and the application of the average clause in the case of a claim,” he said. ■ For more information on home insurance and other insurance products, visit the JNGI website at https://www.jngijamaica.com ; call 876-948-7901 or send an email to info@jngijamaica.com . Securing your dream home JN GENERAL INSURANCE (JNGI) RETURNING RE SIDENTS FEATURE THE WEEKLY GLEANER | OCTOBER 19 - NOVEMBER 19, 2020 | www.jamaica-gleaner.com | “It is critical to have home insurance, because it cushions any financial loss due to damage to the property and content, which could run into millions of dollars in the most severe cases.”