Your home is very likely to be your most valuable asset, and the building and contents are vulnerable to various risks, including fire, earthquakes, hurricanes, flooding and burglary. Taking out property insurance is the single most important thing you can do to protect your investment in your home.

In simple terms, adequate property insurance brings peace of mind.

If one of the risks covered by the policy damages your home, or its contents, you won’t have to find all the money to repair your house or replace your furniture and equipment.

When you buy an insurance policy of any kind, you transfer these large financial risks to the insurance company, by paying a much smaller annual premium, for which you can plan.

Jamaica is threatened by both hurricanes and earthquakes that can cause catastrophic damage. Property insurance does not entirely eliminate the cost of this kind of damage, but it greatly reduces recovery costs.

It is important to understand exactly what any insurance policy covers, and most are now written in plain English. Make sure you read the policy and discuss any concerns with your agent, broker or insurance company.

The sum insured you select must reflect the actual value of your home. If you underinsure, your claim will be reduced by the amount of the underinsurance due to the ‘average’ clause, which is a feature of all home insurance policies. All property insurance policies also carry an excess, which is the amount you will have to pay in the event of each loss, and you should make sure you know what those amounts are. The excess for catastrophe claims, usually earthquakes or hurricanes, are generally much higher than for fire claims.

GenAc’s property insurance policy also includes cover for the following events, subject to stated limits:

• Your liability to others, such as visitors or tenants
• Your liability to your employees, including domestic workers
• Loss of baggage
• Assault and robbery at an ATM
• Spoilage of refrigerated food after an insured peril
• Restoration of landscaping after an insured event

Click here for a full list of our coverage options.