As Jamaicans prepare to roll up their sleeves and beautify their communities this Labour Day, Tammara Glaves-Hucey, managing director of GK General Insurance and Key Insurance at the GraceKennedy Financial Group (GKFG), is urging them to exercise another form of protection by making sure the property they have worked so hard to build is properly insured.

Industry data from the Insurance Association of Jamaica (IAJ) show that only 20 per cent of homes in Jamaica are insured, leaving 80 per cent at risk.

“Across Jamaica, many homeowners and commercial property owners may be underinsured without even knowing it. The problem often starts quietly. A policy was taken out years ago, the premium is paid each year, and the property owner assumes everything is still in order. But life changes. Prices change, homes are improved, businesses expand. Furniture, equipment, appliances, and stock are added. Meanwhile, the cost to repair or rebuild continues to climb,” shared Glaves-Huey.

She listed five ways Jamaican home and property owners can extend the life of their assets.

1) Check your sums insured

As you clean this Labour Day, revisit the drawer or safe hosting important documents; check your sums insured. Do not assume that the insured value listed on your policy is still enough. Ask yourself a simple question: if this building were badly damaged today, could this amount realistically rebuild it at current prices? If the answer is no, or if you are unsure, speak with your insurance agent or advisor and consider obtaining a current valuation.

2) Review improvements made

The second step is to consider any improvements made since the policy was first issued. Many Jamaicans have upgraded their homes over time. A new kitchen, solar water heater, air-conditioning unit, security system, bathroom renovation, additional room, tiled patio, upgraded roof, new windows, or better furniture may all increase the value of what needs to be protected. Businesses should also consider new machinery, computers, signage, stock, shelves, office equipment and other assets added over time.

3) Account for your content

Third, review your content coverage. Your building insurance protects the structure, but your contents coverage protects the things inside. Walk through each room and make a list of valuable items. Include electronics, appliances, furniture, jewellery, tools, equipment, and important business assets. Take photos and videos as you go. Digitally store copies of receipts, valuations, serial numbers and warranties, preferably in cloud storage or email, so they are not lost if the physical documents are damaged.

4) Fill missing gaps

The fourth step is to look for the safety gap. Under-insurance is not only a problem for large homeowners or big companies. It affects ordinary families and small business owners, too. A shop owner may think only about the building, while forgetting stock and equipment. A homeowner may insure the house but forget the contents. A landlord may improve a property but fail to update the policy. A small manufacturer may add equipment without increasing coverage.

“This is especially important now, as construction-related costs continue to face pressure from fuel, electricity, transportation, and material prices. If the cost to rebuild your home or business has increased, but your insurance coverage has remained the same, you could be carrying a financial gap that only becomes obvious after a fire, hurricane, flood or other major loss,” shared Glaves-Hucey.

5) USE LABOUR DAY AS PREHURRICANE SEASON PREP

The fifth step is to prepare before hurricane season pressures increase. Labour Day is a practical, annual reminder and comes just before the official start of the Atlantic hurricane season on June 1. Once a storm is approaching, it may be too late to make certain adjustments.

“Use Labour Day as a practical annual reminder. As you clean the yard, clear drains, trim trees, repair fences, check roofs, and secure loose items, take one extra hour to protect the financial value of your labour,” the insurance executive shared.

Labour Day reminds us that progress, though built by effort, must be protected. The home you repaired, the business you built, the contents you bought, and the dreams you continue to work for are all fruits of your labour.

GLAVES-HUCEY…lists five ways Jamaican home and property owners can extend the life of their assets Photo: Gabre Cameron