TENANTS WHO ARE worried about losing contents in the event of disasters or accidents need not worry anymore as most insurance companies will cover the contents of the house.
Checks by THE STAR revealed that in the case of the tenant, they can still have their possessions insured. But, there is a catch.
The drawback in all of this is that contents cost the same as insuring one's personal property. At present the cost of insuring property stands at a percentage of the property. Hence, a $5 million property could cost at last $50,000 to insure. Insuring contents would therefore be a percentage of value of the furniture against perils. Perils include natural disasters, burglary and other dangers.
"When someone rents a property it is not automatically covered. The insurance covers the property but not the contents. Why the landlords do not insure the contents is because of the additional costs attached," explained Princess Chung, marketing officer of the Jamaica International Insurance Company.
She added that because of this tenants should insure the contents of the property.
"The insurance would cover the contents of the property in the event of a peril but not the property itself. That means if there is a hurricane and the roof or house becomes damaged then the insurance would not repair the house. But, it would repair the contents," she said.
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