Take insurance seriously!
Too many Barbadians are not treating house insurance and any type of insurance as a priority and are only buying policies if it is absolutely necessary.
Chairman of the public relations committee of the General Insurance Association of Barbados (GIAB), Anton Lovell, told the DAILY NATION there has been no real increase in the number of people insuring homes despite the recent spate of fires and the effects of Tropical Storm Tomas on October 30, 2010.
He said people were more or less led or forced to because of the mortgage conditions imposed by banks or the credit unions, where a mortgage cannot be secured without the chattel or the home being insured. “When people own their own homes, they are reluctant to [spend] money on an insurance policy, preferring to take a chance,” Lovell said.
“We are obviously concerned about the number of house fires that are occurring on the island and the fact that 80 per cent of the houses affected are not insured. It is amazing how easy it is to secure house insurance in Barbados and the premiums offered by companies are extremely reasonable.” (LK)