Property insurance set to increase

Damage done by hurricane Dorian in sections of the Bahamas last year.

Property owners will be asked to pay more this year for insurance and rates are projected to rise by 10 to 15 per cent.

This is due apparently to the destructive hurricanes that have struck the Caribbean region over the past few years. The impact of hurricanes such as Irma, Maria and Dorian have necessitated the adjustment in rates.

This could mean a rise in mortgage payments as some of these mortgages have an insurance facet tied in to protect the interest of the lender.

In Jamaica, it is estimated that just about 20 per cent of Jamaicans actually insure their property.

The Caribbean has been facing increasing challenges as it relates to hurricanes as they become stronger, which experts have tied to climate change. In recent times, hurricanes have been wiping out islands based on what we saw in Barbuda and the Bahamas. However, it may not have a major impact though