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Jamaica Property Insurance
Learn about getting insurance for Jamaica property
The most important Jamaica real estate coverage contained in your policy is the dwelling coverage. If a building used as a home is located on your Jamaican property then that dwelling will attract the highest premium. The maximum a Jamaica real estate insurance company will pay out in the event your dwelling being damaged or destroyed is determined by the fair market value on the Jamaican property. The fair market value of Jamaica real estate for insurance purposes is determined by several factors, such as the interior square footage of the living space, the construction type, the year built, the number of bathrooms and other considerations. Using that information the Jamaica real estate insurance agent can calculate approximately what it would cost to rebuild your Jamaican property dwelling. This number has nothing to do with the Jamaica real estate appraisal value for Jamaican property; it is called dwelling replacement value.
Another type of coverage listed on your Jamaica real estate insurance is called other structures. The amount of coverage available for other structures located on the Jamaican property is approximately 10% of dwelling coverage. Garages, bird houses and sheds on the Jamaica real estate fall into this category. Personal property does not actually refer to the Jamaican property or the Jamaican real estate rather the personal effects of the land owner on the property at the time. This includes all of the contents the home such as furniture, rugs, beds and televisions. Jamaican real estate insurance policies provide personal property coverage at a rate estimated by the property owner.
Loss of use coverage is different; it refers to the time it will take to rebuild or replace your Jamaican property and covers some inconvenience. In essence it really covers expenses associated with having to move to another Jamaican real estate location temporarily if there is a loss at your home that prevents you from living there while the damage is repaired. Personal liability coverage is not a strong type of coverage with Jamaica real estate insurance; this entails coverage that protects your liability in the event that something happens to someone while on your Jamaican property. This is not popular in Jamaica real estate insurance and is often left off the policy.
Jamaica real estate insurance does not carry a low premium in fact it is sometimes claimed that it is extremely high. However because Jamaican real estate is susceptible to natural disasters such as floods and hurricanes then the risk is greater hence the premium charged on the Jamaican property will be higher. A Jamaica real estate owner can avoid or defray all these costs by getting an umbrella policy that places, motor, Jamaica real estate, life and personal effects in one insurance policy. The final step in understanding a Jamaica real estate insurance policy is which Jamaica real estate insurer to choose. The Insurance Company must be reputable and seem to collect data from you easily in a claim form and offer good customer service and personalized assistance.
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