House Insurance for board houses In Jamaica?
I am purchasing a home in the hills of Jamaica. Now everything is ready except for closing. I was informed by the owners that you cannot get house insurance for wooden homes. Is this correct?
If it is, should this have been disclosed to me by the owners, real estate agent or lawyers before I placed an offer on the property?
If I had known I might have had second thoughts or given a different offer than I did.
I know in America things like this have to be disclosed.
ANSWER: by Wellesley
Thanks again for asking!
I recall answering a similar question last week relating to this issue. I addressed the the question of Jamaican companies that offers insurance coverage for wooden houses in Jamaica.
I think you posted that as well, right?
If not, I recommend you read my detailed response here.
The essence of it though is that you actually can get insurance coverage, but two things:
- A limited number of insurance companies accept that risk and
- The process is a bit more tedious as several factors and variables are taken into consideration.
Should the former owners, real estate agent or lawyer told you prior?
Now I am not a neither a lawyer, real estate broker nor agent, but from speaking with my friends in the field, I was told 'not really'.
Based on their experience and system 'know how' they might have some idea, but at the end, it is really the insurance company, or insurance agent, that makes the last call - based again on a number of factors, including location, house size, type of construction, valuation report, etc., etc..
I strongly suggest that you read that response article to get a greater insight into this.
In that article I also recommend an insurance company that, from all indications and all things considered, would be more likely to insure the wooden house for your. Take a look at that response article here
If you still have questions, I suggest you have a further discussion with your real estate lawyer.
I hope this helps.
Be sure to also read my article on: How Long Is The Processs Of Buying Property In Jamaica
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About The Author
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