NEM has the largest capital base among all the general insurance companies in Jamaica. Homeowners should bear this in mind when considering purchasing property insurance, as it is only when a claim has been incurred that this factor bears major consequences. NEM offers coverage for your building, personal possessions and personal liability. At NEM, we offer two types of household policies. They are Homeowners Comprehensive and Super Cover, which are designed exclusively for private houses and covers building and/or contents. Both policies are subject to an excess clause and an average clause.
This is a standard insurance contract where we seek to place
you in a “pre loss situation’ once any of the
perils covered by the policy has occurred. This policy is
subject to depreciation because the items covered usually
age over periods of time. We advise you to insure for the
full replacement cost, less the cost of depreciation.
This contract is on a replacement or “new for old”
basis. In this case, depreciation is not applied. You should
ensure that at all times the items are insured for the current
replacement cost to avoid the application of “average”
or under insurance clause.
Both HOC and Super Cover policies provide coverage against:
Fire, Lightning, Explosion, Hurricane, Windstorm, Earthquake,
Volcanic Eruption, Flood, Riot, Strike, Malicious damage,
Impact damage, Burglary, Theft, Liability and where agreed,
“All Risks” cover on certain items.
With our Super Cover Policy there is additional coverage
for:
| • |
Subsidence (caving in or sinking of an area
of land). |
| • |
Heave (rise and fall of land) of the site on which the
buildings are erected. |
| • |
Landslip. |
| • |
Any accident or misfortune (for building cover). |
All personal possessions can be insured for their replacement value. It is particularly important for tenants to secure their personal belongings and with this in mind NEM offers content insurance in respect of loss or damage to household goods and personal belongings including money and valuable property.
If you need additional information on home insurance you
may also browse our FAQs.
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