Real Estate Expert Urges Homeowners to Ensure Insurance Coverage Reflects Rebuilding Costs this Hurricane Season

As the 2025 Atlantic hurricane season looms, a leading real estate expert is urging homeowners and commercial property owners across Jamaica and the wider Caribbean to ensure their insurance coverage reflect current rebuilding costs.

According to CEO of VM Property Services Limited, Allison Morgan, many insurance policies are based on outdated property valuations.

She says this leaves properties underinsured and vulnerable to financial loss in the event of a storm or other disaster.

Ms Morgan says with inflation, construction cost increases, and ongoing supply chain delays, replacement values have gone up across the region.

According to the real estate expert, if your property isn’t properly valued, your insurance coverage may fall short when you need it most.

Morgan is stressing the importance of understanding the difference between market value and replacement value.

She says while market value represents a property’s sale price, replacement value reflects the actual cost of rebuilding—an essential factor when it comes to insurance coverage.

VM Property Services is recommending that property owners review their insurance coverage annually and conduct formal property valuations every two to three years to remain adequately protected.