The Tribune

By Fay Simmons

Tribune Business Reporter

jsimmons@tribunemedia.net

The Opposition’s financial spokesman yesterday called for a pooled home repair insurance initiative to be assist homeowners who lack private coverage to repair their damaged properties after hurricanes.

Speaking in Parliament yesterday, as legislators debated the Urban Renewal Act, Kwasi Thompson suggested that - instead of the Urban Renewal Authority used to repair homes damaged by natural disasters - a national home repair pooled insurance initiative be introduced to assist homeowners.

“My view is a national home repair insurance programme would be better and create a proactive, resilient approach to managing things like hurricane damage by pooling resources of our individual contributions and assist in providing small amounts with an established criteria,” said Mr Thompson.

“Bahamians through…an NIB could voluntarily or possibly mandatory, if necessary, maybe with an opt out for private home insurance for those who already have private home insurance, contribute a small percentage of their salaries towards a fund dedicated to essential home repairs for hurricanes.”

Mr Thompson said after Hurricane Dorian more than 4,000 homeowners were left without the resources to repair their homes. He argued that a government subsidised homeowners insurance scheme can help to ease the burden for homeowners and the Public Treasury.

“Here is the reality, hurricanes are going to come. Hurricanes are going to come and they’re going to damage persons’ houses. We lived this in Hurricane Dorian, and lived it in a way where you had up to 4,000 persons who houses were damaged and they didn’t have the resources or the insurance to repair their houses,” said Mr Thompson.

“This is something that’s going to happen. It’s going to continue, and it’s going to happen again, and we must put in place a particular programme that is going to provide folks with the immediate assistance like a national insurance that is subsidised by the government and persons are able to make contributions to it that.”

Mr Thompson said the insurance scheme could make payouts of up to $20,000 for basic home repairs after a natural disaster, providing a more sustainable way of providing assistance.

“We’re not talking about an insurance programme where you’re going to get full value for the repairs,” he explained. “We are not talking about where you’re going to get $100,000 or $200,000. We may only be talking about a $10,000, $15,000 or $20,000 payment, which will go to at least assist in repairing a roof, ensuring that your windows are repaired, ensuring that your structure is repaired.

“That’s where I believe the Government can assist, and can do so in a manageable, sustainable way.”