As the Christmas season approaches, we are conscious that it is almost inevitable for some family to experience the tragic loss of a home or business to fire.
It is something that we sincerely hope will not be experienced by anyone, but in the usual hustle of the Yuletide season, the level of attention we give to details can sometimes wane and lead to tragedy at a time when people tend to be distracted by all the activity going on around them.
Just days ago, businessman Scott Goodman began counting his losses following a fire at Bathsheba, St Joseph, where the business he operated for some time was destroyed by fire.
The blaze reduced the popular eatery, Uncle Joe’s Bar & Grill to rubble, leaving the entrepreneur pondering his next move and, unfortunately, eight employees are out of a job just three weeks before Christmas.
“It’s a significant loss, but not only my loss; I haven’t even been to sleep. I don’t know what’s my next move,” the distraught owner told the media.
Most homes and businesses in Barbados which are under a mortgage are usually comprehensively insured against most disasters.
Though the housing stock on the island has vastly improved over the years, a large percentage of homes are still constructed out of timber due to affordability, a tenancy situation with the owner of the land, or by choice because of their esthetic value.
Unfortunately, owners of timber houses represent the majority of those structures that have no insurance coverage and who are at greatest risk of losing everything they own and very little with which to rebuild.
As much as we would want to condemn those who put themselves and their families at such great risk, we appreciate that some people insist they cannot afford the cost of insurance and that they are consumed with simply getting by in an environment where the cost of living is rising.
Not long ago President of the General Insurance Association of Barbados (GIAB), Randy Graham, lamented that between 60 and 70 per cent of homes in Barbados were uninsured. This is a figure of which we cannot be proud.
We understand that insurance represents an annual expense for which there may be no return. You are essentially paying for cover against a risk you hope will never occur, but if it does, there is peace of mind that allows you to start over.
There are too many examples of disasters that could easily have been mitigated with the acquisition of insurance coverage.
We are familiar with the risks posed by hurricanes, fires and flooding. However, there is also an increasing risk of damage caused by earthquakes and tsunamis.
For Barbadians who live along the coastline, increasing levels of erosion pose a threat to structures on the beachfront.
We have made this call before, and we want to reiterate the request that the Government join forces with general insurance providers to raise greater awareness and support for homeowners to acquire comprehensive insurance coverage.
A radical approach to this issue is required. Therefore, the Government’s ability to assist the growing number of house fire victims is constrained by financial limitations. It, therefore, serves the national interest to have 100 per cent home insurance coverage.
Barbadians often declare their ultimate goal is to own a piece of this beautiful country and build the home of their dreams. Whether it is a timber structure or a palatial residence in a gated community, Barbadians are proud homeowners, and they should be equally proud to protect their prized possessions by prioritising insurance coverage.
