Insurance is one of those intangibles, the value of which one cannot realise until something goes wrong. Many Barbadians who are struggling with the high cost of living and the everyday demands of life in the country may place insurance at the bottom of the tier of monthly demands.People often relate to products they can see, touch, smell, taste or experience. Thus, convincing individuals that they should set aside sums of money each month for something they may never use or even benefit from, can be a difficult sell.Over the years, insurance companies have sharpened their sales pitches. Home insurance, for example, is a valuable asset that you may never use but in the event that you require it after a fire, theft, flood or wind damage, its true value is revealed.Most comprehensive property insurance policies often include public liability coverage which protects you from legal costs and damages in the event someone is injured while at your property.The recent passage of Hurricane Beryl on July 1 has jolted most Barbadians into the reality that our geographical position in the island chain provides us with no greater protection from being impacted by a severe weather system than any of our neighbours.
