Insurance for rural and low cost housing should be an option
May 30, 2016 5:29 am
Finance Minister – Aiyaz Sayed – Khaiyum has revealed that there are on-going discussions with insurance companies on providing insurance for rural and low cost housing.
Sayed – Khaiyum was responding to an oral question in parliament on the progress of the Help for Homes initiative.
“That the insurance companies themselves need to be able to provide a particular level of coverage, it may not be a full blown coverage but if certain basic requirements are met, so if insurance companies were able to offer say, $3000 or $5000 cover for these homes if they met the basic requirements for roof damage, than in the future they would be covered for a nominal premium.”
The Finance Minister says twenty two thousand and eighty three applications have been processed so far under the initiative.
Recipients to date have come from Vanuabalavu, the Lomaiviti group, Taveuni, Savusavu, Bua, Tailevu, Ra, Tavua, Ba and Lautoka.