Peril insurance (NHT) refers to the mandatory property insurance that protects a home financed through Jamaica’s National Housing Trust (NHT) against specific risks (called perils).
What does “peril” mean?
A peril is a specific event that can cause damage to your property.
Under NHT peril insurance, the home is typically covered against risks such as:
Fire
Hurricane and windstorm
Flood
Earthquake
Explosion
Lightning
Theft
Riot or civil disturbance
(The exact list depends on the insurance policy arranged through NHT or its approved insurer.)
Why NHT requires peril insurance
If you borrow from the NHT:
The house is the security for the loan
NHT must ensure the property can be repaired or rebuilt if disaster strikes
Insurance protects both you and the NHT
In simple terms:
If something serious happens to the house, the insurance helps put it back, so you’re not left with a loan on a damaged or unlivable property.
How it works in practice
The insurance premium is usually built into your monthly NHT payment
NHT …
