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BARBADOS PROPERTY
NEWS www.barbadospropertynews.com • August - September 2021 • Issue 134
Build your dream home on the west. Find out more on page: 5 Prospect, St. James - Alleyne Real Estate
Endorsed by the Barbados Estate Agents and Valuers Association Inc.
Editor’s Comments Covid, Volcanic Ash, Hurricane Elsa – we have been challenged in Barbados over the past while but we have risen to the challenge. A month after Elsa and the Barbados Light and Power has worked tirelessly to restore power to the entire island. Fallen trees and poles caused horrific problems for these brave workers but they worked 24 hours to ensure that in as short a time as possible, power was restored. Well done BLP. I know many of you, like myself, were without power for over a week but in the scheme of things, we were lucky. The island is almost back to normal. But the season is not over…. Following on with that, this issue is our annual Hurricane issue. Now more than every we need to be vigilant. You really do have to prepare and that means Pamela Hiles, Editor making sure you have in supplies etc but also that your property is insured! See our great editorial on page 14 Don’t ignore the warnings. Don’t wait to the last minute. We’ve had a bad storm early in the season – you know what to do! Also in this edition are some wonderful tips on how to construct and spruce up your bathroom. It’s one of the most used rooms in the house and it’s important that it looks nice and is properly designed. Bathrooms are one of the top selling points in a property. Barbados has lots of great properties and you are spoilt for choice in this edition. BPN is on line at www.barbadospropertynews.com. Enjoy the rest of the summer as the world still grapples with Covid 19. Get the vaccine and let’s beat this thing. On the Cover: Alleyne Real Estate
If you would like to advertise in Barbados Property News call Pam at 228-9122 or 232-0692
Credits Publisher – Hiltop Publications Ltd, 11 Cottage Ridge, St George, Barbados, BB19071 Tel (246) 228-9122, Fax (246) 228-0243 Email: sportingb@caribsurf.com www.sportingbarbados.com www.barbadospropertynews.com www.caribbeanpropertymag.com www.caribbeanmortgageservices.com Editor/Advertising – Pamela L Hiles Design and Art Direction – 809 Distribution – Hiltop Publications Ltd, Brian’s Print Brokerage Printing – Coles Printery The Material and editorial contained in this publication have been deemed accurate at the time of going to print. The views expressed as editorial are those of the Editor unless stated otherwise. No part of this publication may be reproduced without the consent of the permission of Hiltop Publications Ltd.
Why “underinsurance” can be just as dangerous as a natural disaster Someone recently said, “What a decade 2021 is turning out to be!” Considering everything that 2021 has thrown at us so far – the COVID-19 pandemic, volcanic ash debris from St. Vincent’s La Soufrière volcano and severe weather conditions including Hurricane Elsa. But, as dangerous as natural disasters and other disruptive events can be, there is another dangerous element that can threaten the livelihood of property owners. That dangerous element is “underinsurance”! Yet, according to World Bank policy researcher J.D. Pollner "in the Caribbean a large number of property owners either under insure or do not insure their properties at all. "
Why is underinsurance such a serious issue? Underinsurance occurs when your building's full reinstatement cost (value) isn't reflected in your insurance policy. In layman's terms, this means that while your residential or commercial property does have some insurance coverage, that coverage is less than the full reinstatement value of the property. In essence, should your property be damaged or destroyed, your insurance coverage won’t give you the 'total reinstatement value' to allow you to completely repair, rebuild or replace what was lost – and you may end up having to dip into your savings or take out a loan. This is why underinsuring your property can be just as dangerous as the disasters that your insurance policy is designed to help you recover from. If you don’t have the additional resources to make up the difference between the reinstatement value of your property and the sum insured of your insurance policy, you may never be able to recover from the damage to your property and its contents! Unfortunately, many property owners often don't understand they are underinsured and the implications, until it's too late – usually when they make a claim and realise that their coverage isn’t enough to fully compensate for their losses. In many cases, they simply forgot to upgrade their insurance coverage, relied on outdated information, or followed advice from unqualified persons. At Massy United Insurance, we recommend that you obtain a professional valuation on your property every 2-3 years. The valuation should be done by a trained, experienced valuer who is familiar with appraising the type of property that you own. As a property owner, it is your responsibility to make sure that your policy carries the 'correct' insured values of the building and its contents, to ensure that you are fully covered. If either the value of your property or its contents increases, so should your policy coverage. If you are a homeowner, and you redecorate your home with new furnishings, install new electronics or renovate your property, you should definitely increase the insured values on your insurance policy to reflect these upgrades. If you are a business owner and you upgrade 14
your facilities with new equipment or with the latest technological advancements, you should also upgrade your insurance coverage to reflect the value of your upgrades.
Understanding “Condition of Average” Most property insurance policies contain a condition referred to as the Average Clause which explains how underinsurance works. Where average applies, if your property is damaged by an insured peril but is underinsured, your claim will be settled in the same proportion the sum insured bears to the property’s reinstatement value. Let’s say, for instance, your property has a reinstatement value of $500,000, but you only insured it for $250,000—then you are underinsured by 50%. Therefore, you're considered your own insurer for the difference between the sum insured and the property's reinstatement value. If your property is damaged by the impact of high winds and floods and it costs $60,000 to repair the damage, your claim will be settled for $30,000 which is 50% of the claim, less the applicable deductible. Give Massy United Insurance a call today at 430-1900 and one of our friendly representatives will be happy to provide you with advice and help you secure your home or business adequately. • Pollner, J. D. (2001). Managing catastrophic disaster risks using alternative risk financing and pooled insurance structures. World Bank.
Do you have it covered? Year in, year out we enter another hurricane season and we hear the warnings - be prepared. But how many of us actually do a proper preparation? Do you walk around your property and move all the empty plant pots that could suddenly become missiles? Do you remove the coconuts on the tree and trim the branches? Are all your windows and doors water proof? It’s amazing what can get through what you thought was a perfectly water tight window or door. Suddenly you don’t have enough towels in the house to deal with it all! And what about the animals? If you have big ones such as horses, cows, sheep etc you have to make sure they are in a safe secure place. Domestic pets should all be inside with you! They will be scared and need reassurance. Here are a few tips to remember – 1. Stock up on water. Lots and lots of water. Drinking water and water to use to flush toilets, wash dishes etc. You may have a water tank but if there is no electricity, like many of us have already experienced with Elsa, it won’t work! 2. Buy foods that are nutricious and filling. Tinned fish and meat, baked beans, tinned fruit, cereal bars, nuts, juices. 3. Large garbage bags come in handy. Put all your treasured documents and photos that need to be waterproofed in them. Do this before the storm hits because if the roof goes, it will be too late! 4. A battery operated radio. It’s important to keep abreast of what’s happening and this is an essential item for keeping in touch.
5. Flashlights and storm lanterns. If you have the kerosene lamps, they are good too. Of course it’s fantastic to have a generator. That’s the ultimate. But if you don’t, lots of other sources of light with batteries. As we all know from the recent experience, the power can be off for DAYS. Some households were lucky and got the power back within hours but the Barbados Light and Power worked tirelessly and still many had to wait almost a week or more. 6. A good first Aid kit is a must. Enough said! 7. Make sure you have lots of your essential medication at the first sign of a storm approaching. If the damage is great, you may be cut off or unable to get to the pharmacy. Stock up in the hurricane season if possible. 8. Are you properly insured? There is a separate article in this edition on just this topic. Please read it. It’s important to be insured and not only insured but insured for the right amount! 9. Look out for others. Your family, your neighbours – make sure if you live near someone that is elderly that they are taken care of. 10. Do you know where your nearest shelter is? Prepare a bag of essentials and head there in good time if you think your home will be in danger. And don’t forget your sanitiser and mask! Remember, everything can change in a matter of hours. If there is one thing Covid has taught us, it’s that! Be prepared everyone and stay safe.
The Bathroom
FEATURE
- vital selling point so get it right! The real estate agents all say two things sell a house – a nice bathroom and kitchen! If you’re going to spend money, these are two major areas you need to concentrate on. In this edition of BPN we’re going to focus on the bathroom. We went to the expert Josee Atkinson at Blue Print Management Barbados for some tips. How best to improve your bathroom.. 1) you need to identify the need, is it for one person, two or more? 2) do you need a tub or only a shower? Or both? 3) we don’t want to see the toilet first… let’s show off that vanity and mirror 4) make sure the height of the toilet paper is right and the location is close without impeding on your space while sitting… 5) where to put the towels… the one for the shower / tub should be within reach of the shower without having to exit the shower, the one for the hands should be able to be reached from the sink and have the hands below your elbow to prevent the water running down your arms while you’re trying to dry. 6) how is the light coming… any windows?? Near the mirror you’ll need light.. Ladies do yourself a favour, bring the light on the side of your face to avoid seeing black circle under your eyes… but don’t forget you’ll need general lighting as well.
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7)shower, glass or curtain…. A glass is for a very long time and opens your space however if budget is tight curtain is fine and there are some lovely ones around. 8) the shower needs shelving for the shampoo, soap etc Niches are the perfect fit. Otherwise we will need to install a caddy. Many of the ones offered to stick on the wall only work with small bottles. Put anything large in them and it’s a challenge. The metal ones also rust quickly. 9) You like Modern? … why not a niche by the sink… perfect place to tuck away your small items 10) if your bathroom is small, continue your floor tile into the shower it will make your room feel more spacious. Many people are opting for what is called a ‘wet room’ where this is done. 11) wall tile, an accent wall is nice but not three… it is not an accent any more! You should have maximum one wall different and if the space is a bit small.. use a lighter tone throughout the same. 12) the selection of your accent wall will depend on the position of the windows, and how your shower is seen… if the vanity can handle the accent wall perfect if not take the long side of the wall in the shower… again being careful of the color not to "shrink “ your room 13) taps and accessories - they must be matching otherwise it will look like an afterthought 14) remember this is the first thing you’ll see in the morning and the last in the evening. Dont be shocking, be gentle….
Lots of choice for your bathroom If you don’t want to completely revamp your entire bathroom and start fresh, sometimes just changing the smaller bits can make a difference. When looking for bathroom essentials and accessories, Kooyman has great choice reasonably priced. Is your toilet seat getting rusty and old – due for an overhaul? If you simply want a toilet seat replacement, Kooyman carries loads of choice for UK, American and elongated toilets. They even have some fun ones or wooden ones! A wide range of showers, tubs, sinks and all the taps and fittings to go with them are on display. And if you’re looking for bathmats, you have a rainbow of colour to choose from as well as many other bathroom accessories. So don’t delay. Head down over to Kooyman and explore. With Kooyman ‘you can’ at great prices.
FEATURE
BEAVA The Barbados Estate Agent and Valuers Association BEAVA is the largest recognized Body in Barbados for Real Estate, Valuations and Property Management. If you are considering a career in any of the above, to be knowledgeable in your field and immediately be part of a recognized body of professionals, you should join BEAVA now. Here are a few reasons how you will benefit by being a member and joining the plus one hundred and twenty-five other members. 1. Clear code of ethics (through By-Laws, Standards of Practices and Code of Ethics) a. Disciplinary Committee to address and correct any grievances. b. All interactions are to be honest, fair and with your best interest at heart. c. A clear avenue of recourse. 2. Continuing education for members to improve their skills and knowledge through seminars, workshops, conferences and individual mentoring. a. Memberships in other bodies including The Barbados Chamber of Commerce & Industry (BCCI) 3. A network of diverse members and backgrounds to ensure “fair play” and standardization where applicable in the industry. a. The opportunity for 50/50 co-broke opportunities with members while out of network members may only be applicable for referral fees (10-25%). b. Acknowledgement and peer recognition at our annual awards ceremony. c. Mentorship and guidance opportunities for new and trainee members.
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FEATURE
4. Social and community impact programs focused on bettering our community and environment. 5. Engagement of the Social Partnership to improve real estate processes and transactions in Barbados. 6. Dedicated Admin staff. But that is not all. BEAVA has a new executive, Valuers and Real Estate Board of Directors ALL making way for positive and very exciting changes within the Association. Below are some of the wonderful things that are happening. Roll out on the number one Barbadian real estate listing site and database linking the general public and all BEAVA members and their networks including: a. High visibility for all your listings across the public and agent space. b. Free onboarding of your existing website (some exceptions may apply). i.e. Update once and automatically disseminate to BPS. (included in your membership) c. Dedicated website for your company if you don’t have one. (Additional fees may apply) d. A history of real estate transactions and statistics to better inform your clients through comparative market analysis. e. BEAVA driven marketing and publications with industry wide data. f. Dedicated valuer’s database (included in your membership). 7. Affiliation with an Internationally recognized realtor’s network a. Providing collaboration opportunities with their vast (1+ million membership) network. b. Training, seminar (in person and virtual) and continuing education opportunities. c. Access to support, growth and saving benefits. 8. Increased advertising and brand recognition of the organization and its members in print, web and social media. There is more going on today with BEAVA than ever before and together we can make it even better. Take the opportunity to become a member right now and join the other members to make BEAVA even greater.
Carter’s General Stores
FEATURE
opens in Warrens
After nearly 150 years on the island, Carter’s General Stores has opened in popular Warrens, St Michael! This beautiful, fully functioning new store sits comfortably in what used to be the north showroom of Simpson Motors. “This was a perfect location and fit for us,” Ashley and Tiana at Tower Café says Brian Hurley, Director at Carter’s. “Not only do we have lots of space, the location also had a previous café so kitchen facilities were there and we have opened another branch of our popular Tower Café with a wide range of coffees, pastries, salads and sandwiches which is doing very well.” Taking a look at all the goodies on offer for take away that came as no surprise. This new Carter’s venture has paint, hardware and a whole lot more! You will find a lighting department, pool cleaning supplies, home décor and accessories, cleaning and storage solutions and an impressive supply of trendy shoes from brands such as Hush Puppies, Sofft Ladies Shoes and Reef. “We stock Timberland with mainly work shoes for construction purposes”, explained Brian, “ but we also have a large range of ladies sandals that are wildly popular! And the quality and prices are good. We have a selection of work clothes as well. ”
Conveniently on site is the full complement of paint and paint mixing machines. You really don’t have to go too far to find what you want. Carter’s General Stores started on the corner of Broad Street in Bridgetown where the RBC building is now located. It then moved to High Street in the early 1900s, a surprise to many. From then it has expanded into Barbares Hill, Wildey, Express Carters close to the airport and at Six Roads and now Warrens. Where next one wonders? The company has approximately 20 employees in the new location. Many were hired over the past few months, taken through training - learning the Carter’s Culture, and dispersed to the various locations. Carters General Stores is well known for high quality service and staff and this is carried forward in Warrens. Congratulations to all concerned on this exciting new store which has plenty of easy parking in a very central location. Bravo Carters!
Brian Hurley, Director at Carter’s
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