In Puerto Rico, hurricane season runs each year from June through November. Being prepared for any eventuality goes beyond just verifying whether the generator is working properly or whether the cistern is in good condition. A good personal risk management plan should include insurance policies against natural disasters. It is advisable to evaluate your personal insurance portfolio with enough time.
The following 8 questions will help you evaluate if you are prepared to handle a natural disaster:
- Are all of your properties insured? Remember to include your home, beach apartment or country house, as well as any boats or recreational vehicles.
- Do you know the coverage limits on each property? It is recommended that your property be insured up to the cost of replacement. This value varies according to each property and can fluctuate with time. For this reason, it is advisable to review it periodically.
- Do you know the terms and conditions of your insurance policy? Besides limits, your policy establishes coverage conditions. For example, boat policies require vessels be moved to a safe location on land upon the threat of a hurricane.
- Did you notify your insurance provider about improvements made to any of your properties? This step is crucial in order to ensure that coverage limits are appropriate and up to date.
- If your properties are located in a floodable zone, are they covered by flood insurance? Property insurance policies do not cover flooding and, should you need this type of coverage, it is important you purchase it with enough time in advance. These typically take effect 30 days after being acquired, except when they are included in a mortgage closing.
- Do you have a garden or landscaping you would like to protect? Property insurance policies have reduced limits for this type of coverage. It is recommended that their value be listed in the policy in order to properly protect them.
- Do you have additional structures such as gazebos within your property? Structures that are detached from the main homestead, but on the property’s grounds, are susceptible to damages caused by a hurricane and should be identified and valued in the property policy.
- Did you know that your works of art, collectible objects, sophisticated electronic equipment or custom furniture that could suffer damages during a hurricane can also be protected? All of these objects must be identified and listed by value in the policy in order to be covered.
Popular One wants you and your personal assets to be adequately protected during a natural disaster. Our insurance specialists at Popular Risk Services can guide you to identify the adequate policies and what options are available to protect your property.
Insurance products are not deposits and are not insured by the FDIC or other federal agencies. They are not guaranteed by the bank and may lose value. Popular Risk Services is a subsidiary of Popular, Inc. and an affiliate of Banco Popular.