Ensure your property is adequately insured this hurricane season

July 15, 2020
Port of Spain, Trinidad—With another early start to the official June to November hurricane season that saw 2020’s first named storm in May and with 19 named storms forecast to make landfall, property owners are being strongly advised to ensure that their investments are adequately protected against potential losses. 

This advice comes from Dexter Mc Knight, Sagicor General Insurance’s Vice President, Insurance Operations, who is warning citizens not to forget the destruction inflicted by storms throughout the Caribbean’s history, most recently, the experiences of Dorian, Irma and Maria. The 2019 hurricane season totalled almost US$12 billion in damages and was the fourth consecutive year in which a category 5 storm, the highest rating given to storms, developed in the Atlantic. 

“This year’s hurricane season is expected to be even more active than 2019, with six to ten of the named storms forecast to be hurricanes and at least three to six expected to be Category 3 or higher,” said Mc Knight. “Property owners should therefore take heed and seek adequate coverage for what is typically their single largest investment.”

Mc Knight said that in addition to inspecting their property and taking the time to make repairs that will help reduce the potential for damage and destruction, owners should review their insurance policy to make sure all details are up to date and that the level of coverage is accurate. 

He said, “After spending hundreds of thousands of dollars on a home or commercial property, the thought of having to use your own financial resources to repair, rebuild or replace due to storm damage is a daunting one. Insurance can provide you with the peace of mind that if your property were to indeed suffer the worst, you can still have a home or an office to return to, thanks to Sagicor being there for you financially, as we have been for our clients across the region for decades.”

Mc Knight also made the point that the value of insurance in the context of the upcoming hurricane season is even more critical at this time given the current state of affairs. 

“We are cognisant of the fact that many individuals have been impacted financially by the ongoing COVID-19 pandemic. However, we want to urge those who already have their properties insured to do their best to keep those policies in place. If they are experiencing financial difficulties, we encourage them to come to us, explain their situation and we will do our best to work with them. The worst possible thing that could happen to any of these individuals at this time is to experience significant damage or loss of property without the financial ability to repair, rebuild or replace.”

Dexter Mc Knight, Sagicor General Insurance’s Vice President, Insurance Operations