Navigating the 2023 Hurricane Season: Stay Protected and Informed
We service the Eastern Caribbean and understand the importance of being prepared for the upcoming hurricane season. The 2023 hurricane season is expected to bring up to 17 named storms, with the potential for up to four major hurricanes. The hurricane season outlook brings some unique challenges, as predicted by The Weather Company and Colorado State University.
We have conflicting predictions to consider. On the one hand, an El Niño event is possible, typically reducing the number of storms. However, the Atlantic Ocean’s warm water temperatures in most areas could actually increase storm formation. It’s a bit tricky this year! Stay informed and prepared by following trusted forecasts and guidance.
Here are some key ideas to consider:
Maintaining up-to-date insurance coverage is crucial. Ensure your premiums are paid on time, as insurers will not pay claims without the payment of premiums. Contact the Tomlin team today to review your coverage and address any concerns.
The Underinsurance Clause:
Underinsurance is a common pitfall that can leave you financially vulnerable in the face of a hurricane. Consider this scenario: you insure your property for a value lower than its actual replacement cost, either to save on premiums or because you believe you won’t experience significant damage. However, when a hurricane strikes and causes partial damage, the underinsurance clause comes into play. This means that your claim payout will be proportionally reduced based on the gap between your insured value and the actual cost of repairs. To avoid this issue, it is essential to ensure your coverage matches the current replacement cost of your property. Read more here
The Catastrophe Deductible:
This deductible applies to perils such as windstorms, hurricanes, earthquakes, volcanic eruptions, or floods caused by these events. The deductible is not a fixed percentage of the claim amount but rather a percentage (usually 2% to 5%) of the sum insured. In Barbados, where our main offices are located, the catastrophe deductible is 2% of the sum insured. However, in other Caribbean islands, it can be as high as 5%. It’s crucial to calculate and understand this deductible as it can be a significant amount.
Safeguarding Your Property
See one of our many insurance partner’s guide here
For Official Updates in the Eastern Caribbean
St Kitts: tune into the Government Radio Station ZIZ 96.1 FM
St Lucia: visit http://nemo.gov.lc/
St. Vincent: visit nemo.gov.vc