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June 20, 2024 | Category : Insurance
We are in the midst of hurricane season, and the producers at Popular Risk Services offer valuable information about the requirements for adequate insurance coverage and how to make an insurance claim if needed.
Annually, Puerto Rico is threatened by various atmospheric phenomena such as hurricanes and other inclement weather that could result in flooding due to torrential rains causing damage to properties.
In this scenario, it is important to review and update your insurance policies so that, in the event of needing to make a claim, you have the necessary property insurance coverages and their respective updated values.
When should you review your policy?
Shirley Soto Sepúlveda, Vice President in charge of Personal Risk Management Practice at Popular Risk Services, recommends reviewing your insurance coverages with your insurance producer to ensure you are properly insured before suffering a loss. They will help you identify the coverages you need and can assist you in managing any claims.
As part of the insurance policy review process, you must know about these three key concepts, both in personal and commercial property policies:
It is important to note that when an official hurricane warning or advisory is issued, insurers “close the market”. During the entire period of these warnings, you will not be able to acquire a policy or increase the insurance limit. It is advisable to review your policy periodically because the original replacement cost used as a reference may have changed over time. The reasons for this are diverse, including:
Keep in mind that the Replacement Cost does not equate to the appraisal cost of a property. The former is the construction and labor cost to repair or rebuild the property, while the latter also takes into consideration the location and the market.
If you also have a business, you should review the commercial policy, as you do with your personal policies, and consider the same concepts of the property’s replacement cost:
Preparation begins much earlier
Attorney Evelyn Rosa Morel, Vice President of Special Risks Practice at Popular Risk Services, offers these recommendations:
Know the exclusions of the policies
Generally, property policies do not cover the risk of flooding. Therefore, if you identify this exposure, it is important to acquire a flood policy. Take note: events from hurricanes, torrential rains to clogged sewers can expose your property to flooding.
Attorney Morel emphasizes the topic of the period to present the claim. It must be done in a reasonable time, to allow insurance companies to investigate and adjust it.
When it’s time to claim…
At the time of the loss, it is advisable to contact your insurance producer, who knows the policy and can make recommendations and, above all: assist you from the beginning of the claim to the delivery of the check.
At the time of the incident, you as the insured must collect as much information as possible to present it to the insurance company as part of the claim. The required documentation includes the following:
“When collecting the documentation, it is always recommended to work hand in hand with your producer, because they will facilitate communication with the insurance company. In addition, they could anticipate questions from the insurer and will require additional information so that your request is complete and substantiated clearly and concisely,” emphasized Víctor Malavé Zayas, insurance producer in the Commercial Practice, of Popular Risk Services.
At Popular One 1 , our team of professionals is ready to guide and assist you in managing your finances 2 , investments 3 , risks, or the professional insurances 4 of your business or health practice. Contact your Popular Risk Services insurance producer today to help you design a personalized insurance and risk management program, through [email protected] or by calling 787-213-0118 Monday to Friday, from 8:00 a.m. to 5:00 p.m
All descriptions included are solely for informational and educational purposes for your independent consideration. This information should not be considered as counseling or suggestions to take (or refrain from) any particular action. By providing this information, we assume you can assess the general information and descriptions herein to apply your judgment. This content was prepared for informational purposes only and should not be construed as counsel. Banco Popular of Puerto Rico, its subsidiaries, and/or its affiliates do not provide legal, accounting or tax consulting services. If legal, accounting, or tax consulting services are required, you must seek the services of a competent professional.
1 Popular One is an integrated services platform through which the services of Popular Securities and Popular Risk Services are offered. Our private banking services are available to customers who maintain $500,000 or more in deposits and/or investments or who deposit an average of $50,000 or more per month into their personal accounts at Popular.
2 The financial plan entails a cost, which may vary according to contracted analysis. The suggestions and recommendations included in the client’s financial plan are offered as a financial orientation with no guarantee as to the performance or yields of any insurance or investment product that may be acquired according to such recommendations. Banco Popular de Puerto Rico, its subsidiaries, and affiliates, are not engaged in providing legal, accounting, or tax advisory services. If you require legal, accounting, or tax advice services, you should consult a professional specializing in these areas.
3 Investment products and services are offered by Popular Securities LLC, a registered broker/dealer, member of FINRA and SIPC. Investment advisory services are provided by Popular Securities, LLC., a registered investment advisor. Popular Securities, LLC is a subsidiary of Popular, Inc. and an affiliate of Banco Popular de Puerto Rico. Popular Inc. and Banco Popular de Puerto Rico are not registered securities brokers nor are they registered investment advisors. The investment products are not insured by the FDIC, are not deposits or obligations of, nor are they guaranteed by Banco Popular de Puerto Rico and may lose value, including the loss of the principal invested.
4 Insurance products and services are offered by Popular Risk Services, an insurance producer duly authorized by the Office of the Insurance Commissioner of Puerto Rico. Popular Risk Services is a subsidiary of Popular, Inc. and an affiliate of Banco Popular. Popular, Inc. and Banco Popular de Puerto Rico are not authorized insurance producers. Insurance products are not insured by the FDIC or any government agency, are not deposits or obligations of, nor are they guaranteed by the Bank, its subsidiaries and/or affiliates. Some insurance products may lose value, including loss of principal invested.
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