Antilles Insurance Co. wants to know if you are adequately insured
With hurricane season upon us and several storms churning in the Atlantic this very moment, Antilles Insurance Co. suggests you take a look at your current policy to make sure you have enough coverage for your home. “Between 60% and 70% of the island’s policyholders are underinsured and many have suffered when a catastrophe has hit because they didn’t understand how claims are calculated,” said Domingo Picorelli, senior vice president of Antilles Insurances Co.
He explained that many homeowners, after purchasing their property and taking out coverage, never bother to update their policies over the years although they add new additions to their homes, upgrade bathrooms and kitchens, purchase more expensive furniture and electronics and watch their property increase in market value. Then, when a disaster such as a hurricane strikes, they find out too late that their coverage was inadequate. “People need to check their policies to see if the insurances limit is equal to the property’s current value,” Picorelli said. “As they make changes and improvements to their home, they often still have the same limits they had with the initial mortgage 10 or 15 years ago.”
To explain the formula used to pay a claim, Picorelli noted the following example. “If you have a $100,000 home but are only insured for $50,000, which is 50% of the actual value, you will only be paid 50% of your claim,” he said. “So, if you have a $20,000 loss, you will only receive $10,000 from your policy.” He added that most people aren’t aware of this and believe they will automatically receive the entire loss amount. With Antilles having processed more than 15,000 claims after Hurricane Georges hit the island in 1998, Picorelli said that even as far back as Hurricane Hugo in 1989, Antilles has had a contingence plan to deal with the large volume of claims that come in when a mayor disaster strikes.
“Since Hugo, we have worked to improve our service to deal with losses of this kind,” he said. “We also revise this plan every year and hold seminars for our employees during the peak hurricane season to make sure everyone is up-to-date.” He said Antilles has a large number of adjusters, inspectors, engineers and other representatives in many towns throughout the island, who are ready to contact clients to help them file their claims as quickly as possible.
Picorelli said there are a number of steps policyholders can take to expedite the claims process. “While waiting for the adjuster, it’s a good idea to start taking photos and making a list and gathering estimates of whatever has been damaged.” He said. “Timing is also very important, so [policy-holders] need to call us and start documenting immediately.”
Published: Caribbean Business
Thursday, September 11, 2008 / p.53
Picorelli, eres un tiro.
Paco
Pregúntenle a Jaime.
Paco