HURRICANE season is here, and financial expert Michelle Sinclair Doyley is urging individuals to prepare financially for the storms that will inevitably come. With many already impacted by the first hurricane of the season, the importance of financial preparedness cannot be overstated.

Failing to do so can lead to significant financial devastation, making it essential to take proactive steps to secure one’s financial well-being now.

“Jamaica has not been hit by a hurricane in many years. And very often, we are not hit with any big financial expenditures for a long time. And then we figure, Come on, we don’t need to put things in place. And then it does happen,” Sinclair Doyley told the Jamaica Observer.

Echoing a familiar warning from the financial community of preparation for the unexpected, Sinclair Doyley emphasised the importance of building an emergency fund, noting that even those who escaped major damage from the hurricane still face unexpected expenses from having to stock up on essentials like food and water, batteries, and flashlights and pay inflated prices for necessities. Sinclair Doyley also noted that homeowners who suffer property damage may find themselves in a dire financial situation. They may be forced to dig deep into their pockets to cover repair costs.

“People always say it’s rainy day money, or this could be storm blow money, whatever we want to call this, but it just becomes necessary,” she said.

As attention turned to the large number of uninsured individuals, she used a metaphor to drive the point home. Just as a roof provides security and protection for the valuable things within your property, insurance serves as a safeguard against life’s unexpected storms. Yet, many people only realise the importance of insurance when it’s too late, just like discovering that their house is unprotected in the midst of a hurricane. It’s only then that they realise, ‘Oh no, I’m not covered. I have nothing to fall back on.’

According to expert Sinclair Doyley, insurance is a crucial shield against financial devastation. Without it, individuals risk facing overwhelming expenses, as evident in the hurricane’s aftermath. Many have lost their homes and are now struggling to rebuild, a burden that could have been significantly alleviated with the right insurance coverage. In contrast, those with insurance are facing minimal costs and enjoying a swift recovery. The message from Doyley is clear: insurance is a vital safeguard against financial ruin. By taking proactive steps to secure their financial future, individuals can weather the storm with confidence and peace of mind. Jamaicans would do well to heed this lesson, lest they suffer the devastating consequences of being unprepared.

“Make sure that your property is protected before. When we hear our financial calamity coming, it’s normally too late at that point for us to do anything of consequence,” she said.

With the possibility of more weather systems developing during the hurricane season, she emphasises that the sooner you act, the better. Since we’re already in the midst of hurricane season, it’s crucial to prepare now, as it’s impossible to get insured once a hurricane warning has been issued. She warns that many homeowners make the mistake of stopping their insurance payments once their mortgage is paid off, leaving them vulnerable to heavy damage and costly repairs. Paying out of pocket for these expenses can lead to financial strain, debt, and ultimately a significant increase in the cost of owning your property.

“With home insurance, it is not going to be just protecting you against everything, right? Just the rain and the wind blow off. It’s protecting you against flooding. It’s protecting you against a variety of things,” she told Sunday Finance.

While many invest in security companies and window grills to protect against burglary, she notes that people should consider the bigger picture as individuals don’t know what’s going to happen, and many might think, “What if nothing happens?” But instead of focusing on the uncertainty, people should recognise that their mindset changes when they can’t afford to deal with potential consequences.

“We often think we can’t afford something, but if we can afford to handle the potential fallout, that changes the story,” Doyley Sinclair said, sharing her perspective.