WITH forecasts predicting an overactive 2025 hurricane season, financial experts at GraceKennedy Financial Group are encouraging female homeowners to protect their assets.

National Housing Trust (NHT) data indicate that more Jamaican women are purchasing homes. Over the last five years, 60 per cent of all mortgages issued by the trust, on average, were to women.

Read on as Renee Cooper-McLean, branch manager at First Global Bank’s Duke Street location and Andrea Muir Gibbs, assistant general manager, client and partner services at GK General Insurance, outline six tips to help women secure their homes both financially and physically ahead of the season’s June 1 start date.

1) Invest in your home’s protection

Your new home is an appreciating asset — invest in its protection. For your exteriors, if you haven’t already done so, install hurricane shutters to cover your windows and doors. Also, get some DIY tasks done: head to
YouTube and learn simple techniques you can use, especially if you live alone, to be able to make light cosmetic fixes to your property ahead of the season. Seal any openings you may have and use door sweeps to stop water from seeping in during heavy rainfall.

“Making these additions and more to your property increases its value over time, so don’t discredit any alterations. While you may have recently purchased your home, be in it for the long haul, especially as it relates to its care. You love it so please protect it,” Muir Gibbs said.

2) Know your financial standing earl

Best practices in savings say we all should have an emergency fund. If you happen to have one, review how much you have and what it will look like in a worst-case scenario should a hurricane hit. Calculate what your bills, food and household needs would be during a hurricane. If you don’t have an emergency fund, pursue options such as a credit card to use as a reserve. Stock up on needed items to prepare; never panic buy when a hurricane is set to hit.

“Hurricanes thrive on warm seawater, and with temperatures currently a bit warmer than normal in the Caribbean Sea, according to experts, the season is forecasted to produce 17 storms and nine hurricanes. With a hurricane aftermath typically impacting major roads and business districts we advise that you properly store and safeguard cash and credit cards, as well as have an online banking platform such as
Global Access Plus at your disposal, to weather the storm,” Cooper-McLean shared.

3) Review your home and auto insurance coverage

Ensure that you have sufficient insurance coverage to finance potential hurricane damage. To extract maximum value from your policy, review all your existing paperwork for home, auto and flood insurance to know exactly what is covered, how much coverage is available, and whether you have to foot the bill for any incidents/accidents which may occur.

Increase your coverage limit if necessary and watch for any out-of-pocket expenses. To prevent all unwelcomed surprises, understand what you will be required to pay for versus what your insurance covers. Review your home valuation too, and make sure that your insurance covers the full replacement value of your property — even if your home is new.

“Your insurance policy provides a financial safety net after a devastating natural disaster. To smoothen your claims process should any damage occur, schedule a one-on-one soon with your insurance advisor to meticulously assess how much protection you have, and get an understanding of the steps needed to report and claim on your policy if you have sustained loss or damage following a hurricane,” Muir Gibbs shared.

4) Secure and digitise your personal and financial do

Access to your personal and financial documents is crucial after a hurricane. To ensure their best protection, invest in tools such as a safe and cloud storage services such as
iCloud or
Dropbox to house documents physically and digitally. Key documents include property and car titles, identification such as driver’s licence and passports, plus credit cards, mortgage paperwork and insurance policies. Having physical and digital copies available ensures that you have items to reference should your situation change once the storm eventually passes.

“Another key document to have on hand is a list of emergency contact numbers — family members, general practitioner, police, fire, ambulance, as well as your banker, financial advisor, and insurance advisor. These are important people that you may need to speak with after a hurricane,” Cooper-McLean encouraged.

5) Have an emergency and evacuation plan

Natural disasters come with unexpected twists and turns which may impact the best among us. Even if your home is new, anything is possible. We advise that you have an emergency and evacuation plan. Coordinate with friends and family members on what to do in worst-case scenarios such as emergency housing or, at best, local shelters. Ensure that you have a kit with necessary items just in case you need to leave immediately. Plan for every possible eventuality.

“The advent of a hurricane presents with it many risks. Knowing things such as evacuation routes, emergency bulletins and Government advisories will be key to managing your affairs during the hurricane’s passage,” Cooper-McLean advised.

6) Take

Bearing all the tips in mind, let’s say your new home withstands every attack from an upcoming hurricane. Our advice is that you take as many as possible “before and after” photos to support your claims process. You will need those to showcase all damage that occurred because of the disaster, to ensure you make the most of your policy.

“The claims process may seem daunting but it’s not. Having a solid record of what you own helps to speed up the process. Contact your insurance agent as soon as the hurricane passes, and take pictures of all the damage before you start clean-up,” Muir Gibbs stressed.

Although the predictions of the storms may change, your preparedness should be rock solid. As we get closer to the start of the season, the branch manager and insurance executive stressed that it’s better to prepare yourself and your home for the storm than hope for the best.

Source: GraceKennedy Financial Group

A hurricane-damaged house

Personal property often takes a battering during a hurricane.

MUIR GIBBS… take pictures of all the damage before you start clean-up

COOPER-MCLEAN… we advise that you properly store and safeguard cash and credit cards as well as have an online banking platform