Siba issues hurricane insurance advice

POSTED: 06/25/12 12:54 PM

GREAT BAY – The St. Maarten Insurance Brokers Association (Siba) issued an eight point advice on Sunday that covers what people will need to come into consideration for compensation if their home is damaged by a hurricane.
The tips include reading and complying with the applicable conditions, knowing the terms outlined in the exceptions or exclusions section of the policy, knowing whether special exceptions or special limitations apply and verifying the definition of what is your property.
“Some insurance companies do not include retaining walls and swimming pools automatically. You may want to contact your broker/agent to ensure that all which you consider important as part and parcel of your property is included. If not you may want to have those things specified in the policy now,” a release states.
People should also be aware of the notification period they have to communicate a loss and they should make contact with their broker immediately so they can begin notifications and to receive professional guidance and assistance to complete the claim form. People should also take pictures and obtain estimates for repairing the damage as soon as possible and ensure they have a recent appraisal report.
“Additions, improvements or merely inflation can increase the re-construction value of your property and render you underinsured after a loss. You may therefore want to submit a recent (6 months or less) appraisal report or at least inform your broker/agent of any changes that may have increased the value of your property now,” the Siba release states.

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