FINANCIAL SERVICES AUTHORITY

SAINT VINCENT & THE GRENADINES

PREPARE, PROTECT, PREVAIL: BE HURRICANE READY

As hurricane season approaches, we are reminded of Hurricane Beryl, and the devastating impact it had on our country, in particular the Southern Grenadines almost one year ago. This has brought to the fore the importance of being well prepared in terms of having insurance and, more so, insuring your property for its replacement value. 

The 2025 hurricane season is expected to be very active and could bring severe weather conditions that can cause significant damage to property and infrastructure. With the unpredictable nature of natural hazards such as hurricanes, homeowners and business owners in St. Vincent and the Grenadines are encouraged to have adequate insurance coverage in place to protect themselves from the financial burden that comes with damages caused by hurricanes. 

Here’s a snapshot of the importance of Property Insurance during the hurricane season in St. Vincent and the Grenadines:  

 Minimizes recovery time from natural disasters 

 Protects your property and investments

 Ensures business continuity

 Fosters peace of mind

Hurricanes can develop rapidly and damage can occur suddenly, leaving property owners with little time to prepare. Insurance coverage can provide a safety net in such situations, helping to offset associated costs, ensuring that individuals and businesses are not left stranded without adequate resources to recover and providing peace of mind and financial security.  

Here are a few key tips to consider when safeguarding your property, motor vehicle and finances:

• Find ways to reduce any potential loss – Determine what you can do to protect yourself and minimize loss in the likelihood of damage. Maintain your property as best as possible as insurance companies exclude damage claims which may relate to maintenance issues that should have been corrected before the incident happened.

• Review the sum insured and verify that your property, including contents, and motor vehicle are adequately protected – This will ensure avoidance of underinsurance penalties in the event of a claim, as claims are settled on a proportional basis. Additionally,  underinsurance will result in benefits being insufficient to rebuild your home or to reinstate your vehicle to a similar state prior to the hurricane.

• Take time to carefully review and discuss the scope of your property insurance coverage with your insurance company/agent/broker –This will result in a better understanding of the level of coverage and terms and conditions of your insurance policy.

• Pay attention to the exclusions, deductibles and sub-limits of your property insurance policy – These may reduce or limit the level of protection or make you liable to pay a portion in the event of a claim. Pay particular attention to what is covered and not covered.

• Ensure the premiums are paid by the due date – This ensures that the policy remains active. Failure to pay will cause the cover to end, perhaps at a critical time.

• Ensure that you have the correct or updated contact details for your insurance company – Following a catastrophic event, you will need to get in contact with your insurance company quickly to begin the claims process, report any damages and receive guidance on the next steps for recovery.

• Understand how to file a claim with your insurance company – This includes the timelines within which a claim must be reported and the documentation you will need to provide, such as photos of the damage or receipts or estimates to support your claim.

• Always ensure that your insurance coverage is placed with a registered insurance company licensed by the Financial Services Authority– A full list of licensed domestic and foreign insurance companies, agents and brokers can be found on our website: https://svgfsa.com

PROTECT WHAT MATTERS!!