Puerto Rico bankers, insurance associations launch ‘Make Sure You’re Insured’ campaign
The initiative aims to educate consumers on the importance of knowing their home insurance coverage limits.
The Puerto Rico Bankers Association (ABPR, in Spanish) and the Puerto Rico Association of Insurance Companies (Acodese, in Spanish) have joined forces to educate consumers on the importance of understanding the insurance coverages that protect their homes, as well as maintaining appropriate coverage limits.
The “Make Sure You’re Insured” initiative responds to the concerns and questions that arose after the passage of Tropical Storm Ernesto, particularly, the increase in inquiries related to the limits of insurance that “protects your home when making a claim,” the Bankers Association explained.
Both associations typically work individually to guide their clients and the public on financial and property protection issues. However, with the peak of hurricane season approaching, this collaborative effort aims to reinforce awareness about the importance of having adequate insurance and ensuring policyholders know and maintain proper coverage limits to prevent their properties from being undervalued.
“For the Puerto Rico Bankers Association, it is essential that consumers know and understand that having a policy that protects their home with insufficient limits can result in inadequate compensation in case of losses, which could put at risk the ability to repair or replace damage to their home,” stated ABPR President and CEO Zoimé Álvarez-Rubio.
“It is always possible to review and adjust coverage limits, except when the market is closed due to an atmospheric phenomenon. That’s why we encourage everyone to take the time to evaluate and review policies that protect your home ahead of time to prevent unexpected situations in an emergency,” Álvarez-Rubio added.
The educational initiative also emphasizes that protecting assets is a crucial aspect of financial planning. Insurance plays a vital role in mitigating risks and unforeseen events such as accidents, illnesses or material losses. Therefore, selecting the right insurance and regularly reviewing coverage and limits is essential when facing unexpected events.
Iraelia Pernas, executive director of Acodese added: “It is imperative that customers who have insurance to protect their homes make sure they have coverage that best suits their needs and, more importantly, that they verify the limits of those coverages.
“In the case of property insurance that protects your home, you have to be even more rigorous in seeing that these limits are correct, considering the effects of inflation, which has increased costs. This can make all the difference when adjudicating a claim. For example, if structural changes are made to a home and the roof is not reviewed to include them, the amount to be claimed automatically changes, and we do not want people to be unprotected.”
