🌀 Cayman Islands Insurance Association encourages prompt insurance claims post-Hurricane Beryl

The Cayman Islands Insurance Association (CIIA) is urging homeowners whose properties were damaged by Hurricane Beryl to contact their insurance providers as soon as possible. The CIIA emphasized that prompt communication is crucial for efficient and effective claim processing. However, the association also warned that most insurance policies include a catastrophe deductible, typically at least 3% of the insured property value, which will apply to hurricane-related damage claims. 🌀

The CIIA, in a press release, encouraged people to review their policy documents and seek clarification from their insurers about coverage specifics and deductibles. The association reaffirmed its commitment to support the community during the recovery period and pledged to work closely with all stakeholders to ensure claims are handled promptly and fairly. However, insurance coverage has become a significant challenge for Cayman homeowners, with premiums becoming increasingly unaffordable due to the frequent occurrence of natural disasters, a trend expected to worsen with climate change. 🏠

Over the coming months, the cost of premiums and deductibles is expected to add to the hardship of many homeowners whose properties were damaged during the hurricane. This comes at the start of a hurricane season that is anticipated to be exceptionally active. 🌪️