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Storm damage and insurance

News out of the US is that Hurricane Irene dealt a wicked blow to property owners along the entire length of the eastern coast. After wading out of the floods, crawling out from under the downed trees, and waiting for power to return, homeowners found more bad news – their insurance coverage wasn’t adequate. It is true that structures in the Caribbean…

…are built to higher storm standards than in the US (with the exception of Florida, which sees its share of hurricanes year after year). But the issue with H Irene was more about flooding than wind. This is the case for many hurricanes – Katrina is a good example. Tile flooring and cement walls are standard construction in the Cayman Islands, not just because they are cooler, but because they also hold up well when water seeps in during a storm. In Cayman, homeowner’s insurance policies typically include hurricane coverage. Smart investors will read the policy carefully to understand how much flooding and water damage is covered for storm damage.

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