The hurricane season is approaching, bringing with it much uncertainty about what could happen and whether we have sufficient insurance to protect our property.
At Myriad, we offer a different alternative that gives you security and pays you for the event, instead of paying for the damages that occur. This type of policy is known as a parametric microinsurance, which is triggered based on the intensity of an event, such as hurricane winds, and the calculated amount of the loss.
Windbreaker, offered by Raincoat and Optima Seguros, is the first parametric microinsurance in Puerto Rico and is responsible for issuing automatic payments according to wind speeds. The faster the winds, the more the policy pays.
The technology used for this type of policy makes it possible to measure the sustained hurricane wind speeds over land using public satellite images from NOAA. Once the speeds are calculated, the policy is activated and the money is deposited into your bank account, according to your policy’s coverage limit and the fastest sustained hurricane wind speed over land within a 20-mile radius of the insured municipality’s center.
The policy focuses on protecting your well-being since this money can be used to:
- Purchase an electric plant, gasoline, water, or provisions
- Make repairs to your home
- Cover loss of income
- Pay loans, among others
With Windbreaker, you receive financial relief after a hurricane without having to incur deductible expenses, without having to show proof of damage, and without the adjustment process. It provides you with total flexibility, as you can use the money for whatever you need and want.
The following are the different levels of protection available:
| Protections Levels | |
| $500 Starting from $29.50 annually | $3,000 Starting from $177annually |
| $1,000 Starting from $59 annually | $4,000 Starting from $236 annually |
| $2,000 Starting from $118 annually | $5,000 Starting from $295 annually |
The policy does not impose limits on the number of covered events; however, there is a total payout limit in a year, which is determined by the total amount of the insurance you choose.
It is important to emphasize that this insurance takes effect 14 days after the purchase. Therefore, it is recommended that you acquire your policy in advance. For more information, please contact us, Myriad Benefits, at 787-708-6362.
Links:
https://www.quieroraincoat.com/faq
https://www.optimapr.com/o/Productos/RainCoat
Policies insured by:
