As experts maintain predictions for an above normal Hurricane Season, homeowners are being cautioned to protect their assets.
Chief of Marketing and Product Development at JN Bank, Saniah Spencer, says a home is often the most important asset for many Jamaicans, and an important means of creating inter-generational wealth, hence the need to actively protect its value.
“It’s important, therefore, as a homeowner that you prepare for the Hurricane Season and take all the precautions possible, so that you can protect the value of your home and your wallet,” she advised.
The Climate Prediction Center of the National Oceanic and Atmospheric Administration in the United States forecasts that there will be 13 to 19 named storms this season, six to 10 of which will become hurricanes. Three to six of those will become major hurricanes of magnitudes category three or higher on the Saffir-Simpson Hurricane wind scale.
Already the 2020 Hurricane Season, there have been some eight systems, two of which became hurricanes that have caused damage in other countries. Two of the systems were formed before the official start of the season on June 1. This was the first time since 2016 that two or more named storms developed prior to the start of the season.
Ms Spencer says knowing that your home is insured is a good start. However, she recommends that homeowners consider the using the equity in their home to access funds for repairs and structural improvements that will mitigate damage to their assets.
“Don’t get caught thinking: ‘If only I had…’” she said. “Use a home equity loan to get your home ready for the hurricane season.”
The equity in your home, she explained, is determined by taking into consideration the current value of your home, minus the total amount paid up on your mortgage.
“You can borrow up to 85 per cent of the available equity and you have up to 15 years to repay,” she said. “So it’s a great way to manage your expenses, should another hurricane make landfall in Jamaica,” she said.
