What type of insurance is this?

Our hurricane microinsurance policies are “parametric”, meaning they pay according to a measurable event instead of paying for evidence of damages. Our policies pay automatically based on wind speeds over land. Faster wind speeds trigger larger payouts.

Who insures the policies?

Our policies are insured by Óptima Seguros and reinsured by Munich Re.

Which address should I use?

You can use any address in which you have an insurable interest. This can be a place where you live, work at, or own, but you don't need to own the insured location. You could insure the apartment you rent, or the dock where you keep your boat, for example.

How is my address used?

We use your address to determine your payout after an event. The greater the impact of the hurricane in your area, the larger the payments. Specifically, we pay based on the highest sustained wind speed over land within 25 miles of the center of your town.

Is there a limit to the number of events covered by the policy?

No. The total yearly payout limit is determined by the policy size you select. The payments per event accumulate until they reach your yearly limit, no matter how many events.

What happens if I reach the limit?

The policy only pays the remainder of its limit. That is, if the expected payment is $1,000, but you only have $500 left in your limit, you will receive $500.

How quickly will I receive the funds?

You will receive a payment notification within 5 days of the event and you will receive the funds within 10 days of that notification.

How are wind speeds determined?

We use data from NOAA to estimate wind speeds over land for all of Puerto Rico. The highest sustained wind speeds within 25 miles of your township are used to determine your pay. The detailed process is documented here.

Can I purchase a policy on behalf of someone else?

Yes! Make sure the details refer to the insured person.

Why do you need my cell phone number?

After an event, SMS systems are some of the first to be restored. If your policy is activated, we will send you the details via email and text messages.

Can I request a refund?

You can request a refund by canceling within 14 days after your policy is issued.

Does this policy renew automatically?

No. We will always ask for your consent to renew your Raincoat policy.

How much do policies cost?

Policy price depends on your municipality and the size of policy you select. In the policy creation process, we'll ask you a few questions and calculate the price for you.