Phone Number: (787) 758 8080
Address: 510 Avenue Munoz Rivera, National Group Building, San Juan, PR 00918
Multinational Offers Flood Insurance for the Puerto Rican Territory
The Multinational Insurance Company offers flood insurance for the United States territory known as Puerto Rico, which, because of where it is situated, can only be described as kind of an Atlantic ocean hurricane hot zone. It’s not a matter of if a tropical storm or hurricane will hit Puerto Rico. It’s a question of when and how many even though it hasn’t been hit by a category 4 or 5 storm since the 1930s, according to a promotional site encouraging travel to the area.
Multinational Insurance Company Can Offer Both Residential and Commercial Flood Insurance
The reason why you have to get a separate policy for flood insurance is that flood insurance simply isn’t included in your homeowner’s insurance. The Multinational Insurance Company can offer this insurance through the National Flood Insurance Program (NFIP) as can other private insurance companies like Nationwide and the Hartford.
The Multinational’s coverage can include:
- Single Dwelling
- Buildings with 2 to 4 units
- Walk Ups
How Multinational Insurance Works With the NFIP
The Multinational Insurance Company makes it sound like it has some kind of secret arrangement with the NFIP but that’s the way it works for all the insurance companies that are listed with the NFIP, about 79 in total. The NFIP started in 1968 because the private market simply couldn’t support a flood insurance business, or at least a profitable one that companies could provide on their own.
The NFIP doesn’t offer the insurance itself. What it does do is set rates and coverages. What this means, in theory, is that you should get decent coverage for what you’re paying for. The US government also takes on the underwriting risk, which means that the program loses billions when national disasters like Katrina or Sandy hit home. Private companies like Multinational sell the flood insurance but under the government guidelines.
How to File A Claim for Property Damage
The Multinational Insurance Company says that this is what you do if you’re filing a flood insurance claim for property loss:
- Report the event to the relevant authorities.
- Please complete the report of loss.
- Provide pictures of the affected areas.
- Obtain quotations for your repairs.
- Obtain the complaint number from the police. (Guessing that’s for theft only.)
- Send proof of loss and/or invoices.
There is also a property claim form that you can find online here:
It should be noted that the website offers itself in both Spanish and English.
Other Useful Websites About Natural Disasters and Flooding
You can find the Multinational Insurance Company website here:
These government websites also have a lot of information about flood insurance and natural disaster planning:
‘How to Prepare for a Flood’
The NFIP’s modern and flashy user-friendly website that looks like it was designed recently.
And a site that deals with disaster preparedness called Ready.Gov.