Hurricanes can kill you. Plain and simple. When talking about sailing during a hurricane, I'm talking about sailing on the outer windbands of the hurricane. When the wind tops 55 or so, it's time to start packing.
There are still a number of dangers to sailing the edges of hurricanes.
The list goes on.
However, there are a number of things that you CAN do to minimize the risk:
Keep CLOSE tabs on the storm.
Typically hurricanes move from 0-30 miles an hour. If damaging winds get within a 3 hour range, BAIL.
The winds are not your major obstacle when fleeing an approaching storm. Trees, power lines, and floods will stop you dead in your tracks long before the real winds come crashing in.
Be a competent high-wind sailor.
If you can't sail in 35-45 knots and at least get back to shore, you have no business being on the water.
This is not the time to work on your waterstarts. NO ONE will be able to save you. All sane people have vacated the area long ago.
The high-wind and rain combine to greatly reduce visibility. Even if there are other people sailing, don't bank on them being able to hear or see you. You are very much alone and exposed most of the time.
Have confidence in your gear.
Chuck that cracked fin before giving it one last go. Typically I'm sailing really overpowered and in heavy rain. These conditions are plenty hard enough without having to deal with broken equipment.
At minimum, carry a few feet of line to help you piece things back together that may break. I bundle my line and attach it to my harness. It's saved me more than once when I've broken mastbases, outhauls...etc.
Other useful gear:
Some type of water-goggles. When the rain comes in at 35, and you're doing 30, it really stings the heck out of you. Goggles will allow you to sail with both eyes open.
Know when to cut your losses.
Sometimes if it comes down to you or your gear, making the right choice quickly can save you.
If your mastfoot breaks and you have to ditch your rig to get to the board, do it, and do it fast. Once the board is more than a few feet from you, it will probably be able to outrun you.
If you find yourself so over-powered that you can't get back in, kill the sail. Poke a hole in one of the sail-panes to spoil the lift. You just got a much smaller sail that should allow you to limp to shore. The $50 spent in sail-repair is far cheaper than a coffin.
PFD's and helmets are probably a good idea, but I typically forego them. (Read: idiot)
Leave next of kin information.
It will help the police retrieve your corpse a few days earlier. Your body should be in a much fresher condition for burial.
Before you go sailing, let someone know where you're going, and when you should be back. Keep their pulse rate down by remembering to call as you leave the beach.
While sailing a hurricane a few years ago, there was a voluntary evacuation of the area. The cops didn't make us leave, but took down next of kin info. This will give you an idea of how serious things can et in a hurry.