You should double-check your homeowner’s insurance policy’s deductible terms if you live in an area with a high storm risk. When a storm damages your property, you’ll have to foot the bill for more than just the cost of the repairs. You’ll also have to pay a percentage of the value of your home. Below are some ideas on what hurricane insurance deductible is all about:
When the Deductible for Hurricane Damage Is Paid
Only storms classified as hurricanes by the National Weather Service are subject to a hurricane deductible. Any additional wind damage is subject to a deductible known as a “windstorm deductible.” The “trigger” event for a hurricane or windstorm deductible is determined by the insurance carrier.
It’s all about the Deductible
Insurance for the house and its contents is included in a normal homeowner policy, which offers financial protection during an emergency. Before your insurance provider can begin to compensate for a loss, you must pay a deductible. The policy makes this clear.
There may be extra hurricane and windstorm insurance deductible requirements above the usual deductible for homes in hurricane-prone locations.
Applying the Deductible
The definition of a trigger event used by your insurance carrier will determine whether you pay a hurricane or windstorm deductible. Deductibles are only applicable in particular situations, as stated in your insurance policy.
States and insurers have different definitions of what constitutes a hurricane for the purposes of triggering an insurance policy. If you have a storm insurance policy, it is crucial to examine the specifics. If you must leave your house quickly, make sure you have copies of all necessary papers in your emergency pack.
Rather than being a fixed financial sum, the hurricane insurance deductible is a percentage of the insured value of the residence. The normal hurricane deductible is between 1% and 5% of the house’s insured value. However, plans in certain coastal locations may have a larger deductible.
