Hurricane Deductible: What it is and how we can help
Hurricane Irma whipped through Florida almost 3 months ago. But incredibly, we’re still helping Florida homeowners recover from the damage! Aside from helping Florida homeowners get financing for roof repairs and new roofs, we’re still helping with hurricane damage claim insurance assistance.
What’s a Hurricane Deductible?
One way we’re helping Florida homeowners recovering from Irma’s destruction is through hurricane deductible assistance. If you have insurance of any kind, you know a deductible is an amount paid by a policyholder before coverage kicks in. Most Floridians with homeowner’s insurance have a hurricane deductible in their policy. It’s a separate deductible for hurricane windstorm losses. And it could be a dollar amount or a percentage, depending on your policy.
The deductible applies only if the damage occurs from a hurricane named by the National Weather Service. And from the time of a hurricane warning until 72 hours after the storm, coverage for damage sustained is subject to a hurricane deductible. So if a storm with a name caused destruction, a hurricane deductible may apply for the calendar year (January 1 to December 31).
One Time Only
Florida is always at risk during the Atlantic hurricane season, which lasts from June to November. And because hurricane risks have increased along the coastal areas of Florida, insurers sell policies with percentage deductibles for hurricane damage. It doesn’t matter how many hurricanes hit Florida for the year. Or how many times the home is damaged by hurricanes. The insured party is responsible for paying this deductible one time only for that year. So after the insured has met the hurricane deductible, it doesn’t apply to any other windstorm losses from another storm.
However, there are other windstorm deductibles that apply to any kind of wind damage not related to hurricanes. Ask your insurance provider what your hurricane deductible is, and if there are any other deductibles that apply.
How Much Is It?
The percentage or dollar amount from the hurricane deductible varies depending on areas at higher risk. And there are several options available on a homeowner’s insurance policy to determine what the hurricane deductible will be. These percentages are also based on the total value of the home. So the higher the value of the home, the higher the percentage or dollar amount.
All hurricane damage expenses are subject to the hurricane deductible. And the insured is required to make emergency repairs as needed to prevent further loss. Emergency repairs are factored into meeting the deductible before coverage kicks in. And the insurance adjuster calculates if the policyholder has met the deductible when billing for repairs. So depending on an individual’s policy, hurricane deductibles can be a fixed amount or a percentage of a homeowner’s Coverage A amount.