Homeowners policy may have separate deductible for hurricanes

There are many benefits of living in the state of Florida. The warm weather year round ranks high on the list for many. While the weather is a positive aspect much of the year, as residents are well aware, there are days, such as when there is a hurricane bearing down, when it leaves something to be desired.

Depending on the strength of the storm it may leave major property damage in its wake. This can prompt homeowners to file a claim with their insurance company. While homeowners purchase insurance to address these damages, they may not be aware that they may still have to pay a large deducible. In many cases home insurance policies are issued with a separate deductible for damage related to hurricanes that is percentage-based. That deductible is separate from the standard homeowner deductible.

The hurricane deductible varies from policy to policy. It is usually between 2 and 5 percent of the value of your home for insurance purposes. Once that deductible is paid, the insurance coverage will apply.

Not every storm will trigger the hurricane deductible. When it will be applied depends on where you live and which company you are insured by. In some cases the difference will be based upon how the National Weather Service rates a storm. A hurricane deductible cannot be triggered if a storm is not named as a hurricane.

There are multiple issues that a homeowner might run into when filing a claim with an insurance company for hurricane damage. Because such large amounts of money can be on the line, in many instances homeowners facing these issues will benefit from working with a lawyer.

Source: Bankrate, “Hurricane insurance deductibles: What? When?” Jay MacDonald, Accessed Oct. 10, 2014