Hurricane Deductibles - Know Your Options

In 2017, there were 6 major hurricanes, including two Category 4 and two Category 5’s in the Atlantic. Irma packed winds of over 130 miles per hour as it hit Florida. In 2016, Florida was spared the worst of Hurricane Matthew, but definitely saw the devastation it created.

Hurricane activity in 2018 is expected to be above normal. Are you ready?

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Now is the time to review your property policy, be aware of the limitations it contains, and understand how your Hurricane Deductible is calculated. Hurricane Deductibles are typically a percentage (usually 2-5%) of the amount of dwelling coverage you have. For example, a home insured for $300,000 with a 2% hurricane deductible would cost the homeowner $6,000 before coverage kicks in. However, new options and new policies have hit the Florida market to provide relief from these high deductibles.

“Flat” Deductibles

Several companies are now offering a “flat” dollar amount for the Hurricane Deductible with some as low as $500. Surprisingly, the premiums for these lower deductibles are not as substantial as you would think. The catch; however, is, that in most cases, deductibles can only be decreased on the policy’s renewal date. 

CAT4Home

A CAT4Home deductible buyback policy can pay up to 100% of losses covered within your deductible. These polices are based on the location of your home, as well as the home’s age and construction features.    

StormPeace

A StormPeace policy will provide you with money right away to get back on your feet.  Aside from the hurricane deductible, coverage is provided for things like evacuation expenses, damage to landscaping, pool cages, debris removal, food spoilage, and other losses not covered by your homeowner’s policy. The claim payout is based on the intensity and proximity of the hurricane to your home.

We are here to help! Please contact us today at 844-848-9373 or email MyInsurance@BouchardInsurance.com to discuss which option may be best for you.


About The Author

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Kristie Pauly is the Vice President of Personal Lines at Bouchard Insurance. Kristie's team focuses on protecting individual's assets through all lines of personal insurance. | Connect on LinkedIn