What is your deductible for windstorm and hailstones lower than your home owners insurance?
Mine is 5%, which means, worse case scenario (storm blows my roof bad and rains in my house or blows the integral house down) I could be paying around $22,500 out of pocket for contents and structure. I think this might be too much but was of late wondering what everyone else had.
Answers:
Many policies in Florida submission either a 2% or a 5% ind deductible. That means that the policy won't take-home pay unless the damages exceed that percentage of the total building coverage on the house.
Most of my clients (probably over 90%)
carried 2% deductibles. First, many mortgage companies required a deductible no higher than 2% (and you should check near yours). Also, the difference in premium between the 2% and 5% deductible wasn't much, and certainly not worth the difference within possible out-of-pocket expenses at claim time.
I urge you o get a quote to reduce the hurricane deductible so at most minuscule you can see what it would cost.
Best of luck! Source(s): 15 years as an agent, retired.
Mine's 2% - big enough. Especially since Ike. We do have a claim, and the overexploit on our primary home is under the deductible.
You should probably weigh the premium savings vs. the 3% of coverge, and later look at your bank account to see how feebly that $22k would hurt if Ike ran over your house.
Me, we can handle the 2%, but a 5% would seriously hurt.
Related Questions:
Answers:
Many policies in Florida submission either a 2% or a 5% ind deductible. That means that the policy won't take-home pay unless the damages exceed that percentage of the total building coverage on the house.
Most of my clients (probably over 90%)
carried 2% deductibles. First, many mortgage companies required a deductible no higher than 2% (and you should check near yours). Also, the difference in premium between the 2% and 5% deductible wasn't much, and certainly not worth the difference within possible out-of-pocket expenses at claim time.
I urge you o get a quote to reduce the hurricane deductible so at most minuscule you can see what it would cost.
Best of luck! Source(s): 15 years as an agent, retired.
Mine's 2% - big enough. Especially since Ike. We do have a claim, and the overexploit on our primary home is under the deductible.
You should probably weigh the premium savings vs. the 3% of coverge, and later look at your bank account to see how feebly that $22k would hurt if Ike ran over your house.
Me, we can handle the 2%, but a 5% would seriously hurt.
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