Do I have the right insurance for hurricanes?

By admin • August 27th, 2011

If you live in a coastal state, your homeowners’ insurance very likely has a higher deductible for hurricane damage. ¬†The deductible is the out-of-pocket amount you must pay before your insurance company pays the claim. ¬†Most policies have a standard (non-hurricane) deductible of $500 or $1,000. ¬†However, the deductible for hurricane damage is usually a percentage of the face amount of the policy. ¬†Example: ¬†Your home is covered for $300,000 with a 2% hurricane deductible. ¬†That means if you file a claim, you are responsible for the first $6,000, then the company pays.

 

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