June 15, 2010
By: Carrie Van Brunt
Government researchers have predicted that the coming Atlantic hurricane season will be unusually busy, which means that homeowners should start protecting themselves now by reviewing their insurance coverage.
According to the Insurance Information Institute, 18 coastal states and the District of Columbia incorporate hurricane deductibles into their policies. With that in mind, the organization advises policyholders to take the time to determine whether these deductibles apply to them.
"In the face of increased coastal development, combined with an increased risk of a hurricane, hurricane deductibles were created to help keep private sector property insurance coverage available and affordable by having the policyholder share more of the risk with their insurer," said Michael Barry, vice president of media relations for the III.
According to the organization, hurricane deductibles typically range from 1 to 5 percent of a home's insured value. However, this figure can be even higher in some hurricane-prone coastal areas that may be more subject to wind damage and other factors.
Homeowners can sometimes save money by choosing a policy with a higher deductible. The III also points out that some deductibles will be triggered based on factors like the intensity of a storm and whether a hurricane watch or warning has been declared.
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- Safety officials call attention to home sprinkler system regulations May 24, 2012
- Thousands of St. Louis insurance claims cite recent hail damage May 22, 2012
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