EPISODE

Be careful of wind and hail coverages on your home insurance

EPISODE DESCRIPTION

Be very careful about the deductible amounts for your wind and hail insurance coverage. You could be responsible for a very large part of your claim.

EPISODE TRANSCRIPT

Several insurance companies have introduced new deductibles on your homeowners insurance that are a percentage of your dwelling limit.

Every single homeowner’s policy has an all-peril deductible. Most often being $1000. So if you have a claim to your property, you pay the first $1000 and the insurance company will pay the balance of the repairs with wind and hail deductibles.

If you have a wind or a hail claim, which is by the way our most common claim, you may have a percentage deductible. That percentage is oftentimes 1% of the dwelling limit. Let’s do some simple math. If you live in a $400,000 house, 1% looks innocent until you do the math. It’s really a $4000 wind and hail deductible.

Once again remember, wind and hail damage is our most common claim. We highly recommend that you do not have a wind or hail deductible that is a percentage. Have it just be the same $1000 regardless of the incident.

My name is Dennis McMichael, vice president of McMichael Insurance. Now you know me now you know a little more about insurance.

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