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Wind Damage?  Hail Damage?  If so, this is super important for you to read and to know about.

Do you know the term floating deductible?  Are you aware that it is highly likely you have a different deductible for wind damage claims and hail damage claims than you do with all other claims?  We strongly recommend that you study the declarations page and review all possible deductibles that come with your policy so you can be prepared when it is time to file a claim. The declarations page is normally found within the first few pages of your policy.

Now, we’ll address how studying the declarations page can reduce the fear of filing a claim:  Most people are afraid to file a claim because of the big bad deductible. The deductible represents the amount of buy-down your policy allows for ALL repairs to be made associated with that event.
Example: a hailstorm hits and damages your roof, gutters, screens and patio furniture.  The total amount it might cost you to repair all these damaged items could be $25,000.00 or more.  But when an insurance claim is filed for a covered loss (in this case, hail is a covered loss), you are only responsible for your deductible.  For a hail storm, the deductible could be 1-2% of your policy limits.  For a house insured for $150,000, the deductible would be $1,500.00.  (This amount floats with the value of your home.)  Yes, you read that right!! You are getting $25,000.00 in repairs done for $1,500.00.  If you have a savings account that covers your highest possible floating deductible, you are ready for any type of loss. You’re set!

That’s reason #1 all policyholders should study the declarations page of the policy.  Stay tuned for an explanation of reason #2….

wind damage

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