What Is The Hurricane Deductible in Florida?
| Hurricane Deductible Amounts Vary Widely Florida is the state that is most prone to hurricanes and sadly also most susceptible to problems associated with hurricane deductibles. Florida law mandates that all homeowners policies provide the following hurricane deductible options: $500, 2%, 5%, and 10% deductibles (e.g. $200,000 dwelling coverage means $20,000 out of pocket with a 10% hurricane deductible). However, some insurance policies do not include hurricane coverage at all. Imagine your property is damaged during a hurricane such as Irma in 2017 and finding out that the homeowners policy does not have hurricane coverage. This is especially true in coastal or wind prone areas where insurance protection is most needed. Florida Hurricane Deductible Rules In Florida, a hurricane deductible can only be triggered if a storm has been declared a hurricane by the National Weather Service. Insureds can claim losses from the time the hurricane watch or warning starts until up to 72 hours after such a watch or warning ends or anytime when hurricane conditions exist in the state. The Florida Department of Insurance Regulation sets these rules. The fact that a hurricane deductible can only be triggered once during any hurricane season (June until November) is actually a good thing but most people don’t understand why. What everyone should remember is that a hurricane loss should be reported every time even if it is less than the deductible amount. Curious? Ask us Why! (877-929-2612) Smile, You Have Options There are ways to protect against higher hurricane deductibles. Our agency has identified multiple ways that our customers can lessen the risk of higher hurricane deductibles: 1. We can offer an interest-free deductible installment plan that can greatly aid cash strapped homeowners in fixing hurricane damage. 2. We also offer a separate hurricane insurance policy that will pay out based on the proximity and severity of a hurricane. The key features are: 2.1 No deductibles, 2.2 No claims to file, 2.3 Evacuation costs coverage 2.4 And the money can be used for any hurricane related expense even if it is not covered by the regular homeowners policy. 3. And we are a SORIN Network Member our customers can voluntarily choose to participate in the SORIN Gap Fund, which will provide assistance when something is not covered or denied by the homeowners policy. Let’s Wrap It Up Even though hurricane deductible options are not always ideal, you will find that there are some creative solutions available if you work with the right Insurance Agency that can offer you multiple options. We know Florida and we know insurance so contact us and we will explore all of your options. Allow us to find what best works with your budget. |