Deductible

It’s a good idea to know what your home insurance deductible is.  Home insurance deductibles can be divided into all other peril and a separate wind/hail deductible.  Often, the separate wind/hail deductible can be quite a bit higher than what you think.  It could be a flat $$$ amount, or it could be a % of the dwelling coverage on your policy.  Ex)  You have a $300,000 home.  Your all other peril deductible is $1000, but to the side of that you see a 2% wind/hail.  What does that mean?  It means that you have a $6000 wind/hail deductible.  It’s calculated as 2% of coverage A (dwelling) on your policy.  I just used 2% for this example, but it could be higher, such as 5%.  That’s a big chunk of change to cough up if you have a wind/hail claim.  Make sure you know what it is before a claim.

I should mention that not all carriers and policies have a separate wind/hail, but many do.

You all have an excellent day.

Jeff Weaver