I’ve seen “named storm” more commonly than “named hurricane”; but I deal with commercial. Do residential policies all use “named hurricane” or does it vary?
If they use “named hurricane”, for a storm that actually spins up to hurricane level, are they going to try and separate which losses happened while it was at hurricane from which happened before/after it gets downgraded to TS?
Most companies now use the term “Wind” for their deductibles. This storm will incur higher than AOP an deducitble! McCarty is just trying to get points and get in the press, as always. He needs it.
Information taken from an advisory brochure issued by the FL BOI:
Hurricane Deductibles
The Hurricane Insurance Affordability and Availability Act offers homeowners a broader selection of deductible amounts. These deductibles depend on the value of the insured property and apply only to hurricane claims (i.e., resulting from a hurricane declared by the National Weather Service). Consequently, you may owe extra out-of-pocket costs for
damage that occurs:
• any time a hurricane watch or warning is issued for any part of Florida
• up to 72 hours after such a watch or warning ends and
• any time when hurricane conditions exist throughout the state
Homeowner Hurricane Deductible Table
Insured Value Minimum Allowed Maximum Allowed:
$0-$50,000 $250 2% of insured value
$50,001-$99,999 $500 2% of insured value
$100,000-$500,000 $500 10% of insured value
$500,001 and up $500 Unlimited
New legislation passed following the 2004 hurricane season – when many homeowners had damage from multiple storms and faced multiple deductible payments – limits the number of times a hurricane deductible must be paid to once per calendar year, per insurance company.
If you change companies, you could pay two deductibles. Once the hurricane deductible has been met, subsequent hurricane losses are subject to the “other perils” deductible.
So, it would appear that the FL BOI has addressed the tactic some insurers use to apply a “wind/hail” or “named wind storm” deductible when storm winds are below hurricane strength.
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Don’t most companies use “Named Storm” deductibles rather than “Hurricane”? These days I thought many companies use wind as well. Florida
I’ve seen “named storm” more commonly than “named hurricane”; but I deal with commercial. Do residential policies all use “named hurricane” or does it vary?
If they use “named hurricane”, for a storm that actually spins up to hurricane level, are they going to try and separate which losses happened while it was at hurricane from which happened before/after it gets downgraded to TS?
“Named storm” vs “hurricane” deductibles varies from state to state depending on the insurance statutes and forms approved in them.
Depends on what they are clasified when they first make land fall.
Most companies now use the term “Wind” for their deductibles. This storm will incur higher than AOP an deducitble! McCarty is just trying to get points and get in the press, as always. He needs it.
Information taken from an advisory brochure issued by the FL BOI:
Hurricane Deductibles
The Hurricane Insurance Affordability and Availability Act offers homeowners a broader selection of deductible amounts. These deductibles depend on the value of the insured property and apply only to hurricane claims (i.e., resulting from a hurricane declared by the National Weather Service). Consequently, you may owe extra out-of-pocket costs for
damage that occurs:
• any time a hurricane watch or warning is issued for any part of Florida
• up to 72 hours after such a watch or warning ends and
• any time when hurricane conditions exist throughout the state
Homeowner Hurricane Deductible Table
Insured Value Minimum Allowed Maximum Allowed:
$0-$50,000 $250 2% of insured value
$50,001-$99,999 $500 2% of insured value
$100,000-$500,000 $500 10% of insured value
$500,001 and up $500 Unlimited
New legislation passed following the 2004 hurricane season – when many homeowners had damage from multiple storms and faced multiple deductible payments – limits the number of times a hurricane deductible must be paid to once per calendar year, per insurance company.
If you change companies, you could pay two deductibles. Once the hurricane deductible has been met, subsequent hurricane losses are subject to the “other perils” deductible.
So, it would appear that the FL BOI has addressed the tactic some insurers use to apply a “wind/hail” or “named wind storm” deductible when storm winds are below hurricane strength.