American Families Struggle with Hurricane Deductibles

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Homeowner’s Deductibles have been causing heartache on American families in recent years.   What good is your insurance policy, if you can’t afford for it to work?


Hurricane season is almost upon us. The super storms  can cause thousands of dollars in damage to our area it can also put a family in financial hardship.  Money Magazine has written that the average American Family is ill equipped to handle a substantial outlay of money for an emergency. Could you afford to pay $10,000, $15,000 or even higher if your home was damaged by a Named Hurricane?


 Every homeowner’s policy carries a deductible. But, ever since Hurricane Andrew in 1992, insurance carriers have been writing homeowner policies with a separate Hurricane deductible. These can range from 0 to 5% of your dwelling limit on your home. Some non-standard companies have even gone so far to have a separate wind and hail deductible as well. Fortunately, 1992 was a long time ago, and insurance carriers are starting to offer policies with much lower hurricane deductibles. Here at Brewster Allen Wichert, we  have several carriers that will offer policies with no separate hurricane deductible and many will offer policies with 2% or 3% deductibles a far cry from the 5% with the high out of pocket expense.


Do you know what your policy deductible is for a named Hurricane? Companies such as Allstate and State Farm Insurance companies frequently have deductibles of 5% which is consider high depending upon the location of your home. Do you know what a 5% Hurricane deductible mean to you?  Let’s say the dwelling coverage of your home is insured for $400,000 with a 5% deductible. You would have to acquire  $20,000 in damage, before the insurance coverage will step in.


What should you do if you have one of these higher deductibles? Would your family survive ?  Now is the perfect time to review your homeowner’s insurance with the professionals at Brewster Allen Wichert. We represent over 15 different insurance carriers that  offer a wide range of deductibles starting at $1,000 out of pocket for hurricane damage  Let our office advise on your Florida home or Condo insurance and make sure that you carry a deductible you will be able to manage ll. Hurricane season starts on June 1st  .


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