Beware of the % Deductible

[geodebasser]

I have noticed that a lot of different insurance companies have added a % deductible for wind and hail. I am seeing this with homeowners as well as commercial property. That can really add up.

[rds_nc]

Ours is 1% when it’s a named storm

[Saint1974]

They also raised my coverage more than double. It's a percentage of your coverage amount.

[hatcreek]

Ours is 1% when it’s a named storm

Which basically demands your fealty to the drama mongers at The Weather Channel.

[Bassman469]

Texas is the primary state where I have seen it. I believe all new policies are percentage deductibles, regardless of named storm, wind/hail, or other peril. Many states do have a percentage deductible for named storms, that has been common for several years.

[Bass in the grass]

We are F’d in Texas, not every insurance company will even write new policies. Bunch of thieves.

[rds_nc]

Which basically demands your fealty to the drama mongers at The Weather Channel.

. Named storms come from the National Hurricane Center with a very defined set of criteria.

[Dixie-Raven]

Not familiar with this, how does it work?

[Duece22]

Not familiar with this, how does it work?

It's typically 1-2% of the cost to replace value. So if they have your replacement cost at 500k, your deductible is 5-10k.

[BillsFan]

. Named storms come from the National Hurricane Center with a very defined set of criteria.

So Real scientists then?

[Dixie-Raven]

It's typically 1-2% of the cost to replace value. So if they have your replacement cost at 500k, your deductible is 5-10k.

Okay thanks.

[RoadrashPaul]

We are F’d in Texas, not every insurance company will even write new policies. Bunch of thieves.

Same in FL and will be about everywhere in a decade or so. Insurance has raped us for years and then don't want to pay out when needed.