Whether you have owned a home in Crestview, FL for years, or this is a first-time purchase, you may have read or heard that you have a Hurricane Deductible on your Florida Home Insurance policy. A hurricane deductible is a separate deductible you would pay in the event of damage from a Named Storm. This is the first key point. The only time you will pay this deductible is if the storm is assigned a name by the World Meteorological Organization. Otherwise, it would be the All Other Peril deductible.
3 Key Points on Hurricanes and Home Insurance
A common question we are often asked is “Do I have to pay both deductibles?”. The answer is no, you will never pay two deductibles on a home insurance policy for the same loss. It will either be the Hurricane Deductible or the All Other Peril Deductible. As the name implies, the All Other Peril deductible on your Crestview, FloridaHome Insurance policy would be your responsibility for any damages that are not from a Named Storm.
The second key point is, how much is my hurricane deductible. The standard hurricane deductible on a Florida Home Insurance policy is 2%. Of what you ask, it is 2% of your dwelling coverage, or amount of coverage on the main structure. Let’s do an example to better demonstrate this. If I have my home covered at $150,000 than the deductible I would pay from a Named Storm is $3,000. It is important to remember that there are many options available to purchase for the Hurricane Deductible, the 2% is just that standard.
The third and final key point is how often that deductible is paid. The Hurricane Deductible on your Crestview, Florida Homeowner’s Insurance policy is only paid once per hurricane season. For reference, the Atlantic Hurricane Season begins on June 1st and ends on November 30th. You do not have to pay the deductible if you have no damage or a claim. However, if you receive damage on your Crestview, FL Home from a storm in July where damage exceeds your deductible you will not have to pay the deductible again if you have damage from another storm in August of the same year. On the other side of it, if damage does not exceed your deductible, you will want to document everything with your carrier so that it may be applied toward your deductible in the event there is another storm later in the season.
Florida Home Insurance can be complicated, it is important to research and understand how your policy will work to make sure you are sufficiently protected!
Barbee Jackson Insurance – Your Trusted Florida Insurance Advisor
If you have questions about your home insurance policy, we are here to help! We are located in Crestview, FL and serve all of Florida for their insurance needs. Contact Barbee Jackson Insurance today for your free quote!