Odds are if you recently purchased homeowners insurance in Coastal Georgia there is a good chance that you have what is called a “Tropical Storm/Wind & Hail” deductible that is separate from the standard deductible listed on your policy. Several nationally known insurance companies have implemented what are often referred to as “special deductibles” for named storms within the policy that are based on the percentage of coverage of your home. Example: a home insured up to $250,000 with a nationally known insurance company could have a 5% wind and hail deductible for named storms such as Hurricane Katrina. This means the insured would pay the first $12,500 of the loss. Many applicants for home policies have no idea that this high deductible exists, too often its never fully explained nor the consequences considered. For many americans a loss of this magnitude could lead to foreclosure and/or bankruptcy as most people simply do not have that amount of money set aside to repair their home. Before you buy home insurance make sure you choose a deductible that fits your finances. If you already have a home policy but are not sure if you have a “special deductible” or not please make it your business to review your policy in detail. As always we encourage you to review your insurance policy with a professional agent. If you already have an agent but would like a second opinion please feel free to call us, we are here for you!
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