It is a common practice in Florida to have a deductible that is a percentage of your coverage. Coverage is the insured value of your home, and it’s important to know what your deductible is. It’s also important to know that it’s not the responsibility of insurance companies to determine if you have a claim or not. While it can work this way, it’s not the ideal way to go about handling a claim. Check out this article to learn more about what to do before you file a claim.
Unless you are absolutely sure your damage exceeds your deductible, you should really talk with your agent before taking action. Just because your agent has all the carrier’s claim phone numbers listed on their site doesn’t mean you start there. Your agent’s role is to help you navigate the claims process, which starts with determining if you need to file a claim.
Know Your Deductible
Locate your hurricane deductible on your declaration page. Depending on the insurance company, you could have a $500, $1,000, $2,500, $5,000, or even a deductible that is 1% or 2% of your Coverage A. For example, if your Coverage A or Dwelling (also known as Building Coverage) is $200,000 and you have a 2% deductible, your deductible amount is $4000. Like all deductibles, the lower the deductible, the higher the premium. While many carriers only offer 2% deductibles for hurricane, carriers have more recently started offering $500.
Contact your agent or our office to discuss what a lower deductible premium would look like for you. Lowering your deductible can only be done at renewal as it is not an endorsement. The other option would be to rewrite your policy to another company midterm. Contact your agent or our office to determine the best option for you.