Quote:
Originally Posted by charlie1
Recieved the renewal of my homeowners insurance today. Premium went down $100 annually from last year which surprised me. Upon review, the reason for the reduction is that there is now a deductible for roof materials equal to 2% of the home insuranced value. The deductible does not apply if there is a total loss to the property, if the roof has been punctured (example: falling tree), if damage is the result of a hurricane, or if less than 50% of the roof is repaired. Has anyone seen this type of deductible before? They give you the option of rejecting the deductible by signing a statement rejecting it.
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We had a similar renewal with Progressive and also noted the 2% Hurricane deductible applied. The cost to remove that deductible and replace it with your standard wind deductible is different for each homeowner depending on the specifics, value and location of the house. The 2% deductible should only apply to a named storm. If you have a local thunderstorm or tornado, not associated with a hurricane, the standard wind deductible should apply. For us, the difference to go back to the $1,000 wind deductible was an additional $50. Your agent can provide the available options and costs.