As we approach renewal season, it’s important to be aware of a growing trend in the insurance industry: the increase in wind and hail deductible minimums. You may notice that your deductible for these specific types of claims has gone up, and we want to ensure you\’re not caught off guard.
Why the Increase?
Insurance carriers are adjusting deductibles in response to the rising frequency and severity of wind and hail events across the country. These natural events have led to significant claims costs, prompting insurers to share more of the risk with policyholders by raising deductible amounts.
What Does This Mean for You?
If your policy is up for renewal, review the updated wind and hail deductible amount closely. Wind and hail deductibles can be set as a percentage of your home\’s insured value, typically ranging from 1% to 5%. For example, if your home is insured for $300,000 and you have a 2% wind and hail deductible, you would be responsible for the first $6,000 of any wind or hail-related claim. Other carriers have created a set minimum like $5,000. Interested in learning more about wind and hail deductibles, Click Here.
While higher deductibles can lower your premium slightly, they also mean you\’ll be responsible for a larger portion of the cost if you file a wind or hail claim. It\’s crucial to consider this when planning your finances and ensuring you\’re adequately protected.
Next Steps
We recommend reviewing your policy as soon as you receive your renewal notice. If you have any questions or concerns about the changes, please reach out to us. We\’re here to help you understand your options and ensure you have the right coverage for your needs.
Remember, being informed and prepared is the best way to protect your home and assets. We\’re committed to helping you navigate these changes and keep your coverage aligned with your goals.
Don’t Worry—We’ve Got You Covered!
Our dedicated renewal team is actively monitoring other carriers and can explore alternative options for you. We’re here to help you find the best coverage at renewal time, ensuring you’re not stuck with a deductible that doesn\’t fit your needs.
Remember, being informed and prepared is the best way to protect your home and assets. We\’re committed to helping you navigate these changes and keep your coverage aligned with your goals.
More Questions? Call us today 720-807-9212 or schedule a phone call today.
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