An Important FYI for Homeowners:

If you own and insure a home, it would be worth your while to check your Homeowner’s Insurance policy as it may contain what is called a “Wind/Hurricane” deductible. This means that in the event the National Weather Service issues a watch/warning for a named storm, it will trigger your policy to apply the Wind/Hurricane deductible in the event that type of a loss occurs. This is an amount which is separate from your standard policy deductible. Typically, you will see the number listed as a percentage (2%, 3% and 5% are very common) or it may be a dollar amount which is higher than for other causes of loss, such as fire or theft. The percent is calculated on the amount of your Dwelling-Coverage A. As an example, if you have $250,000 in Dwelling coverage and a 2% Wind/Hurricane deductible, then you would be responsible for the first $5,000 of the loss out of pocket before your carrier will pay out on your claim.
During this time of year when hurricanes occur quickly and frequently, it’s a good idea to be informed about what you are covered for ahead of time since this can be a very large and unexpected expense. It may be beneficial to adjust your deductible for a slight increase in premium. Some carriers offer a single policy deductible, which means the same amount regardless of which type of loss occurs. If not, you might try to lower the percentage. Note that if you’d like to make an adjustment, you will only be able to do it beforehand, not after a storm warning is issued.
Please feel free to contact us at 781-740-9540 or solutions@insurewithnortheast.com for any further questions. We’d be happy to help you understand what your current coverage specifies or to help you look into other options that you may be eligible for.

September 19th, 2012 by Northeast Insurance Solutions LLC